Here are the highlights from OUTFRONT CFO Matt Siegel’s comments at the Citi 2026 Global TMT Conference, sponsored and analyzed by SignValue
Siegel says OUTFRONT will be more active in M&A
We have proactively improved our balance sheet. A few years ago, we had some leverage challenges. If you remember, we sold our Canadian business. As a REIT, it’s sometimes difficult to pay down debt. So we thought we should do that in a big chunk. We sold the Canadian business and paid off some debt. We’ve refinanced all of our near-term maturities. We have nothing maturing until twenty-nine, and…organic EBITDA growth over the last year…has really helped bring our leverage down to pretty close to the low end of our range. So we feel very comfortable in getting back into more material M&A. We’ve been doing tiny tuck-ins…that don’t really move the needle much…So we’re looking at a bunch of things. We think there’s some things that aren’t for sale yet, but that we will be. So we expect to participate prudently, but a little more aggressively than we have in the past…We think we have very good financial capacity, financial flexibility, and the ability to stretch and lever with the right acquisition.
Siegel says OUTFRONT can do UPEIT transactions just like Lamar
If we were looking at someone to acquire, and they suggested a preference for the UPREIT, we would put it together within a month. Paperwork, some legal fees, and frankly, the first counterpart…would probably benefit from being the counterpart and get their specific terms that they want included.
Siegel on how much a digital conversion costs OUTFRONT
I think we use about $250,000…Steel costs went up with tariffs. We got tariff refunds. It’s kind of the screens are similar price, better screens with technology, steel and employee okay contract costs.
Siegel on how digital conversions have performed.
We started with… revenue lift of the 12 times of the first digital, very exciting. Then the second one, the third one, you get kind of a quality pyramid…Since I’ve been here, it’s pretty much been 4x revenue lift. So I’m adding seven flips instead of having one static. I’m going to eight. So it’s a different, slightly lower price point. But still very attractive. And what I like most about it, you mean in finance, it’s the least risky thing we do. We’re taking a location that we know. We know where there’s demand. We know where there’s interest…
SignValue’s Take: OUTFRONT will be more active in acquisitions and UPREITs during the coming year. The Citi Analyst Jason Bazinet said his OUTFRONT model assumes up to $200-300 million in acquisitions for OUTFRONT. $200 million in acquisitions is well above the $13 million in acquisitions that OUTFRONT did in 2025 and in line with the $200 million annual acquisition figure for Lamar. The fact that OUTFRONT has joined Lamar in doing UPREIT’s is good news for out of home plant sellers. An UPREIT allows a seller to get stock in OUTFRONT and to defer any gain on a sale until the OUTFRONT stock is sold. There are costs to do an UPREIT so only the largest transactions will qualify.
If you have questions, contact one of SignValue’s experienced analysts for a free and confidential consultation at info@signvalue.com or call 480-657-8400.
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