OUTFRONT Media (OUT) Strengthens Foothold in Grand Rapids
OUTFRONT Media (OUT) expands in the Grand Rapids area by purchasing 29 Digital and 87 Static faces from Grand Rapids Outdoor.
OUTFRONT Media Inc. OUT recently acquired 29 Digital and 87 Static faces from Grand Rapids Outdoor. While 90% of these out-of-home (OOH) assets are positioned in the Grand Rapids metropolitan area, the remaining assets are in Detroit.
With Grand Rapids witnessing a flourishing downtown and booming suburbs, it is emerging as one of the fastest-growing metropolitan areas in Michigan. Thus, this acquisition seems a strategic fit for OUTFRONT Media.
Per management, "This acquisition adds to our presence in Grand Rapids, complementing and extending our coverage across Michigan's second largest market."
With the addition of premium digital assets and traditional static billboards, OUTFRONT Media is well poised to capitalize on rising demand of its clients for sites that offer greater access to the increasing audience in Grand Rapids.
The OOH advertising is experiencing a rebound with the relaxation of pandemic-related restrictions. The industry has been growing at a rapid pace for a while and continues to increase its market share in comparison to other forms of media. The cost of advertisement through this medium is also lower than other platforms. These will continue to aid OUTFRONT Media.
Shares of this presently Zacks Rank #1 (Strong Buy) player have appreciated 22.5% year to date, underperforming the industry’s growth of 26.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
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Stocks to Consider
The Zacks Consensus Estimate for Cedar Realty’s current-year funds from operations (FFO) per share has been raised marginally to $2.38 in the past week. Over the last four quarters, CDR’s FFO per share surpassed the consensus mark twice and missed the same in the other two, the average surprise being 6.4%.
Currently, CDR sports a Zacks Rank 1 (Strong Buy). Shares of Cedar Realty have appreciated 51.7% in the past six months.
CubeSmart carries a Zacks Rank #2 (Buy) at present. Over the last four quarters, CUBE’s FFO per share surpassed the consensus mark on all occasions, the average being 7.10%.
The Zacks Consensus Estimate for CubeSmart’s 2021 FFO per share has been revised 2.4% upward in the past month to $2.10. Shares of CUBE have appreciated 17.9% in the past six months.
The Zacks Consensus Estimate for Condor Hospitality Trust’s 2021 FFO per share has been raised 25.8% over the past two months. CDOR’s 2021 FFO per share is expected to increase significantly from the year-ago quarter’s reported figure.
Condor Hospitality carries a Zacks Rank 2 at present. Shares of CDOR have rallied 71.9% in the past six months.
Note: Anything related to earnings presented in this write-up represent FFO — a widely used metric to gauge the performance of REITs.
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CubeSmart (CUBE): Free Stock Analysis Report
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