“It’s clear from third quarter results that OOH revenue growth continues to slow. No one knows whether this will be a soft landing or something more dramatic. We think of a soft landing like the 2001/2002 recession when OOH revenues were down .8% and then up .8%, which was essentially two flat years. It’s worth noting that was over 20 years ago. Obviously, we’ve survived two far more dramatic recessions since then, including the housing crisis in 2008/2009 (down 15.6%) and the covid pandemic in 2020/2021 (down 29.1%). Several of our bank clients are asking us to take a second look at some of their collateral. OOH companies should not be surprised if their banks are asking for more information than usual. Being open and honest with your bank will lead to better relationships, trust and terms, so we encourage borrowers to be completely transparent about any changes in their performance.”