OUTFRONT Media is a REIT that sells advertising space on out-of-home (OOH) structures across the U.S., operating through two segments: Billboards (~76% of revenues) and Transit (~24% of revenues). OUTFRONT owns roughly 38,240 billboard displays, primarily along major highways and roadways, and operates approximately 514,637 transit displays under exclusive franchise contracts with municipalities. OUTFRONT's portfolio is heavily concentrated in large urban markets — New York City alone contributes 21% of revenues, with the New York MTA transit franchise as its single most important contract. OUTFRONT sells advertising space directly and through agencies to brand advertisers on short-term contracts, typically four weeks to one year. Revenue is driven by display count, occupancy, and rate per display. Digital displays generate roughly 4-5x the revenue of comparable static displays, and digitization is OUTFRONT's primary organic growth lever — currently only about 5% of billboard inventory is digital, leaving significant runway. As a REIT, OUTFRONT must distribute at least 90% of taxable income to shareholders, making it reliant on debt and equity markets to fund growth. The MTA transit franchise is particularly profitable at the margin because OUTFRONT pays a largely fixed guaranteed minimum annual payment to the municipality, meaning revenue above that threshold drops through at very high margins.