• For better or for worse, advertising billboards have become an unlikely symbol of "entrepreneurial Americana" and an inescapable fixture of the typical American commute.
• In the era of highly-personalized advertising, Out-of-Home (OOH) advertising remains an attractive and cost-effective medium for mass-market and local advertisers, immune from ad-blockers and fast-forwarding.
• Two Billboard REITs - Outfront and Lamar - control half of the country's 300,000 billboards. The conversion of static posters to digital displays will drive incremental revenue growth.
• Don't even think about trying to build any new billboards, as barriers to entry are significant and supply growth is non-existent. Billboard ownership, however, is an operationally-intensive, low-margin business.
• As growth-oriented REITs with hearty dividend yields and attractive valuations, billboard REITs are an under-the-radar REIT sector well-positioned for continued outperformance if the US economy continues to chug along.

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