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Acquisitions | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions During the nine months ended September 30, 2025, the Company completed over 30 acquisitions of outdoor advertising assets for a total cash purchase price of $133,894. Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying condensed 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 and liabilities assumed based on preliminary fair market 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 | $ | 23,961 |
Site locations | 94,115 |
Non-competition agreements | 695 |
Customer lists and contracts | 12,812 |
Asset acquisition costs | 583 |
Current assets | 42 |
Noncurrent assets | 36 |
Current liabilities | (5,523) |
Operating lease right of use assets | 30,345 |
Operating lease liabilities | (23,172) |
| $ | 133,894 |
Verde Outdoor Acquisition. On July 2, 2025, Lamar Advertising Limited Partnership ("Lamar LP"), the subsidiary operating partnership of the Company and Lamar Media, acquired Verde Outdoor at a value of $147,642 through the issuance of 1,187,500 Common Units of Lamar LP. The acquisition value is based on the Company's common stock price on July 2, 2025. Pursuant to the terms of the Limited Partnership Agreement of Lamar LP, the Common Units are redeemable by the holder after a holding period, which is generally twelve months, for a cash amount per Common Unit equal to the market value of an equivalent number of shares of common stock of the Company. At the Company’s option, in lieu of cash, the redemption obligation may be satisfied by issuing shares of Class A common stock of the Company in exchange for Common Units tendered for redemption. The acquisition of Verde Outdoor includes more than 1,500 billboard faces across ten states. As of September 30, 2025, our fair value allocation of the assets acquired and liabilities assumed in the business combination of Verde Outdoor is considered preliminary and is subject to revision, which may result in adjustments to this allocation. The aggregate purchase price was $147,642. We expect to finalize the allocation no later than December 31, 2025. In order to develop our preliminary fair values, the Company utilized asset information received from the acquired company and fair value allocation benchmarks from similar completed transactions. The following is a summary of the preliminary allocation of the purchase price of the Verde Outdoor transaction.
| Total
Property, plant and equipment | $ | 24,156 |
Goodwill | 76,046 |
Site locations | 32,250 |
Non-competition agreements | 850 |
Customer lists and contracts | 14,340 |
Operating lease right of use assets | 14,757 |
Operating lease liabilities | (14,757) |
| $ | 147,642 |
Total acquired intangible assets for the nine months ended September 30, 2025 were $231,691, of which $76,046 was assigned to goodwill. Goodwill is not amortized for financial statement purposes and no goodwill related to 2025 acquisitions is expected to be deductible for tax purposes. The acquired intangible assets have a weighted average useful life of approximately 6.6 years. The intangible assets include customer lists and contracts of $27,152 (7 year weighted average useful life) and site locations of $126,365 (15 year weighted average useful life). The aggregate amortization expense related to the 2025 acquisitions for the nine months ended September 30, 2025 was $4,273.

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