BATON ROUGE, La. (AP) — BATON ROUGE, La. (AP) — Lamar Advertising Co. (LAMR) on Thursday reported a key measure of profitability in its first quarter.

The real estate investment trust, based in Baton Rouge, Louisiana, said it had funds from operations of $158.2 million, or $1.54 per share, in the period.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $78.1 million, or 76 cents per share.

The outdoor and transit advertising company, based in Baton Rouge, Louisiana, posted revenue of $498.2 million in the period.

Lamar expects full-year funds from operations in the range of $7.75 to $7.90 per share.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LAMR at https://www.zacks.com/ap/LAMR