Insider gave his thoughts on sustainable leverage for an out of home company yesterday. He received this feedback from an out of home industry banker: I just read your article on sustainable leverage, which was quite accurate from the bankers perspective. However, I doubt many banks have different underwriting guidelines […]
Insider thinks a public out of home REIT (e.g. Lamar and Outfront) has a sustainable leverage (Debt/Cashflow) of 3.5-4.0. A private out of home company which is under no pressure to pay dividends has a sustainable Debt/Cashflow ratio of 6.0. Sustainable leverage consists of how much money you can borrow […]
Clear Channel announced first quarter 2018 earnings yesterday. Here’s a summary of the earnings release, slide presentation and seeking alpha transcript. Consolidated revenue increased 9.9% to $598 million due to international sales growth and the impact of foreign exchange movements. Americas revenue (US and Canada) declined 1.7% to $256 million […]
You’ve probably encountered Landmark as a buyer of out of home leases and easements. Landmark also provides financing to out of home companies, secured by billboard loans and easements. Insider talked to Jeffrey Knyal, Landmark’s Vice Chairman, about Landmark’s billboard financing products and ground lease optimization programs. Jeff, tell us […]
Horton Outdoor (Cartersville, GA), a subsidiary of McWhorter Capital Partners, LLC (MCP), announced today that it has acquired assets of Owen Media LLC with a single location (digital & static face) in Tuscaloosa, AL as well as purchased four static structures while converting an old static to a two-sided digital […]
Bloomberg reports that Adams Outdoor Advertising and Fairway Outdoor Advertising are exploring the possibility of converting from corporations to a REIT. They may merge and possibly go public as well. By converting they would join Lamar, Outfront Media and Landmark Dividend as REITs. A real estate investment trust (“REIT”) is […]
Insider just finished reading the 2017 10-k’s for the public out of home companies. This is not an exercise for short attention spans. The Lamar 10k is 116 pages, Outfront is 123 pages, Clear Channel Outdoor is 117 pages. JCDecaux doesn’t file a 10k but the 2017 business report is […]
“We are seeing a nice acceleration in our topline growth.” That’s how CEO Sean Reilly summarized the company’s first quarter Here are the highlights of the earnings release and earnings call. Revenue increased 4.2% to $361 million for the first quarter of 2018 due to the impact of acquisitions. Organic […]
“All in all it’s a decent start of the year” said Outfront CEO Jeremy Male when Outfront released first quarter 2018 financials. Here are the results of the earnings release , investor presentation and conference call. Total Revenues grew 2.2% to $338 million. “Revenue growth of 2.2% was led by the […]
Here are the highlights from Clear Channel Outdoor’s 4th quarter earnings call, press release and earnings presentation. Consolidated revenue increased 1% to $729 million during the fourth quarter of 2017. Organic revenue, adjusted for asset sales and currency fluctuations declined by 0.3% Americas revenue (North and Latin America) declined […]
