Boston Omaha Corporation engages in the outdoor billboard advertising, broadband services, surety insurance and related brokerage activities, and an asset management business. In addition, the company holds minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, and a developer of private aviation infrastructure focused on building, leasing and managing business aviation hangars.
The company holds minority invest...
Boston Omaha Corporation engages in the outdoor billboard advertising, broadband services, surety insurance and related brokerage activities, and an asset management business. In addition, the company holds minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, and a developer of private aviation infrastructure focused on building, leasing and managing business aviation hangars.
The company holds minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, a company serving the broadband industry, and a developer of private aviation infrastructure focused on building, leasing and managing business aviation hangars.
Outdoor Billboard Advertising
In June 2015, the company commenced its billboard business operations through acquisitions by its wholly-owned subsidiary, Link Media Holdings, LLC, which it refers to as Link, of smaller billboard companies located in the Southeast United States and Wisconsin. During July and August 2018, the company acquired the membership interest or assets of three larger billboard companies which increased its overall billboard count to approximately 2,900 billboards. In addition, the company has made several billboard acquisitions on a smaller scale since that date. The company is a leading outdoor billboard advertising company in the markets it serves in the Midwest. As of December 31, 2023, the company operated approximately 4,000 billboards with approximately 7,600 advertising faces. One of the company’s principal business objectives is to continue to acquire additional billboard assets through acquisitions of existing billboard businesses in the United. The company is attracted to the outdoor advertising market due to a number of factors, including high regulatory barriers to building new billboards in some states.
Surety Insurance
The company owns an insurance subsidiary, General Indemnity Group, LLC, which it refers to as GIG, designed to own and operate insurance businesses generally handling high volume, lower policy limit commercial lines of property and casualty insurance. In April 2016, the company’s surety insurance business commenced with the acquisition of a surety insurance brokerage business with a national internet-based presence. In December 2016, the company completed the acquisition of United Casualty and Surety Insurance Company, which it refers to as UCS, a surety insurance company, which at that time was licensed to issue surety bonds in only nine states. UCS now has licenses to operate in all 50 states and the District of Columbia. In addition, over the last several years, the company has acquired additional surety insurance brokerage businesses located in various regions of the United States.
Broadband Services
The company owns a broadband subsidiary, Fiber is Fast, LLC, which has changed its name to Boston Omaha Broadband, LLC, which it refers to as BOB. In March 2020, the company’s subsidiary, FIF AireBeam LLC, which it refers to as AireBeam, acquired substantially all of the business assets of FibAire Communications, LLC, which it refers to as FibAire, a rural broadband internet provider that served over 8,000 customers in communities in southern Arizona with a high-speed fixed wireless internet service and is building an all fiber-to-the-home network in select Arizona markets. In December 2020, the company acquired substantially all of the business assets of Utah Broadband, LLC, which it refers to as UBB, a broadband internet provider that provided high-speed internet to over 10,000 customers throughout Utah. In September 2021, the company announced the launch of Fiber Fast Homes, LLC, which it refers to as FFH, which partners with builders, developers and build for rent communities to build fiber-to-the-home infrastructure and provide fiber internet service to residents. In April 2022, the company acquired substantially all of the business assets of InfoWest, Inc. and Go Fiber LLC, which it refers to on a combined basis as InfoWest, fiber and fixed wireless internet service providers with over 20,000 customers throughout Southern and Central Utah, Northern Arizona, and Moapa Valley, Nevada. The company has also acquired additional smaller broadband businesses located in Utah. As of December 31, 2023, the company had approximately 43,000 broadband customers. The company hopes to continue to expand in Arizona, Florida, Nevada, Utah, and other locales.
Asset Management
The company owns party capital and invest alongside Boston Omaha Corporation in specific assets and businesses that may offer attractive long-term returns on invested capital. The company owns a subsidiary, Fund One: Boston Omaha Build for Rent, LP (BFR Fund), within BOAM to operate a proposed build-for-rent business, focusing on developing, building, and managing single family detached and/or townhomes for long term rentals. In 2023, the company acquired 100% of the membership interests in 24th Street Asset Management LLC (24th Street), from the other members of 24th Street. In recent years, BOAM has been staffed and equipped to support the growth of the fiber and real estate businesses.
Minority Investments
Since 2015, the company has made minority investments in several different industries.
The company owns 30% of Logic Real Estate Companies, LLC, which it refers to as Logic. On May 1, 2023, the company’s BOAM subsidiary acquired 100% of the membership interests in 24th Street, from the members of 24th Street other than BOAM
In October 2020, the company’s subsidiary BOC Yellowstone LLC, which it refers to as BOC Yellowstone, served as sponsor for the underwritten initial public offering of a special purpose acquisition company named Yellowstone Acquisition Company, which it refers to as Yellowstone. The company owns the BFR Fund subsidiary within BOAM to operate a proposed build-for-rent business, focusing on developing, building, and managing single family detached and/or townhomes for long term rentals. The BFR Fund acquired land parcels in Nevada with the initial plan to develop, construct, and operate build-for-rent communities.
Competition
Outdoor Billboard Advertising: There is a concentration in the ownership of billboards in the geographic markets in which the company competes and significantly larger companies, such as Clear Channel Outdoor, Outfront Media, and Lamar Advertising Company, own the majority of the out-of-home advertising billboards.
Regulation
In the United States, federal law, principally the Highway Beautification Act, which the company refers to as the ‘HBA’, regulates outdoor advertising on Federal-Aid Primary, Interstate and National Highway Systems roads within the United States, which the company refers to as ‘controlled roads’. Many but not all of the company’s services and networks are regulated by the Federal Communications Commission, which it refers to as the FCC, and by state and local governments.
History
The company was founded in 2017. It was incorporated as REO Plus, Inc. in 2009 under the laws of the state of Texas. In 2015, the company was reincorporated as a Delaware corporation and changed its name to Boston Omaha Corporation.