Boston Omaha Corporation, which we refer to as “the Company,” “our Company,” “we,” “us” or “our,” commenced its current business operations in June 2015 and currently operates two separate lines of business: outdoor advertising, and surety insurance and related insurance brokerage activities. In addition, we have made minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, and in a homebuilding company with operations located primarily in the southeast United States.
We commenced our billboard business operations in June 2015 through smaller acquisitions of billboard companies located in the southeast United States and Wisconsin. In March 2018, we operated 479 billboard structures. During July and August 2018, we acquired the stock or assets of three additional billboard companies for a combined cash purchase price of $134,798,950, net of adjustments, which increased our overall billboard count and as of March 11, 2019 we have approximately 2,900 billboard structures containing approximately 5,400 advertising faces (of which 61 are digital displays). These transactions include our acquisition on July 31, 2018 of Tammy Lynn Outdoor, LLC for cash and stock consideration of approximately $16 million, our acquisition on August 22, 2018 of substantially all of the assets of Key Outdoor, Inc. for approximately $38 million, and our acquisition on August 31, 2018 of Waitt Outdoor, LLC, for approximately $84 million. We believe the acquisitions of Waitt Outdoor, LLC and Key Outdoor, Inc., with over 1,600 and 700 billboard structures, respectively, make us a leading outdoor billboard company in the markets we serve in the Midwest. We expect to continue to acquire additional billboard assets through acquisitions of existing billboard businesses in the United States when they can be made at what we believe to be attractive prices relative to other opportunities generally available to us.
We are attracted to the outdoor display market due to a number of factors, including high regulatory barriers to building new billboards in some states, growing demand, low maintenance capital expenditures for static billboards, low cost per impression for customers, and the potential opportunity to employ more capital in existing assets at reasonable returns in the form of perpetual easements and digital conversions. In addition, unlike other advertising industries, the Internet has not had a material adverse impact on outdoor advertising revenues. Revenues for out-of-home advertising have continued to rise over the past several years, in contrast to print and other non-Internet based advertising. The billboard industry's three largest companies are estimated to account for more than 50% of the industry's total revenues, and several industry sources and our experience suggest that there are a large number of other companies serving the remainder of the market, providing a potentially significant source of billboards which may be acquired in the future.