10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from	to

Commission File Number: 001-36367

OUTFRONT Media Inc.

(Exact name of registrant as specified in its charter)

Maryland		46-4494703
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
405 Lexington Avenue, 17th Floor
New York,	NY	10174
(Address of principal executive offices)		(Zip Code)

(212) 297-6400

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01, par value	OUT	New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act:

None

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.            

☒ Yes        ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.         

☐ Yes        ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     ☒ Yes    ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).        ☒ Yes     ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    ☐ Yes    ☒ No

The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant as of June 30, 2019, the last business day of the registrant's most recently completed second fiscal quarter, was $3.7 billion based upon the closing price reported for such date on the New York Stock Exchange.

As of February 25, 2020, the number of shares outstanding of the registrant’s common stock was 144,161,374.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's Proxy Statement for the 2020 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's fiscal year ended December 31, 2019.

OUTFRONT Media Inc.

Table of Contents

Cautionary Statement Regarding Forward-Looking Statements	4
PART I
Item 1. Business	6
Item 1A. Risk Factors	16
Item 1B. Unresolved Staff Comments	30
Item 2. Properties	30
Item 3. Legal Proceedings	31
Item 4. Mine Safety Disclosures	31
PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	32
Item 6. Selected Financial Data	34
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations	38
Item 7A. Quantitative and Qualitative Disclosures About Market Risk	58
Item 8. Financial Statements and Supplementary Data	60
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	109
Item 9A. Controls and Procedures	109
Item 9B. Other Information	109
PART III
Item 10. Directors, Executive Officers and Corporate Governance	110
Item 11. Executive Compensation	110
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	110
Item 13. Certain Relationship and Related Transactions, and Director Independence	110
Item 14. Principal Accounting Fees and Services	110
PART IV
Item 15. Exhibits, Financial Statement Schedules	110
Item 16. Form 10-K Summary	114
Exhibit Index	115
SIGNATURES	119

Except as otherwise indicated or unless the context otherwise requires, all references in this Annual Report on Form 10-K to (i) “OUTFRONT Media,” “the Company,” “we,” “our,” “us” and “our company” mean OUTFRONT Media Inc., a Maryland corporation, and unless the context requires otherwise, its consolidated subsidiaries, and (ii) the “25 largest markets in the U.S.,” “150 markets in the U.S. and Canada” and “Nielsen Designated Market Areas” are based, in whole or in part, on Nielsen Media Research’s Designated Market Area rankings as of January 1, 2020.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

We have made statements in this Annual Report on Form 10-K that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “could,” “would,” “may,” “might,” “will,” “should,” “seeks,” “likely,” “intends,” “plans,” “projects,” “predicts,” “estimates,” “forecast” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations.

Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:

• Declines in advertising and general economic conditions;

• Competition;

• Government regulation;

• Our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners;

• Taxes, fees and registration requirements;

• Our ability to obtain and renew key municipal contracts on favorable terms;

• Decreased government compensation for the removal of lawful billboards;

• Content-based restrictions on outdoor advertising;

• Environmental, health and safety laws and regulations;

• Seasonal variations;

• Acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations;

• Dependence on our management team and other key employees;

• The ability of our board of directors to cause us to issue additional shares of stock without stockholder approval;

• Certain provisions of Maryland law may limit the ability of a third party to acquire control of us;

• Our rights and the rights of our stockholders to take action against our directors and officers are limited;

• Our substantial indebtedness;

• Restrictions in the agreements governing our indebtedness;

• Incurrence of additional debt;

• Interest rate risk exposure from our variable-rate indebtedness;

• Our ability to generate cash to service our indebtedness;

• Cash available for distributions;

• Hedging transactions;

• Diverse risks in our Canadian business;

• Experiencing a cybersecurity incident;

• Changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies;

• Asset impairment charges for our long-lived assets and goodwill;

• Our failure to remain qualified to be taxed as a real estate investment trust (“REIT”);

• REIT distribution requirements;

• Availability of external sources of capital;

• We may face other tax liabilities even if we remain qualified to be taxed as a REIT;

• Complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities;

• Our ability to contribute certain contracts to a taxable REIT subsidiary (“TRS”);

• Our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT;

• REIT ownership limits;

• Complying with REIT requirements may limit our ability to hedge effectively;

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• Failure to meet the REIT income tests as a result of receiving non-qualifying income;

• The Internal Revenue Service (the “IRS”) may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; and

• Establishing operating partnerships as part of our REIT structure.

While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements in this Annual Report on Form 10-K apply as of the date of this report or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could impact our future results, performance or transactions, see “Item 1A. Risk Factors” in this Annual Report on Form 10-K. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

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PART I

Item 1. Business.

Overview

OUTFRONT Media is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. We are one of the largest providers of advertising space on out-of-home advertising structures and sites across the U.S. and Canada. Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. and Canada. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. In total, we have displays in all of the 25 largest markets in the U.S. and 150 markets in the U.S. and Canada. Our top market, high profile location focused portfolio includes sites in and around both Grand Central Station and Times Square in New York, various locations along Sunset Boulevard in Los Angeles, and the Bay Bridge in San Francisco. The breadth and depth of our portfolio provides our customers with a range of options to address their marketing objectives, from national, brand-building campaigns to hyper-local campaigns that drive customers to the advertiser’s website or retail location “one mile down the road.” 

In addition to providing location-based displays, we also focus on delivering mass and targeted audiences to our customers. Geopath, the out-of-home advertising industry’s audience measurement system, enables us to build campaigns based on the size and demographic composition of audiences. As part of our technology platform, we are developing solutions for enhanced demographic and location targeting, and engaging ways to connect with consumers on-the-go. Additionally, our OUTFRONT Mobile Network and social influence add-on products allow our customers to further leverage location targeting with interactive mobile advertising and social sharing amplification.

We believe out-of-home continues to be an attractive form of advertising, as our displays are always viewable and cannot be turned off, skipped, blocked or fast-forwarded. Further, out-of-home advertising can be an effective “stand-alone” medium, as well as an integral part of a campaign to reach audiences using multiple forms of media, including television, radio, print, online, mobile and social media advertising platforms. We provide our customers with a differentiated advertising solution at an attractive price point relative to other forms of advertising. In addition to leasing displays, we provide other value-added services to our customers, such as pre-campaign category research, consumer insights, print production and post-campaign tracking and analytics.

