HAUZ - Billboard REITs: In Your Face But Under-The-Radar

• Advertising billboards have become a symbol of American consumerism and an inescapable fixture of the typical American commute. REITs own a commanding share of the nation's 300,000 outdoor advertising displays.
• The lack of a commute for many Americans throughout the pandemic slammed these REITs last year as far fewer eyeballs were looking at Out-of-Home ("OOH") advertising displays.
• The mass transit segment of the OOH market has been hit particularly hard amid a plunge in ridership. Outfront's massive deal with the New York MTA has been especially unfortunate.
• Traditional billboards - generally those located adjacent to highways - have fared far better with a full recovery expected this year. Lamar's focus on this segment has been advantageous.
• Unlike other media, there's "only one channel" on the highway. We like sectors with clear supply constraints, and these REITs are well-positioned to capture the steadily rising ad spending towards OOH.

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