Outfront Media (OUT - Free Report) announced that it has activated the first set of the five digital screens at the Yonge-Dundas Square, Toronto. This marks the completion of a phase of the multi-stage digital signage project.
Outfront has partnered with management of Yonge-Dundas Square to install 10 large-format digital screens in the Downtown square. The agreement enables Outfront to revamp the intersection into a premium outdoor event venue as well as a tourism hub for a period of 10 years.
With installation of a grand four-sided media tower, the project is likely to close by February 2018. This project will not only support the upcoming 2018 event season but will also enhance the public square’s brand value.
Notably, five of these digital screens will be controlled by the city council. These will be exclusively used for community and event messaging services. The digital screens can also be used for promotional events held by companies in the square, as compared to renting temporary third-party screens in the past.
Per Outfront’s management, this unique partnership will enhance events hosted in the area. In addition to this, it will provide a solid platform for public communication during non-event periods. Also, the collaboration will offer an extensive digital display system and help outdoor programming.
The square enjoys high footfall and will help Outfront promote outdoor advertising extensively. On the other hand, the project will help the city council raise more advertisement revenues.
However, amid soft market concerns, shares of Outfront have underperformed the industry it belongs to, year to date. The company’s shares have lost 2.1% as against the industry’s growth of 7.6%.
Outfront currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Better-ranked stocks in the REIT space include DCT Industrial Trust Inc. (DCT - Free Report) , Extra Space Storage (EXR - Free Report) and National Health Investors (NHI - Free Report) . All three stocks carry a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
While DCT Industrial Trust has an expected long-term growth rate of 4.1%, Extra Space Storage has a long-term growth rate of 5.7%.
National Health Investors currently has a long-term growth rate of 3.8%.
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