Our real property interests underlie our outdoor advertising tenants' infrastructure assets, and consist of a diversified portfolio of long-term and perpetual easements, tenant lease assignments and, to a lesser extent, fee simple properties, primarily located in the United States.
These interests underlie a diverse range of tenant structures in the outdoor advertising industry. including both static and digital billboards
In the outdoor advertising industry example illustrated here, we own a real property interest underlying an outdoor billboard. The billboard structure is owned by another company, who in turn rents the billboard to advertisers. The advertisers pay rent for the use of the billboard, and the billboard owner, in turn, pays us pursuant to our tenant lease with the billboard owner to occupy our real property interest.