Outfront Media Inc.OUT , a leading provider of out-of-home advertising space, has expanded partnership with Indonesian Ministry of Tourism, Wonderful Indonesia. Out-front has deployed the Indonesian Ministry of Tourism's first-ever U.S. out-of-home campaign in the dynamic Times Square.
The Indonesian Ministry of Tourism aims to promote Indonesia and reach the target goal of 20 million visitors by 2019. Times Square is an extraordinary location, which gives promotional opportunities in the most dynamic atmosphere. Also, it gives a chance to reach out to more than 300,000 people who visit Times Square regularly.
The advertising campaigns showcase the picturesque landscape and culture of the country. Three billboards will be on display throughout the month of June, which coincides with the summer travel season. Three prime locations have been chosen for the deployment of the billboards - 7th Avenue & 48th Street, 5 Times Square & 41st Street and 727 Seventh Avenue between 48th & 49th Street.
Notably, in early May, Outfront reported first-quarter 2017 adjusted funds from operations (FFO) per share of 28 cents, in line with the Zacks Consensus Estimate. The figure, however, came lower than the year-ago quarter tally of 34 cents.
Shares of Outfront have underperformed the Zacks categorized REIT and Equity Trust - Other industry in the last six months. Shares of the company decreased 8.9%, whereas the industry gained 8.9%. In the last thirty days, both its second-quarter and full-year 2017 FFO per share estimates moved south.
Currently, Outfront carries a Zacks Rank #4 (Sell).
Investors interested in the REIT space, may consider better-ranked stocks like Easterly Government Properties, Inc. DEA , Gaming and Leisure Properties, Inc. GLPI and American Tower Corporation AMT , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
In the last 30 days, Easterly Government Properties' FFO per share for second-quarter 2017 declined 3.2% to 30 cents.
In the last 30 days, Gaming and Leisure Properties' FFO per share for second-quarter 2017 increased 1.3% to 77 cents.
In the last 30 days, American Tower Corporation's FFO per share for second-quarter 2017 remained unchanged at $1.55.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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