Acquisitions

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

During the nine months ended September 30, 2021, the Company completed several acquisitions of outdoor and transit advertising assets for a total purchase price of $107,593.

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 acquired 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, which includes the preliminary values for a business combination completed on September 8, 2021 for an aggregate purchase price of $65,500.

	Total
Property, plant and equipment	$	15,949
Goodwill	14,584
Site locations	66,321
Non-competition agreements	440
Customer lists and contracts	10,100
Asset acquisition costs	139
Current assets	218
Current liabilities	(911)
Operating lease right of use assets	12,274
Operating lease liabilities	(11,521)
	$	107,593

Total acquired intangible assets for the nine months ended September 30, 2021 were $91,584, of which $14,584 was assigned to goodwill. Goodwill is not amortized for financial statement purposes and $14,584 of goodwill related to 2021 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 $10,100 (7 year weighted average useful life) and site locations of $66,321 (15 year weighted average useful life). The aggregate amortization expense related to the 2021 acquisitions for the nine months ended September 30, 2021 was $1,158.