We generally (i) own the physical billboard structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon and (iii) lease the underlying sites. These lease agreements have terms varying between one month and multiple years, and usually provide renewal options. We estimate that approximately 75% of our billboard structures in the United States are “legal nonconforming” billboards, meaning they were legally constructed under laws in effect at the time they were built and remain legal to operate, but could not be constructed under current laws. These structures are often located in areas where it is difficult or not permitted to build additional billboards under current laws, which enhances the value of our portfolio. We have a highly diversified portfolio of advertising sites. As of December 31, 2019, we had approximately 20,600 lease agreements with approximately 17,200 different landlords in the U.S. A substantial proportion of these lease agreements allow us to abate rent and/or terminate the lease agreement in certain circumstances, which may include where the structure is obstructed, where there is a change in traffic flow and/or where the advertising value of the sign structure is otherwise impaired, providing us with flexibility in renegotiating the terms of our leases with landlords in those circumstances.

We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other (see Item 8., Note 20. Segment Information to the Consolidated Financial Statements).

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History

Our corporate history can be traced back to companies that helped to pioneer the growth of out-of-home advertising in the United States, such as Outdoor Systems, Inc., 3M National, Gannett Outdoor and TDI Worldwide Inc. In 1996, a predecessor of CBS Corporation (“CBS”) acquired TDI Worldwide Inc., which specialized in transit advertising. Three years later, a predecessor of CBS acquired Outdoor Systems, Inc., which represented the consolidation of the outdoor advertising assets of large national operators such as 3M National, Gannett Outdoor (and its Canadian assets held in the name Mediacom) and Vendor (a Mexican outdoor advertising company) and many local operators in the United States, Canada and Mexico. In 2008, CBS acquired International Outdoor Advertising Holdings Co., which operated outdoor advertising assets in Argentina, Brazil, Chile and Uruguay.

On April 2, 2014, the Company completed an initial public offering (the “IPO”) of its common stock under the name “CBS Outdoor Americas Inc.” On July 16, 2014, CBS completed a registered offer to exchange 97,000,000 shares of our common stock that were owned by CBS for outstanding shares of CBS Class B common stock (“the Exchange Offer”). In connection with the Exchange Offer, CBS disposed of all of its shares of our common stock and as of July 16, 2014, we were separated from CBS (the “Separation”) and were no longer a subsidiary of CBS. On July 16, 2014, in connection with the Separation, we ceased to be a member of the CBS consolidated tax group, and on July 17, 2014, we began operating as a REIT for U.S. federal income tax purposes.

On October 1, 2014, we completed the acquisition of certain outdoor advertising businesses of Van Wagner Communications, LLC, for a total purchase price of approximately $690.0 million in cash, plus working capital adjustments.

On November 20, 2014, the Company changed its legal name to “OUTFRONT Media Inc.” and its common stock began trading on the New York Stock Exchange under the ticker symbol “OUT.”

On April 1, 2016, we completed the disposition of our outdoor advertising business in Latin America, and received $82.0 million in cash plus working capital.

Acquisition and Disposition Activity

We regularly evaluate potential acquisitions, ranging from small transactions to larger acquisitions.

On June 13, 2017, certain subsidiaries of OUTFRONT Media Inc. acquired the equity interests of certain subsidiaries of All Vision LLC (“All Vision”), which hold substantially all of All Vision’s outdoor advertising assets in Canada, and effectuated an amalgamation of All Vision’s Canadian business with our Canadian business (the “Transaction”). In connection with the Transaction, we paid approximately $94.4 million for the assets, comprised of $50.0 million in cash and $44.4 million, or 1,953,407 shares, of Class A equity interests of a subsidiary of the Company that controls its Canadian business (“Outfront Canada”).

For additional information regarding our acquisition and disposition activity, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” and “Item 8. Financial Statements and Supplementary Data.”

Tax Status

Our qualification to be taxed as a REIT is dependent on our ability to meet various complex requirements under the Internal Revenue Code of 1986, as amended (the “Code”), related to, among other things, the sources of our gross income, the composition and values of our assets and the diversity of ownership of our shares. See “Item 1A. Risk Factors—Risks Related to Our Status as a REIT.” As long as we remain qualified to be taxed as a REIT, we generally will not be subject to U.S. federal income tax on REIT taxable income that we distribute to stockholders. To maintain REIT status, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends-paid deduction and excluding any net capital gains. To the extent that we satisfy this distribution requirement and qualify for taxation as a REIT but distribute less than 100% of our REIT taxable income, determined with the above modifications, we will be subject to U.S. federal income tax on our undistributed net taxable income. In addition, we will be subject to a nondeductible 4% excise tax if the amount that we actually distribute to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws.

We believe we are organized in conformity with the requirements for qualification and taxation as a REIT under the Code and that our manner of operation will enable us to continue to meet those requirements. If we fail to qualify to be taxed as a REIT in

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any taxable year and do not qualify for certain statutory relief provisions, we will be subject to U.S. federal income tax at regular corporate rates and will be precluded from re-electing REIT status for the subsequent four taxable years. Despite our status as a REIT, we will be subject to certain U.S. federal, state and local taxes on our income or property and the income of our taxable REIT subsidiaries (“TRSs”) will be subject to taxation at regular corporate rates.

Growth Strategy

Continue Increasing the Number of Digital Displays in our Portfolio. Increasing the number of digital displays in prime audience locations is an important element of our organic growth strategy, as digital displays have the potential to attract additional business from both new and existing customers. We believe digital displays are attractive to our customers because they allow for the development of richer and more visually engaging messages, provide our customers with greater content flexibility and greatly reduce production and installation costs. In addition, digital displays enable us to run multiple advertisements on each display. Digital billboard displays generate approximately four times more revenue per display on average than traditional static billboard displays. Digital billboard displays also incur, on average, approximately two to four times more costs, including higher variable costs associated with the increase in revenue than traditional static billboard displays. As a result, digital billboard displays generate higher profits and cash flows than traditional static billboard displays. The majority of our digital billboard displays were converted from traditional static billboard displays. In 2017, we commenced deployment of state-of-the-art digital transit displays in connection with several transit franchises and are planning to increase deployments significantly over the coming years. Once the digital transit displays have been deployed at scale, we expect that revenue generated on digital transit displays will be a multiple of the revenue generated on comparable static transit displays. We intend to incur significant equipment deployment costs and capital expenditures in the coming years to continue increasing the number of digital displays in our portfolio. See “—Renovation, Improvement and Development.”

