HIGHBuilt-inGeographic
57%
New York transit revenues
“10-K Item 1: 'The New York and Los Angeles metropolitan areas contributed 57% and 8%, respectively, of total transit revenues in 2024'”
OUT · Concentration risk · 10-K extracted
OUTFRONT Media (OUT) concentration risks
Updated
The most significant concentration OUTFRONT Media discloses is New York transit revenues at 57%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: OUTFRONT Media’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH1
MEDIUM1
LOW2
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCounterparty
MTA
“10-K Item 1A: 'we have previously suffered impairment charges in connection with our agreements with our transit franchise partners, primarily our agreement with the MTA'”
LOWBuilt-inGeographic
21%
New York, NY
“10-K Item 1: 'New York, NY| | 8 | %| | 61 | %| | | | 21 | %'”
LOWBuilt-inGeographic
12%
Los Angeles, CA
“10-K Item 1: 'Los Angeles, CA| | 14 | | | 7 | | | | | 12'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is anchored by a high-share geographic dependency on transit revenue in the New York metropolitan area, with a secondary counterparty dependency layered underneath it. The New York metropolitan area contributed 57% of total transit revenues in 2024, compared to 8% for Los Angeles — a high-share structural concentration by disclosed size that reflects the company's transit franchise footprint. Because transit advertising revenue flows through long-term franchise agreements with public transit authorities, the New York share is structural rather than an accumulation of individual advertiser decisions. Within the New York transit footprint, the most significant counterparty dependency is the MTA — a moderate-share exposure by disclosed size. The filing notes that the company has previously incurred impairment charges in connection with transit franchise agreements, primarily the MTA relationship, which indicates that this counterparty dependency has already manifested as a financial risk event in the past. MTA contract terms, ridership-based economics, and any renegotiation of franchise arrangements are therefore material variables to monitor. The billboard revenue mix is more diversified geographically, with city-level contributions from individual markets presented in pipe-table form in the filing. Precise market shares from those table entries are not citable, but the transit revenue geographic skew is the dominant concentration risk. On balance, the New York transit franchise dependency — both at the revenue-share level and through the specific MTA relationship — is the primary concentration risk for investors to track.
For the engine’s reasoning on OUT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Specialty
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CCI | Crown Castle Inc. | 2 | 0 | 0 | 2 |
| OUT● | OUTFRONT Media Inc. | 1 | 1 | 2 | 4 |
| DLR | Digital Realty Trust, Inc. | 1 | 1 | 1 | 3 |
| EPR | EPR Properties | 1 | 0 | 3 | 4 |
| AMT | American Tower Corporation (REI | 0 | 0 | 0 | 0 |
| EQIX | Equinix, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.