Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Schedule of Real Estate and Accumulated Depreciation

December 31, 2019, 2018 and 2017

(In thousands)

Description(1)

Encumbrances

Initial Cost(2)

Gross Carrying Amount(3)

Accumulated Depreciation

Construction Date

Acquisition Date

Useful Lives

391,456 Displays

—

—

$

3,333,590

$

(2,166,579

)

Various

Various

5 to 20 years

(1)  No single asset exceeded 5% of the total gross carrying amount at December 31, 2019

(2)  This information is omitted, as it would be impracticable to compile such information on a site-by-site basis

(3)  Includes sites under construction

The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation.

	December 31, 2019			December 31, 2018			December 31, 2017
Gross real estate assets:
Balance at the beginning of the year	$	3,201,434		$	3,074,046		$	2,998,540
Capital expenditures on new advertising displays(4)		59,604			54,151			49,946
Capital expenditures on improvements/redevelopments of existing advertising displays		25,025			12,781			6,265
Capital expenditures other recurring		36,354			34,758			32,523
Land acquisitions(6)		22,965			15,368			14,904
Acquisition of advertising displays(5) (6)		23,589			82,617			32,109
Assets sold or written-off		(35,320	)		(70,494	)		(61,306	)
Foreign exchange		(61	)		(1,793	)		1,065
Balance at the end of the year	$	3,333,590		$	3,201,434		$	3,074,046
Accumulated depreciation:
Balance at the beginning of the year	$	2,082,335		$	2,025,251		$	1,973,958
Depreciation		111,531			106,700			102,494
Assets sold or written-off		(27,890	)		(48,488	)		(51,976	)
Foreign exchange		603			(1,128	)		775
Balance at the end of the year	$	2,166,579		$	2,082,335		$	2,025,251

(4)  Includes non-cash amounts of $554, $446 and $921 at December 31, 2019, 2018 and 2017, respectively

(5)  Includes non-cash amounts of $1,928, $7,199 and $3,043 at December 31, 2019, 2018 and 2017, respectively

(6)  Includes preliminary allocation of assets acquired from Fairway at December 31, 2018

LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Schedule of Real Estate and Accumulated Depreciation

December 31, 2019, 2018 and 2017

(In thousands)

Description(1)

Encumbrances

Initial Cost(2)

Gross Carrying Amount(3)

Accumulated Depreciation

Construction Date

Acquisition Date

Useful Lives

391,456 Displays

—

—

$

3,333,590

$

(2,166,579

)

Various

Various

5 to 20 years

(1)  No single asset exceeded 5% of the total gross carrying amount at December 31, 2019

(2)  This information is omitted, as it would be impracticable to compile such information on a site-by-site basis

(3)  Includes sites under construction

The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation.

	December 31, 2019			December 31, 2018			December 31, 2017
Gross real estate assets:
Balance at the beginning of the year	$	3,201,434		$	3,074,046		$	2,998,540
Capital expenditures on new advertising displays(4)		59,604			54,151			49,946
Capital expenditures on improvements/redevelopments of existing advertising displays		25,025			12,781			6,265
Capital expenditures other recurring		36,354			34,758			32,523
Land acquisitions(6)		22,965			15,368			14,904
Acquisition of advertising displays(5)(6)		23,589			82,617			32,109
Assets sold or written-off		(35,320	)		(70,494	)		(61,306	)
Foreign exchange		(61	)		(1,793	)		1,065
Balance at the end of the year	$	3,333,590		$	3,201,434		$	3,074,046
Accumulated depreciation:
Balance at the beginning of the year	$	2,082,335		$	2,025,251		$	1,973,958
Depreciation		111,531			106,700			102,494
Assets sold or written-off		(27,890	)		(48,488	)		(51,976	)
Foreign exchange		603			(1,128	)		775
Balance at the end of the year	$	2,166,579		$	2,082,335		$	2,025,251

(4)  Includes non-cash amounts of $554, $446 and $921 at December 31, 2019, 2018 and 2017, respectively

(5)  Includes non-cash amounts of $1,928, $7,199 and $3,043 at December 31, 2019, 2018 and 2017, respectively

(6)  Includes preliminary allocation of assets acquired from Fairway at December 31, 2018