Drive Enhanced Revenue Management. We focus heavily on inventory management and advertising rate to improve average revenue per display (yield) over time across our portfolio of advertising structures and sites. By carefully managing our pricing on a market-by-market and display-by-display basis, we aim to improve profitability. We believe that closely monitoring pricing and improving pricing discipline will provide strong potential revenue enhancement. We also explore alternative uses of our billboard locations as they arise to drive site profitability, including wireless attachment placement opportunities on our leased and owned assets.

Consider Selected Acquisition Opportunities. As part of our growth strategy, we frequently evaluate strategic opportunities to acquire new businesses and assets. Consistent with this strategy, we regularly evaluate potential acquisitions, ranging from small transactions to larger acquisitions. See “—Acquisition and Disposition Activity.” There can be no assurances that any transactions currently being evaluated will be consummated or, if consummated, that such transactions would prove beneficial to us. Further, our national footprint in the United States and significant presence in Canada provide us with an attractive platform on which to add additional advertising structures and sites. Our scale gives us advantages in driving additional revenues and reducing operating costs from acquired billboards. We believe that there is significant opportunity for additional industry consolidation, and we will evaluate opportunities to acquire additional out-of-home advertising businesses and structures and sites on a case-by-case basis.

Mobile Technology and Social Media Engagement. We believe there is potential for growth in the reach, effectiveness and amplification of-out-home advertising through mobile technology and social media engagement. For example, the OUTFRONT Mobile Network creates opportunities for advertisers to reach their target audience by enabling them to bundle geofenced mobile advertising with an out-of-home advertising display campaign. Consumer dependence on mobile devices, especially while out-of-home, makes out-of-home advertising displays and mobile advertising a natural fit for advertiser brand messaging, allowing consumer mobile activities such as search, social and e-commerce to be primed by the out-of-home advertising display. Additionally, we offer a social influence add-on product to amplify our out-of-home advertising display campaigns.

Continued Adoption & Refinement of Audience Measurement Systems; Utilization of Data/Analytics. We believe the continued adoption and refinement of the out-of-home advertising industry’s audience measurement system, Geopath, will enhance the value of the out-of-home medium by providing customers with improved audience measurement and the ability to target by demographic characteristics. New refinements, including the impact of speed (i.e. how quickly the audience passes an individual billboard unit), and the inclusion of transit metrics, will make the measurement system more robust. Additionally, as part of our technology platform, we are developing solutions for enhanced demographic and location targeting. By providing a consistent and standardized audience measurement metric, and overlaying increasingly available and reliable third-party data, we will be able to help advertisers target increasingly mobile audiences with effective media plans in the out-of-home environment for both static and digital displays. Further, we believe the use of programmatic advertising platform technology in the out-of-home advertising industry will increase, which will present a revenue growth opportunity for us. Programmatic

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advertising platforms allow out-of-home advertising companies to lease displays to customers at competitive rates through an online bidding process, and we continue to seek strategic opportunities to increase our participation in these platforms.

Our Portfolio of Outdoor Advertising Structures and Sites

Diversification by Customer

For the year ended December 31, 2019, no individual customer represented more than 2.3% of U.S. Media segment revenues. Therefore, we do not consider detailed information about any individual customer to be meaningful.

Diversification by Industry

The following table sets forth information regarding the diversification of U.S. Media segment revenues earned among different industries for 2019, 2018 and 2017. For 2019, as a result of our diverse base of customers in the United States, no single industry contributed more than 9% of our U.S. Media segment revenues.

	Percentage of Total U.S. Media Segment Revenues for the Year Ended December 31,
Industry	2019		2018		2017
Retail	9	%	9	%	9	%
Professional Services	8		7		7
Computers/Internet	8		8		7
Healthcare/Pharmaceuticals	8		8		8
Financial Services	7		5		4
Television	7		7		7
Entertainment	7		7		7
Restaurants/Fast Food	5		5		5
Automotive	4		4		5
Casinos/Lottery	3		4		4
Movies	3		4		4
Beer/Liquor	3		4		4
Telecom/Utilities	3		4		4
Education	3		3		3
Travel/Leisure	3		3		4
Food/Non-Alcoholic Beverages	3		3		4
Real Estate Brokerage	2		2		2
Government Agencies	2		2		2
Other(a)	12		11		10
Total	100	%	100	%	100	%

(a) No single industry in “Other” individually represents more than 2% of total revenues.

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Diversification by Geography

Our advertising structures and sites are geographically diversified across 33 states, Washington D.C. and Canada. The following table sets forth information regarding the geographic diversification of our advertising structures and sites, which are listed in order of contributions to total revenue.

	Percentage of Total Revenues for the Year Ended December 31, 2019									Number of Displays as of December 31, 2019(a)
Location (Metropolitan Area)	Billboard			Transit and Other			Total			Billboard Displays	Transit and Other Displays	Total Displays	Percentage of Total Displays
New York, NY	9		%	45		%	21		%	596	258,209	258,805	51	%
Los Angeles, CA	17			9			14			4,546	41,199	45,745	9
Miami, FL	5			4			5			993	22,603	23,596	5
San Francisco, CA	4			5			4			1,225	17,830	19,055	4
Washington D.C.	1			9			4			23	47,037	47,060	9
State of New Jersey	5			<1			3			3,637	90	3,727	1
Boston, MA	1			7			3			243	38,545	38,788	8
Houston, TX	5			1			3			1,112	188	1,300	<1
Atlanta, GA	3			3			3			2,068	17,483	19,551	4
Dallas, TX	3			1			3			720	568	1,288	<1
Chicago, IL	4			<1			2			1,085	230	1,315	<1
Detroit, MI	3			1			2			1,892	12,984	14,876	3
Tampa, FL	3			—			2			1,510	—	1,510	<1
Phoenix, AZ	2			1			2			1,567	775	2,342	<1
Orlando, FL	2			—			2			1,328	—	1,328	<1
All other United States	27			1			18			19,112	2,351	21,463	4
Sports marketing and other	—			11			4			—	1,635	1,635	<1
Total United States	94			98			95			41,657	461,727	503,384	98
Canada	6			2			5			5,066	3,903	8,969	2
Total	100		%	100		%	100		%	46,723	465,630	512,353	100	%
Total revenues (in millions)	$	1,189.9		$	592.3		$	1,782.2

(a) All displays, including those reserved for transit agency use.

