Shares of Lamar Advertising Company LAMR were up 2.21% during Thursday’s regular trading session after the REIT raised its previously-issued guidance for 2021 on solid momentum, projecting adjusted funds from operations (FFO) per share at $6.10-$6.30 for the current year.According to the company’s chief executive Sean Reilly, “Billboard revenues for the period surpassed revenues for the comparable quarter in 2019, while bookings in the transit and airport business continued to improve. Logos delivered its typical solid performance.” He also noted that “management is recommending to our Board of Directors an increase in the quarterly dividend distribution to $1.00 per share for the third quarter."Lamar Advertising’s second-quarter 2021 performance was a mixed bag. The company reported adjusted FFO per share of $1.75 for the quarter, missing the Zacks Consensus Estimate of $1.77. Nevertheless, the figure is well ahead of the year-ago quarter’s 95 cents.Quarterly net revenues came in at $445.1 million, surpassing the consensus mark of $424.1 million. Net revenues for the quarter increased 28% on a year-over-year basis.Quarter in DetailAcquisition-adjusted net revenues for the second quarter climbed 28.9%, year on year. Also, acquisition-adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) surged 59.9%.Operating income of $149 million significantly increased from the year-earlier period’s $66.5 million, while adjusted EBITDA jumped 60.3% to $213.5 million. Moreover, free cash flow of $163.3 million surged 85.3% year over year during the June-end quarter.Balance SheetAt the end of second-quarter 2021, Lamar Advertising had total liquidity of $856.8 million. This comprised $735.6 million available for borrowing under its revolving senior credit facility, $52.5 million available under the Accounts Receivable Securitization Program, and around $68.7 million in cash and cash equivalents.OutlookLamar Advertising raised the guidance for 2021 based on strong momentum in its business. The company now projects 2021 adjusted FFO per share at $6.10-$6.30 compared with the $5.40-$5.60 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.We now look forward to the earnings releases of other REITs, including CoreCivic, Inc. CXW, Clipper Realty Inc. CLPR and Gladstone Commercial Corporation GOOD, which are set to report next 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 America A 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 CoreCivic, Inc. (CXW): Free Stock Analysis Report Gladstone Commercial Corporation (GOOD): Free Stock Analysis Report Clipper Realty Inc. (CLPR): Free Stock Analysis Report To read this article on Zacks.com click here.