Shares of Lamar Advertising Company LAMR were up 1.18% during Tuesday’s regular trading session after the REIT raised its previously-issued guidance for 2021 on the anticipated continued recovery from the pandemic, projecting adjusted funds from operations (FFO) per share at $5.40-$5.60 for the current year.According to the company’s chief executive Sean Reilly, "Both local and national sales activity have accelerated, with digital showing particular strength. In fact, bookings in March and April for the rest of 2021 handily exceeded bookings in the same months of 2019 for the rest of that year.”However, Lamar Advertising’s first-quarter 2021 performance was a mixed bag. The company reported adjusted FFO per share of $1.15 for the quarter, missing the Zacks Consensus Estimate of $1.17. Nevertheless, the figure is up 2.7% from the $1.12 reported in the year-ago period.Quarterly net revenues came in at $370.9 million, surpassing the consensus mark of $357.8 million. However, net revenues for the quarter declined 8.8% on a year-over-year basis.Quarter in DetailAcquisition-adjusted net revenues for the first quarter decreased 8.2% year on year. Also, acquisition-adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell 4.5%.Operating income declined nearly 8% to $88.9 million from the year-earlier period’s $96.6 million, while adjusted EBITDA went down 4.6% to $152.4 million. Yet, free cash flow of $107.4 million increased10.6% year over year during the March-end quarter.Operating expenses slid 9% from the prior-year quarter to $281.96 million.Balance SheetAt the end of first-quarter 2021, Lamar Advertising had total liquidity of $765.1 million. This comprised $710.6 million available for borrowing under its revolving senior credit facility, $11.4 million available under the Accounts Receivable Securitization Program, and around $43 million in cash and cash equivalents.OutlookLamar Advertising raised the guidance for 2021 on anticipations of continued recovery from the pandemic this year. The company now projects 2021 adjusted FFO per share at $5.40-$5.60 compared with the $5.20-$5.50 guided earlier. The Zacks Consensus Estimate for the same is currently pinned at $6.55.Lamar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Lamar Advertising Company Price, Consensus and EPS Surprise Lamar Advertising Company price-consensus-eps-surprise-chart | Lamar Advertising Company QuotePerformance of Another REITOUTFRONT Media Inc. OUT reported first-quarter 2021 adjusted funds from operations (“AFFO”) per share deficit of 17 cents, in line with the Zacks Consensus Estimate. In the prior-year quarter, the company had reported AFFO per share of 28 cents. Revenues came in at $259.2 million for the first quarter, missing the Zacks Consensus Estimate of $271.3 million. Also, the revenue figure plunged 32.7% year over year.We now look forward to the earnings releases of other REITs, including Ventas Inc. VTR and Mack-Cali Realty Corporation CLI, which are slated to report this week.Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.Infrastructure Stock Boom to Sweep AmericaA massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.The only question is “Will you get into the right stocks early when their growth potential is greatest?”Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>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 Advertising Company (LAMR): Free Stock Analysis Report Ventas, Inc. (VTR): Free Stock Analysis Report MackCali Realty Corporation (CLI): Free Stock Analysis Report OUTFRONT Media Inc. (OUT): Free Stock Analysis Report To read this article on Zacks.com click here.