The New York and Los Angeles metropolitan areas contributed 45% and 11%, respectively, of total transit and other revenues in 2018 and 47% and 12%, respectively, of total transit and other revenues in 2017. Los Angeles contributed 16% of total billboard revenues in each of 2018 and 2017. New York contributed 10% of total billboard revenues in each of 2018 and 2017.

For additional information regarding revenues for our billboard displays and transit and other displays, by segment, for the years ended December 31, 2019, 2018 and 2017, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data.”

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Renovation, Improvement and Development

The following table sets forth information regarding our digital displays.

	Digital Revenues (in millions) for the Year Ended						Number of Digital Displays(a) as of
Location	Digital Billboard		Digital Transit and Other		Total Digital Revenues		Digital Billboard Displays	Digital Transit and Other Displays	Total Digital Displays
December 31, 2019:
United States	$	222.7	$	112.3	$	335.0	1,121	6,145	7,266
Canada	30.0		0.1		30.1		222	93	315
Total	$	252.7	$	112.4	$	365.1	1,343	6,238	7,581
December 31, 2018:
United States	$	189.9	$	59.4	$	249.3	957	2,854	3,811
Canada	26.2		0.2		26.4		183	58	241
Total	$	216.1	$	59.6	$	275.7	1,140	2,912	4,052
December 31, 2017:
United States	$	159.1	$	44.8	$	203.9	822	871	1,693
Canada	14.6		0.2		14.8		160	63	223
Total	$	173.7	$	45.0	$	218.7	982	934	1,916

(a) Digital display amounts (1) includes 2,172 displays reserved for transit agency use in 2019 and 655 in 2018, and (2) exclude: (i) all displays under our multimedia rights agreements with colleges, universities and other educational institutions; (ii) 1,649 MetroCard vending machine digital screens in 2018 and 1,650 in 2017; and (iii) in-train advertising displays of 317 in 2017, which were permanently taken out of service. Our number of digital displays is impacted by acquisitions, dispositions, management agreements, the net effect of new and lost billboards, and the net effect of won and lost franchises in the period.

Most of our non-maintenance capital expenditures are directed towards new revenue-generating projects, such as the conversion of traditional static billboard displays to digital, the building of new digital displays and the enhancement of our billboard structures to enable us to charge premium rates. In 2017, we commenced deployment of state-of-the-art digital transit displays in connection with several transit franchises and are planning to increase deployments significantly over the coming years. We intend to incur significant equipment deployment costs and capital expenditures in coming years to continue increasing the number of digital displays in our portfolio. See “—Growth Strategy.”

We have built or converted 107 digital billboard displays in the United States and 13 in Canada in 2019, compared to 57 digital billboard displays in the United States and 26 in Canada in 2018, and 65 digital billboard displays in the United States and 21 in Canada in 2017. Additionally, in 2019, we installed 14 small-format digital displays and entered into marketing arrangements to sell advertising on 50 third-party digital billboard displays in the U.S. and 27 in Canada. In 2019, we have built, converted or replaced 3,781 digital transit and other displays in the United States. Our total number of digital displays is impacted by acquisitions, dispositions, management agreements and the net effect of new and lost billboards and the net effect of won and lost franchises. As of December 31, 2019, our average initial investment required for a digital billboard display is approximately $230,000.

In 2016, we initiated a multi-year project to improve the quality of the illumination of our static billboard displays and to reduce our utility costs through the use of the most current LED lighting technology. As of December 31, 2019, we completed 49 out of 51 locations (metropolitan areas) planned for conversion to the most current LED lighting technology. We expect to convert the remaining 2 locations (metropolitan areas) in 2020.

We routinely invest capital in the maintenance and repair of our billboard and transit structures. This includes safety initiatives and replaced displays, as well as new billboard components such as panels, sections, catwalks, lighting and ladders. Our maintenance capital expenditures were $18.1 million in 2019, $18.6 million in 2018 and $19.9 million in 2017.

In the opinion of management, our outdoor advertising sites and structures are adequately covered by insurance.

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Contract Expirations

We derive revenues primarily from providing advertising space to customers on our advertising structures and sites. Our contracts with customers generally cover periods ranging from four weeks to one year and are generally billed every four weeks. Since contract terms are short-term in nature, revenues by year of contract expiration are not considered meaningful.

Our transit businesses require us to periodically obtain and renew contracts with municipalities and other governmental entities. When these contracts expire, we generally must participate in highly competitive bidding processes in order to obtain or renew contracts. For further information about municipal transit contracts, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

For information about the property lease contracts relating to our advertising structures and sites, see “Item 2. Properties.”

Competition

The outdoor advertising industry is fragmented, consisting of several companies operating on a national basis, including our company, Clear Channel Outdoor, Lamar, JCDecaux and Intersection, as well as hundreds of smaller regional and local companies operating a limited number of displays in a single or a few local geographic markets. We compete with these companies for both customers and structure and display locations. We also compete with other media, including online, mobile and social media advertising platforms and traditional advertising platforms (such as television, radio, print and direct mail marketers). In addition, we compete with a wide variety of out-of-home media, including advertising in shopping centers, airports, movie theaters, supermarkets and taxis. Advertisers compare relative costs of available media, including average cost per thousand impressions or “CPMs”, particularly when delivering a message to customers with distinct demographic characteristics. In competing with other media, the outdoor advertising industry relies on its ability to reach specific markets, geographic areas and/or demographics and its relative cost efficiency.

Seasonality

Our revenues and profits may fluctuate due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust on spending following the holiday shopping season. We expect this trend to continue in the future.

Employees

As of December 31, 2019, we had 2,456 employees, of which 898 were sales and sales-related personnel in the U.S. and 87 were Canadian sales and sales-related personnel. As of December 31, 2019, 2,410 of our employees were full-time employees and 46 were part-time employees. Some of these employees are represented by labor unions and are subject to collective bargaining agreements.

Regulation

The outdoor advertising industry is subject to governmental regulation and enforcement at the federal, state and local levels in the United States and Canada. These regulations have a significant impact on the outdoor advertising industry and our business. The descriptions that follow are summaries and should be read in conjunction with the texts of the regulations described herein, which are subject to change. The descriptions do not purport to describe all present and proposed regulations affecting our businesses.

