Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

Schedule III - Real Estate and Accumulated Depreciation

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Schedule of Real Estate and Accumulated Depreciation

December 31, 2020, 2019 and 2018

(In thousands)

Description⁽¹⁾

Encumbrances

Initial Cost⁽²⁾

Gross Carrying

Amount⁽³⁾

Accumulated

Depreciation

Construction

Date

Acquisition

Date

Useful Lives

354,571 Displays

—

3,293,778

(2,192,700

)

Various

5 to 20 years

⁽¹⁾	No single asset exceeded 5% of the total gross carrying amount at December 31, 2020

⁽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,			December 31,			December 31,
	2020			2019			2018
Gross real estate assets:
Balance at the beginning of the year	$	3,333,590		$	3,201,434		$	3,074,046
Capital expenditures on new advertising displays⁽⁴⁾		21,598			59,604			54,151
Capital expenditures on improvements/redevelopments of existing advertising displays		13,021			25,025			12,781
Capital expenditures other recurring		12,631			36,354			34,758
Land acquisitions⁽⁶⁾		8,980			22,965			15,368
Acquisition of advertising displays⁽^{5) (6)}		4,446			23,589			82,617
Assets sold or written-off		(100,906	)		(35,320	)		(70,494	)
Foreign exchange		418			(61	)		(1,793	)
Balance at the end of the year	$	3,293,778		$	3,333,590		$	3,201,434
Accumulated depreciation:
Balance at the beginning of the year	$	2,166,579		$	2,082,335		$	2,025,251
Depreciation		111,049			111,531			106,700
Assets sold or written-off		(85,267	)		(27,890	)		(48,488	)
Foreign exchange		339			603			(1,128	)
Balance at the end of the year	$	2,192,700		$	2,166,579		$	2,082,335

⁽⁴⁾	Includes non-cash amounts of $621, $554 and $446 at December 31, 2020, 2019 and 2018, respectively

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

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Schedule of Real Estate and Accumulated Depreciation

December 31, 2020, 2019 and 2018

(In thousands)

Description⁽¹⁾

Encumbrances

Initial Cost⁽²⁾

Gross Carrying

Amount⁽³⁾

Accumulated

Depreciation

Construction

Date

Acquisition

Date

Useful Lives

354,571 Displays

—

3,293,778

(2,192,700

)

Various

5 to 20 years

⁽¹⁾	No single asset exceeded 5% of the total gross carrying amount at December 31, 2020

⁽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, 2020			December 31, 2019			December 31, 2018
Gross real estate assets:
Balance at the beginning of the year	$	3,333,590		$	3,201,434		$	3,074,046
Capital expenditures on new advertising displays⁽⁴⁾		21,598			59,604			54,151
Capital expenditures on improvements/redevelopments of existing advertising displays		13,021			25,025			12,781
Capital expenditures other recurring		12,631			36,354			34,758
Land acquisitions⁽⁶⁾		8,980			22,965			15,368
Acquisition of advertising displays⁽⁵⁾⁽⁶⁾		4,446			23,589			82,617
Assets sold or written-off		(100,906	)		(35,320	)		(70,494	)
Foreign exchange		418			(61	)		(1,793	)
Balance at the end of the year	$	3,293,778		$	3,333,590		$	3,201,434
Accumulated depreciation:
Balance at the beginning of the year	$	2,166,579		$	2,082,335		$	2,025,251
Depreciation		111,049			111,531			106,700
Assets sold or written-off		(85,267	)		(27,890	)		(48,488	)
Foreign exchange		339			603			(1,128	)
Balance at the end of the year	$	2,192,700		$	2,166,579		$	2,082,335

⁽⁴⁾	Includes non-cash amounts of $621, $554 and $446 at December 31, 2020, 2019 and 2018, respectively

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

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