Lamar Advertising Co. LAMR reported first-quarter 2016 adjusted Funds from Operations (“FFO”) of 95 cents per share, surpassing the Zacks Consensus Estimate of 87 cents and ahead of the year-ago tally of 82 cents.Net revenue for the quarter increased 11.9% year over year to $338.5 million, outpacing the Zacks Consensus Estimate of $333 million.Quarter in DetailOperating income rose to $86.8 million from $67.3 million recorded in the comparable prior-year period. Adjusted earnings before interest, taxes, depreciation and amortization climbed 9.8% year over year to $130.2 million. Moreover, free cash flow increased 24.6% year over year to $78.3 million.At quarter-end, Lamar had total liquidity of $164.5 million, of which $136.1 million was available under its revolving senior credit facility, and $28.4 million in cash and cash equivalents.Portfolio ActivitiesDuring the quarter, Lamar acquired some assets of San Antonio, TX-based Clear Channel Outdoor Holdings, Inc. in five U.S. markets for $458.5 million in cash.Our TakeLamar, backed by an improving operational performance, continues to ride the growth trajectory. The company’s diversified tenant base, impressive national footprint and a healthy balance sheet bode well for the long term.Lamar currently has a Zacks Rank #4 (Sell). Investors can also consider REITs such as Brookfield Canada Office Properties BOXC, Gaming and Leisure Properties, Inc GLPI and Whitestone REIT WSR. All these stocks sport a Zacks Rank #1 (Strong Buy).Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report LAMAR ADVER CO (LAMR): Free Stock Analysis Report BROOKFLD CDA OP (BOXC): Free Stock Analysis Report WHITESTONE REIT (WSR): Free Stock Analysis Report GAMING AND LEIS (GLPI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research