In the United States, the federal Highway Beautification Act of 1965 (the “HBA”) establishes a framework for the regulation of outdoor advertising on primary and interstate highways built with federal financial assistance. As a condition to federal highway assistance, the HBA requires states to restrict billboards on such highways to commercial and industrial areas, and imposes certain size, spacing and other requirements associated with the installation and operation of billboards. The HBA also requires the development of state standards, promotes the expeditious removal of illegal signs and requires just compensation for takings, on affected roadways. These state restrictions and standards, or their local and municipal counterparts, may be modified over time in response to legal challenges or otherwise, which could have an adverse effect on our business, financial condition and results of operations.

Municipal and county governments generally also have sign controls as part of their zoning laws and building codes, and many have adopted standards more restrictive than the federal requirements. Some state and local government regulations prohibit construction of new billboards and some allow new construction only to replace existing structures. Other laws and regulations

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throughout the United States and Canada limit or prohibit the ability to modify, relocate, rebuild, replace, repair, maintain and upgrade advertising structures, particularly those structures that are “legal nonconforming” (i.e., that conformed with applicable regulations when built but which no longer conform to current regulations), and impose restrictions on the construction, repair, maintenance, lighting, operation, upgrading, height, size, spacing and location of outdoor structures generally and/or on the surrounding land and vegetation, as well as on the use of new technologies such as digital signs. In addition, from time to time, third parties or local governments commence proceedings in which they assert that we own or operate structures that are not properly permitted or otherwise in strict compliance with applicable law.

Governmental regulation of advertising displays also limits our installation of additional advertising displays, restricts advertising displays to governmentally controlled sites or permits the installation of advertising displays in a manner that could benefit our competitors disproportionately, any of which could have an adverse effect on our business, financial condition and results of operations.

Although state and local government authorities from time to time use the power of eminent domain to remove billboards, U.S. law requires payment of compensation if a state or political subdivision compels the removal of a lawful billboard along a primary or interstate highway that was built with federal financial assistance. Additionally, many states require similar compensation (or relocation) with regard to compelled removals of lawful billboards in other locations, although the methodology used to determine such compensation varies by jurisdiction. Some local governments in the United States and Canada have attempted to force removal of billboards after a period of years under a concept called amortization. Under this concept the governmental body asserts that just compensation has been earned by continued operation of the billboard over a period of time. In Canada, billboards may be expropriated for public purposes with compensation (or relocation) determined on a case-by-case basis. Thus far, we have generally been able to obtain satisfactory compensation for our billboards purchased or removed as a result of governmental action, although there is no assurance that this will continue to be the case in the future.

A number of federal, state and local governments in the United States and Canada have implemented, or introduced legislation to impose, taxes (including taxes on revenues from outdoor advertising or for the right to use outdoor advertising assets), fees and registration requirements in an effort to decrease or restrict the number of outdoor advertising structures and sites or raise revenues, or both. Several jurisdictions have already imposed taxes based on a percentage of our outdoor advertising revenue in those jurisdictions. In addition, some jurisdictions have taxed our personal property and leasehold interests in outdoor advertising locations using various other valuation methodologies. We expect the United States and Canada to continue to try to impose such laws as a way of increasing their revenue and restricting outdoor advertising.

Further, certain laws and regulations may affect prevailing competitive conditions in our markets in a variety of ways, including reducing our expansion opportunities, or increasing or reducing competitive pressure on us from other members of the outdoor advertising industry and/or other parties who wish to engage in outdoor advertising. No assurance can be given that existing or future laws or regulations, and the enforcement thereof, will not materially and adversely affect the outdoor advertising industry. See “Item 1A. Risk Factors—Risks Related to Our Business and Operations—Taxes, fees and registration requirements may reduce our profits or expansion opportunities.” However, we contest laws and regulations that we believe unlawfully restrict our constitutional or other legal rights and may adversely impact the growth of our outdoor advertising business.

Restrictions on outdoor advertising of certain products, services and content are or may be imposed by federal, state and local laws and regulations, as well as contracts with municipalities and transit franchise partners. For example, tobacco products have been effectively banned from outdoor advertising in all of the jurisdictions in which we currently do business.

As the owner or operator of various real properties and facilities, we must comply with various federal, state and local environmental, health and safety laws and regulations in the United States and Canada. We and our properties are subject to such laws and regulations related to the use, storage, disposal, emission and release of hazardous and nonhazardous substances and employee health and safety. Historically, with the exception of safety upgrades, we have not incurred significant expenditures to comply with these laws.

We intend to expand the deployment of digital billboards that display digital advertising copy from various advertisers that change up to several times per minute. We have encountered some existing regulations in the United States and Canada that restrict or prohibit these types of digital displays. Furthermore, as digital advertising displays are introduced into the market on a large scale, existing regulations that currently do not apply to digital advertising displays by their terms could be revised to impose specific restrictions on digital advertising displays due to alleged concerns over, among other things, aesthetics or driver safety.

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We are subject to numerous federal, state, local and foreign laws, rules and regulations as well as industry standards and regulations regarding privacy, information security, data and consumer protection (including with respect to personally identifiable information), among other things. Many of these laws and industry standards and regulations are still evolving (such as the new California Consumer Privacy Act) and changes in the nature of the data that we collect, purchase and utilize, and the ways that data is permitted to be collected, stored, used and/or shared may negatively impact the way that we are able to conduct business, particularly our digital display platform.  Additionally, no cybersecurity measures are impenetrable, and if a cybersecurity incident occurs, we could lose competitively sensitive proprietary business information, disclose personally identifiable information, and/or suffer disruptions to our business operations, particularly our digital advertising displays, which could result in, among other things, regulatory investigations, legal proceedings and/or remedial actions relating to our cybersecurity measures. See “Item 1A. Risk Factors—Risks Related to Our Business and Operations—Changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies, could negatively impact our business” and “Item 1A. Risk Factors—Risks Related to Our Business and Operations—If we experience a cybersecurity incident, we may suffer reputational harm and significant legal and financial exposure.”

Policies with Respect to Certain Activities

The following is a discussion of certain of our investment, financing and other policies. We intend to conduct our business in a manner such that we are not treated as an “investment company” under the Investment Company Act of 1940, as amended. In addition, we intend to conduct our business in a manner that is consistent with maintaining our qualification to be taxed as a REIT. These policies may be amended or revised from time to time at the discretion of our board of directors without a vote of our stockholders.

