This is the second full quarter of results reported by Outfront since it converted to a Real Estate Investment Trust in mid-July 2014.
Including acquisitions, total revenues jumped 19.5% from $287.9 million in the first quarter of 2014 to $343.9 million in the first quarter of 2015.
When the acquisitions are excluded, Outfront’s organic revenues increased 4.9% to $297 million, largely due to growth in its transit ad revenues, which increased 12.8% when acquisitions are excluded.
Total billboard ad revenues were up 20.4% to $246.9 million, again due to its acquisitions over the last year. Excluding the acquisitions, billboard revenues were up 1.7%.
In regional terms, growth was powered by Outfront’s U.S. assets, which makes up the bulk of its business. Revenues increased 5% to $267 million on an organic basis, more than offsetting a decrease in international revenues, down 8.8% to $30 million, due to foreign currency fluctuations.
Last October, Outfront completed the acquisition of most of the outdoor advertising assets of Van Wagner Communications, making it the country’s second-largest outdoor advertising company in terms of billboard assets, after Clear Channel Outdoor.
Outfront, then known as CBS Outdoor, was spun off by CBS Corp. as an independent company in the first half of 2014, and converted into a real-estate investment trust in order to lower its tax burden.