This is a recording of the Tiffany Wall Conference with Lamar Advertising on February 27, 2018, at 8 AM Central Time.
Excuse me, everyone, we now have Mr. Sean Reilly and Mr. Keith Istre at conference. Please be aware that each of your lines is in a listen-only mode. At the conclusion of the company's presentation, we will open the floor for questions. (Operator Instructions)
(Forward-Looking Cautionary Statements)
Lamar's fourth quarter 2017 earnings release, which contains information required by Regulation G regarding certain non-GAAP financial measures, was furnished to the SEC on a Form 8-K this morning, and is available on the Investors section of Lamar's website, at www.lamar.com.
I would now like to turn the conference over to Mr. Sean Reilly. Mr. Reilly, you may begin, sir.
Thank you, David. Good morning and welcome to Lamar's 2017 Q4 and year-end earnings call. As we close the book on 2017, I think it's fair to say we underachieved on top line growth, but it's also fair to say, we did an outstanding job managing expenses. So, net-net, we exceeded our guidance on AFFO per share for the year, and beat on most metrics for Q4.
Looking forward to 2018, our AFFO per share guidance calls for $5.15 to $5.30 per share. This range implies approximately 2% pro forma revenue growth. The back half of the year will be stronger as political ad spend kicks in. Puerto Rico is a still a slight drag on our Q1 pro forma growth, which we expect to come in at about 1% unadjusted, but for Puerto Rico it would be a few bps better. Other components of AFFO, interest expense, maintenance CapEx and tax leakage should all come in as expected. Keith will cover that in more detail. Keith?
Well, good morning, everyone. As Sean mentioned Puerto Rico, we said on the last call we were going to give you the organic metrics within and without Puerto Rico for the quarter, and on the front of the press release, the second set of bullet points you see what those metrics were.
On Page 7 of the press release, where we have our standard adjusted revenue and EBITDA calculations, there is two calculations, one including Puerto Rico and one without, to show you the extent of the amount of revenue that they and the expenses and EBITDA that they had achieved last year, versus this year in the fourth quarter. After the storm, they were basically out of business for the full quarter.
For the full fiscal year, including Puerto Rico, it was a 1% year, 1% organic growth on the top, 1% organic expense growth, and 1% organic EBITDA growth. The fourth quarter was somewhat highlighted by the fact that consolidated expenses actually decreased 0.4% (ph), so that was a very pleasant surprise.
Under the Recent Events section, you see we intend to redeem our 5.78% high yield Notes, due 2022, in the total amount of $500 million. We've called those Notes, there's a call