Lamar Advertising is an outdoor advertising company which operates billboards, logo signs, and transit displays in the U.S, Canada, and Puerto Rico. The company was founded in 1902 by Charles W. Lamar and J.M. Coe, and is headquartered in Baton Rouge, Louisiana. The company has over 200 locations in the United States, Canada and Puerto Rico. They have reportedly more than 325,000 displays across the USA. Lamar Advertising Company became a real estate investment trust in 2014. Lamar Advertising Company was founded in 1902 by J.M. Coe and Charles W. Lamar. The Company became independent under its current name in 1908 in Pensacola, Florida, when Charles W. Lamar, Sr. and J.M. Coe decided to dissolve their three-year partnership using a coin toss to divide their assets. The Pensacola Opera House and the Pensacola Advertising Company that was created to promote it were to be divided between the two men. Charles W. Lamar lost the toss and was left with the less-lucrative poster company, which he renamed the Lamar Outdoor Advertising Company. The Pensacola Opera House was destroyed during Hurricane Four of the 1917 Atlantic Hurricane season, with the Saenger Theatre later built on the site.