Investment Policies

Investment in Real Estate or Interests in Real Estate. Our investment objective is to maximize after-tax cash flow. We intend to achieve this objective by developing our existing advertising structures and sites, including through the digital modernization of such advertising structures and sites, and by building and acquiring new advertising structures and sites. We currently intend to invest in advertising structures and sites located primarily in major metropolitan areas. Future development or investment activities will not be limited to any specific percentage of our assets or to any geographic area or type of advertising structure or site. While we may diversify in terms of location, size and market, we do not have any limit on the amount or percentage of our assets that may be invested in any one property or any one geographic area. In addition, we may purchase or lease properties for long-term investment, improve the properties we presently own or other acquired properties, or lease such properties, in whole or in part, when circumstances warrant.

We may enter into multi-year contracts with municipalities and transit operators for the right to display advertising copy on the interior and exterior of rail and subway cars, buses, benches, trams, trains, transit shelters, street kiosks and transit platforms. We may also enter into marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. In addition, we may participate with third parties in property ownership through joint ventures or other types of co-ownership.

Investments in acquired advertising structures and sites, directly or in connection with joint ventures, may be subject to existing mortgage financing and other indebtedness or to new indebtedness that may be incurred in connection with acquiring or refinancing these properties. We do not currently have any restrictions on the number or amount of mortgages that may be placed on any one advertising site or structure. Debt service on such financing or indebtedness will have a priority over any distributions with respect to our common stock.

Investments in Securities of or Interests in Persons Primarily Engaged in Real Estate Activities and Other Issuers. We have and may in the future invest in securities or interests of other issuers, including REITs and entities engaged in real estate activities, directly or in connection with joint ventures or in connection with other strategic transactions. We have not and do not currently anticipate investing in securities of other issuers for the purpose of exercising control over such entities, acquiring any investments primarily for sale in the ordinary course of business, or holding any investments with a view to making short-term gains from their sale, but we may engage in these activities in the future. Since we must comply with various requirements under the Code in order to maintain our qualification to be taxed as a REIT, including restrictions on the types of assets we may hold, the sources of our income and accumulation of earnings and profits, our ability to engage in certain investments and acquisitions, such as acquisitions of C corporations, may be limited.

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Investments in Other Securities. We may in the future invest in additional securities such as non-corporate bonds. We have no present intention to make any such investments, except for investments in cash equivalents in the ordinary course of business. Future investment activities in additional securities will not be limited to any specific percentage of our assets or to any specific type of securities or industry group.

Acquisitions and Dispositions. From time to time in the ordinary course of business, we have both acquired and disposed of advertising structures and sites in order to optimize our portfolio, and we intend to continue to do so in the future. See “—Acquisition and Disposition Activity” and “—Growth Strategy.”

Investments in Real Estate Mortgages. We have not invested in, nor do we have any present intention to invest in, real estate mortgages, although we are not prohibited from doing so.

Financing and Leverage Policy

We may, when appropriate, employ leverage and use debt as a means to finance growth in our business, refinance existing debt, to provide additional funds to distribute to stockholders, and/or for corporate purposes. The Company, along with Outfront Media Capital LLC (“Finance LLC”) and Outfront Media Capital Corporation (“Finance Corp.” and together with Finance LLC, the “Borrowers”) and other guarantor subsidiaries party thereto, are parties to a credit agreement and a related security agreement, each dated January 31, 2014 (together, and as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”), pursuant to which the Borrowers may borrow funds under a $500.0 million revolving credit facility due in November 2024 (the “Revolving Credit Facility”) and have incurred outstanding indebtedness of $600.0 million under a term loan due in November 2026 (the “Term Loan”). Since 2014, the Borrowers have been parties to agreements governing our standalone letter of credit facilities. As of December 31, 2019, we had issued letters of credit totaling approximately $70.9 million under our aggregate $78.0 million standalone letter of credit facilities. Additionally, since 2014, the Borrowers have issued senior unsecured notes in several private placement transactions and redeemed certain of these senior unsecured notes. As of December 31, 2019, of the senior unsecured notes issued by the Borrowers, $500.0 million aggregate principal amount of 5.625% Senior Unsecured Notes due 2024 (the “2024 Notes”), $650.0 million aggregate principal amount of 5.000% Senior Unsecured Notes due 2027 (the “2027 Notes”) and $500.0 million aggregate principal amount of 4.625% Senior Unsecured Notes due 2030 (the “2030 Notes” and collectively with the 2024 Notes and the 2027 Notes, the “Notes”) remain outstanding. In addition, as of December 31, 2019, we have a $125.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended, and a 364-day uncommitted $90.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”), which terminates in June 2020, unless further extended. We have been a party to the agreements governing the AR Facility and the Repurchase Facility since June 2017 and September 2018, respectively. We have, and from time to time we may, draw funds from the Revolving Credit Facility and/or the AR Securitization Facilities or other credit facilities that we may establish for specific or general corporate purposes. For more information, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” Other than as described herein, we have not borrowed any money from third parties during the past three years.

The Company’s Charter (our “charter”) and the Company’s Amended and Restated Bylaws (our “bylaws”) do not limit the amount or percentage of indebtedness that we may incur, nor have we adopted any policies addressing this. The Credit Agreement, the agreements governing the AR Securitization Facilities and the indentures governing the Notes contain, and any future debt agreements may contain, covenants that place restrictions on us and our subsidiaries. Our board of directors may limit our debt incurrence to be more restrictive than our debt covenants allow and from time to time may modify these restrictions in light of then-current economic conditions, relative costs of debt and equity capital, market values of our properties, general conditions in the market for debt and equity securities, fluctuations in the market price of our common stock, growth and acquisition opportunities and other factors. If these restrictions are relaxed, we could become more highly leveraged, resulting in an increased risk of default on our obligations and a related increase in debt service requirements. See “Item 1A. Risk Factors—Risks Related to Our Business and Operations.”

Lending Policies

We do not intend to engage in significant lending activities, although we do not have a policy limiting our ability to make loans to third parties. We may consider offering purchase money financing in connection with the sale of properties. Other than loans to joint ventures in which we participate and loans to joint venture partners, which we have made, and may continue to make, we have not made any loans to third parties.

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Company Securities Policies

In the future, we may issue debt securities (including senior securities), offer common stock, preferred stock, convertible securities or options to purchase common stock in exchange for property, and/or repurchase or otherwise reacquire our common stock or other securities in the open market or otherwise. Except in connection with the Notes and any related exchanges of publicly registered Notes for privately issued Notes, equity private placements relating to a license and development agreement, the Transaction, the ATM Program (as defined in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources”) and stock-based employee compensation, in the past four years, we have not offered or issued debt securities, common stock, preferred stock, convertible securities, options to purchase common stock or any other securities in exchange for property or any other purpose. Our board of directors has the authority, without further stockholder approval, to amend our charter to increase the number of authorized shares of our common stock or preferred stock and to authorize us to issue additional shares of common stock or preferred stock, in one or more series, including senior securities, in any manner, and on the terms and for the consideration it deems appropriate, subject to applicable laws and regulations. We have not engaged in trading, underwriting or agency distribution or sale of securities of other issuers and do not intend to do so.

