Link wins on land costs. The company reported ground rent of 16.2% of billboard revenue, compared with 19.1% for Lamar. Link’s reported figure benefited from ASC 842 accounting changes, but even excluding that impact, land cost was approximately 17.8% of revenue.

That is particularly notable given Link’s rural market concentration. The company generated $11.7 million of Q2 billboard revenue across approximately 7,500 faces, or roughly $520 per face per month. Despite relatively modest revenue per face, Link has maintained a very disciplined lease-cost structure.

Link has also been an exceptionally stable operator. Its portfolio has remained at roughly the same scale for several years, with no major acquisitions materially changing the business. In Q2, billboard revenue increased 2.5% to a record second-quarter level, while Adjusted EBITDA increased 6.7%. That spread between revenue and EBITDA growth demonstrates strong operating leverage even across a highly rural asset base.

Lamar’s 19.1% site lease expense is similarly strong, although there is a caveat. Lamar owns approximately 11,200 easements and underlying parcels, meaning a portion of its portfolio carries no traditional ground rent. As a result, its reported lease-cost ratio benefits from those owned property interests and is not perfectly comparable with an operator relying almost entirely on leased sites.

Lamar also demonstrated the benefits of scale in Q2. Revenue increased 6.5% to approximately $616.7 million, while Adjusted EBITDA increased 9.0%. Operating cash flow rose to $252.4 million, and net income increased 6.2% to $164.6 million.

Another notable similarity is long-term site control.

Lamar reports a weighted-average remaining lease term of approximately 13 years, while Link sits at roughly 15.7 years.

Outfront and Clear Channel had huge quarters due to national ad dollars which was booming. Lamar and Link have less exposure to national dollars and experienced less of a bump, 6.5% and 2.5% respectively.

For billboard operators and landowners, both companies provide a useful benchmark.

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