Seeking Alpha analyst gets this wrong: OOH REITs’ ad revenue may be erratic, but maintenance capital expenditures are not (Billboard Insider)

Seeking Alpha has published a report by Brad Thomas titled Who’s Betting on Billboards. Thomas is a good analyst but he gets this wrong. “…because billboard REITS are essentially in the advertising business, there are erratic capexp requirements” Out of capital spending is not erratic. […]