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Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Year Ended December 31, 2024
During the year ended December 31, 2024, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $45,393.
Each of these asset purchases was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition purchase price has been allocated to assets acquired and liabilities assumed based on relative fair value estimates at the dates of acquisition.
The following is a summary of the allocation of the purchase price in the above transactions.
Total
Property, plant and equipment$10,600 
Site locations28,346 
Non-competition agreements380 
Customer lists and contracts1,302 
Asset acquisition costs182 
Current assets4,721 
Current liabilities(409)
Operating lease right of use assets1,857 
Operating lease liabilities(1,586)
$45,393 
Total acquired intangible assets for the year ended December 31, 2024 were $30,210. The acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $1,302 (7 year weighted average useful life) and site locations of $28,346 (15 year weighted average useful life). The aggregate amortization expense related to the 2024 acquisitions for the year ended December 31, 2024 was $1,214.
Year Ended December 31, 2023
During the year ended December 31, 2023, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $138,961.
Each of these asset purchases was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition purchase price has been allocated to assets acquired and liabilities assumed based on relative fair value estimates at the dates of acquisition.
The following is a summary of the allocation of the purchase price in the above transactions.
Total
Property, plant and equipment$30,837 
Goodwill(50)
Site locations90,152 
Non-competition agreements360 
Customer lists and contracts11,061 
Asset acquisition costs414 
Current assets8,410 
Current liabilities(3,851)
Operating lease right of use assets11,016 
Operating lease liabilities(9,388)
$138,961 
Total acquired intangible assets for the year ended December 31, 2023 were $101,937, of which $(50) was assigned to goodwill relating to the finalization of the fair value allocation of the assets acquired and liabilities assumed from Fairway Outdoor and Standard Outdoor in the business combination completed December 9, 2022. Goodwill is not amortized for financial statement purposes and no goodwill related to 2023 acquisitions is expected to be deductible for tax purposes. The acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $11,061 (7 year weighted average useful life) and site locations of $90,152 (15 year weighted
average useful life). The aggregate amortization expense related to the 2023 acquisitions for the year ended December 31, 2023 was approximately $3,330.
As of December 31, 2023, we finalized our fair value allocation of the assets acquired and liabilities assumed from Fairway Outdoor and Standard Outdoor in the business combination completed December 9, 2022. The changes to our updated fair value allocation of this business combination were considered immaterial and recorded during the year ended December 31, 2023.