Skip to main content
← All exclusions

Lamar Advertising Company (REIT)

LAMR

Real Estate

1

exclusion reason

1 theme

Corporate Misconduct (1)
LAMR Real Estate Current as of April 2026

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.

Community Harm
Since Mar 3, 2025

Lamar Advertising Company operates a nationwide outdoor advertising business with over 357,000 billboard displays. Its core model of leasing and maintaining these structures in public view has generated a documented, multi-year pattern of localized community harm through persistent regulatory noncompliance. Municipalities from Los Angeles to New York have cited the company for operating without permits, failing to submit required engineering reports, and ignoring notices of violation for its signs. This conduct represents a systematic disregard for local zoning and safety ordinances designed to protect community character and resident welfare.

Specific legal actions illustrate this pattern. In one jurisdiction, Lamar received a Notice of Violation in April 2022 for an unpermitted sign and subsequently filed a lawsuit against the city to challenge the enforcement. In another case, a local Zoning Board denied a permit application because it was incomplete, lacking a required engineer's report and special testing agreement. These are not isolated incidents but part of a broader operational approach that prioritizes revenue from billboard proliferation over adherence to community standards, creating visual blight and sidestepping local oversight meant to mitigate such impacts.

Research Sources 8 organizations

Wondering what we do invest in?

The Naughty List

A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.

RSS feed No spam · Unsubscribe anytime

Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.