We make available to our stockholders our Annual Report on Form 10-K, including our audited financial statements, and other required periodic reports filed with the Securities and Exchange Commission (the “SEC”). See “—Available Information.”

Conflict of Interest Policies

Policies Applicable to All Directors and Officers. The Company has adopted a Code of Conduct that applies to all executive officers, employees and directors of the Company. In addition, the Company has adopted a Supplemental Code of Ethics applicable to our principal executive officer, principal financial officer and principal accounting officer and controller or persons performing similar functions. The Code of Conduct and Supplemental Code of Ethics are designed to promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between our employees, officers and directors and us. However, there can be no assurance that these policies or provisions of law will always be successful in eliminating the influence of such conflicts.

Interested Director and Officer Transactions. Pursuant to the Maryland General Corporation Law (the “MGCL”), a contract or other transaction between us and any of our directors or between us and any other corporation or other entity in which any of our directors is a director or has a material financial interest is not void or voidable solely on the grounds of such common directorship or interest, the presence of such director at the meeting of the board of directors or committee of the board of directors at which the contract or transaction is authorized, approved or ratified or the counting of the director’s vote in favor thereof, provided that: (1) the fact of the common directorship or interest is disclosed or known to our board of directors or a committee of our board, and our board or committee authorizes, approves or ratifies the transaction or contract by the affirmative vote of a majority of disinterested directors, even if the disinterested directors constitute less than a quorum; (2) the fact of the common directorship or interest is disclosed or known to our stockholders entitled to vote thereon, and the transaction or contract is authorized, approved or ratified by a majority of the votes cast by the stockholders entitled to vote other than the votes of shares owned of record or beneficially owned by the interested director or corporation, firm or other entity; or (3) the transaction or contract is fair and reasonable to us.

Available Information

Our website address is www.outfrontmedia.com. We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and file or furnish reports, proxy statements, and other information with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. Such reports and other information filed by the Company with the SEC are available free of charge in the Investor Relations section of our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov. The contents of the websites referred to above are not incorporated into this filing.

Item 1A. Risk Factors.

You should carefully consider the following risks, together with all of the other information in this Annual Report on Form 10-K, including “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the notes thereto in “Item 8. Financial Statements and Supplementary Data,” before investing in the Company. The occurrence of any of the following risks might cause you to lose all or a part of your investment.

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Certain statements in the following risk factors constitute forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements.”

Risks Related to Our Business and Operations

Our business is sensitive to a decline in advertising expenditures, general economic conditions and other external events beyond our control.

We derive our revenues from providing advertising space to customers on out-of-home advertising structures and sites. A decline in the economic prospects of advertisers, the economy in general or the economy of any individual geographic market or industry, particularly a market or industry in which we conduct substantial business and derive a significant portion of our revenues, such as the New York and Los Angeles metropolitan areas, and the retail, professional services, computers/internet and healthcare/pharmaceuticals industries, could alter current or prospective advertisers’ spending priorities. See “Item 1. Business—Our Portfolio of Outdoor Advertising Structures and Sites.” In addition, disasters, acts of terrorism, disease outbreaks (such as the novel coronavirus), hostilities, political uncertainty, trade policies (such as tariffs), shifts in market demographics, extraordinary weather events (such as hurricanes), technological changes and power outages could interrupt our ability to build, deploy, and/or display advertising on, advertising structures and sites, and/or lead to a reduction in economic certainty and advertising expenditures. Any reduction in advertising expenditures could adversely affect our business, financial condition or results of operations. Further, advertising expenditure patterns may be impacted by any of these factors; for example, advertisers’ expenditures may be made with less advance notice and may become difficult to forecast from period to period.

We operate in a highly competitive industry.

The outdoor advertising industry is fragmented, consisting of a few companies operating on a national basis, such as our company, Clear Channel Outdoor, Lamar, JCDecaux and Intersection, as well as hundreds of smaller regional and local companies operating a limited number of displays in a single or a few local geographic markets. We compete with these companies for both customers and display locations. If our competitors offer advertising displays at rates below the rates we charge our customers, we could lose potential customers and could be pressured to reduce our rates below those currently charged to retain customers, which could have an adverse effect on our business, financial condition and results of operations. A majority of our display locations are leased, and a significant portion of those leases are month-to-month or have a short remaining term. If our competitors offer to lease display locations at rental rates higher than the rental rates we offer, we could lose display locations and could be pressured to increase rental rates above those we currently pay to site landlords, which could have an adverse effect on our business, financial condition and results of operations. In addition, installation of advertising displays, especially digital advertising displays, by us or our competitors at a pace that exceeds the ability of the market to derive new revenues from those displays could also have an adverse effect on our business, financial condition and results of operations.

We also compete with other media, including online, mobile and social media advertising platforms and traditional platforms (such as television, radio, print and direct mail marketers). In addition, we compete with a wide variety of out-of-home media, including advertising in shopping centers, airports, movie theaters, supermarkets and taxis. Advertisers compare relative costs of available media, including the average cost per thousand impressions or “CPM,” particularly when delivering a message to customers with distinct demographic characteristics. In competing with other media, the outdoor advertising industry relies on its relative cost efficiency and its ability to reach specific markets, geographic areas and/or demographics. If we are unable to compete on these terms, we could lose potential customers and could be pressured to reduce rates below those we currently charge to retain customers, which could have an adverse effect on our business, financial condition and results of operations.

Further, as digital advertising technology continues to develop, our competitors may be able to offer products that are, or that are seen to be, substantially similar to or better than ours. This may force us to compete in different ways and incur additional costs, become subject to additional governmental regulations, and/or expend resources in order to remain competitive. If our competitors are more successful than we are in developing digital advertising products or in attracting and retaining customers, our business, financial condition and results of operations could be adversely affected.

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Government regulation of outdoor advertising may restrict our outdoor advertising operations and our ability to increase the number of advertising displays in our portfolio.

The outdoor advertising industry is subject to governmental regulation and enforcement at the federal, state and local levels in the United States and Canada. These regulations have a significant impact on the outdoor advertising industry and our business. See “Item 1. Business—Regulation.” If there are changes in laws and regulations affecting outdoor advertising at any level of government, if there is an increase in the enforcement of regulations or allegations of noncompliance or if we are unable to resolve allegations, our structures and sites could be subject to removal or modification. If we are unable to obtain acceptable arrangements or compensation in circumstances in which our structures and sites are subject to removal or modification, it could have an adverse effect on our business, financial condition and results of operations.

In addition, governmental regulation and enforcement of advertising displays, especially digital advertising displays, may limit our ability to install new advertising displays, restrict advertising displays to governmentally controlled sites or permit the installation of advertising displays in a manner that could benefit our competitors disproportionately, any of which could have an adverse effect on our business, financial condition and results of operations. Further, as digital advertising displays are introduced into the market on a large scale, new or revised regulations could impose specific restrictions on the installation or use of digital advertising displays.

For example, in January 2013, Scenic America, Inc., a nonprofit membership organization, filed a lawsuit against the U.S. Department of Transportation and the Federal Highway Administration alleging, among other things, that the Federal Highway Administration exceeded its authority when, in 2007, the Federal Highway Administration issued guidance to assist its division offices in evaluating state regulations that authorize the construction and operation of digital billboards. That case has reached a final, non-appealable decision, but if the Federal Highway Administration guidance is ever vacated as a result of a similar challenge or revised by the Federal Highway Administration, it could have an adverse effect on our business, financial condition and results of operations.

Implementing our digital display platform and the deployment of digital advertising displays to our transit franchise partners, may be more difficult, costly or time consuming than expected and the anticipated benefits may not be fully realized.

The success of the digital display platform we are currently developing for our customers and the deployment of digital advertising displays to our transit franchise partners, such as the New York Metropolitan Transportation Authority (the “MTA”), the Washington Metropolitan Area Transit Authority, the Massachusetts Bay Transportation Authority and the San Francisco Bay Area Rapid Transit District, and the realization of any anticipated benefits, will depend, in part, on our ability to execute and demonstrate the value-added capabilities of our digital display platform to our customers, and our ability to deliver and install digital displays to our transit franchise partners in satisfaction of our contractual obligations, including delivery and installation to scale and within complex transit infrastructures, such as the MTA. If we fail to satisfy our contractual obligations and any such failures cannot be resolved, and/or the digital display platform and/or the digital advertising displays that we provide to our customers and transit franchise partners do not meet their expectations or are found to be defective, or if we are unable to realize the anticipated benefits of these products due to reduced market demand for these products or digital advertising generally, then we may incur financial liability, which could have an adverse effect on our business, financial condition and results of operation.

Implementing our digital display platform and deploying digital advertising displays to our transit franchise partners in satisfaction of our contractual obligations requires the Company to incur significant costs, which the Company may not be able to recover from its customer sales or transit franchise partners. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” Any costs currently anticipated may significantly increase if we incur cost overruns due to technical difficulties, the increased costs of data, digital displays, materials and labor, delays in construction caused by us, our subcontractors and/or our transit franchise partners, insurance, bonding and litigation expenses or other factors beyond our control, which could have an adverse effect on our business, financial condition and results of operations, including cash flow timing and negative publicity. We currently expect to utilize third-party financing to fund these costs, which could subject the Company to additional costs, liabilities and risks. See —“Despite our substantial indebtedness level, we and our subsidiaries may be able to incur substantially more indebtedness, including secured indebtedness. This could further exacerbate the risks to our financial condition described above.”

Further, we rely on third parties to manufacture and transport digital displays, and if we are not able to engage third parties on reasonable pricing or other terms due to insufficient capacity or plant closures of a particular manufacturer, market-wide supply shortages¸ logistics disruptions or otherwise, or if the third parties that we do engage fail to meet their obligations to us, whether due to external events beyond anyone’s control (such as the novel coronavirus) or otherwise, we may be unable to

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deploy digital advertising displays to our transit franchise partners in a timely manner or at all, and may fail to satisfy our contractual obligations, which could have an adverse effect on our business, financial condition and results of operations.

We may incur material losses and costs as a result of product liability, warranty, and recall and intellectual property claims that may be brought against us.

We may be exposed to product liability and warranty claims in the event that our digital displays actually or allegedly fail to perform as expected, or the use of our digital displays results, or is alleged to result, in death, bodily injury, and/or property damage, which could have an adverse effect on our business, financial condition and results of operations. In addition, if any of our digital displays become subject to a recall, our customers may hold us responsible for some or all of the repair or replacement costs of these digital displays under our contractual obligations, which could have an adverse effect on our business, financial condition and results of operations, including negative publicity.

Further, we face the risk of claims that we have infringed third parties’ intellectual property rights with respect to our digital display platform, digital displays and/or any other new products we develop, which could be expensive and time consuming to defend, could require us to alter our digital display platform, digital displays and/or any new products prevent us from selling advertising on and/or using our digital display platform, digital displays and/or any new products, and/or could require us to pay license, royalty or other fees to third parties in order to continue using our digital display platform, digital displays and/or any new products.

Taxes, fees and registration requirements may reduce our profits or expansion opportunities.

A number of federal, state and local governments in the United States and Canada have implemented or initiated taxes (including taxes on revenue from outdoor advertising or for the right to use outdoor advertising assets), fees and registration requirements in an effort to decrease or restrict the number of outdoor advertising structures and sites or raise revenue, or both. For example, a tax was imposed on the outdoor advertising industry in Toronto. These laws may affect prevailing competitive conditions in our markets in a variety of ways, including reducing our expansion opportunities, or increasing or reducing competitive pressure on us from other members of the outdoor advertising industry. See—“We operate in a highly competitive industry.” These efforts may continue, and, if we are unable to compete and/or pass on the cost of these items to our customers, the increased imposition of these measures could have an adverse effect on our business, financial condition and results of operations.

The success of our transit advertising business is dependent on obtaining and renewing key municipal contracts on favorable terms.

Our transit advertising business requires us to obtain and renew contracts with municipalities and other governmental entities. All of these contracts have fixed terms and generally provide for payments to the governmental entity of a revenue share and/or a guaranteed minimum annual payment, and some may require us to incur capital expenditures. When these contracts expire, we generally must participate in highly competitive bidding processes in order to obtain a new contract. Our inability to successfully obtain or renew these contracts on favorable economic terms or at all could have an adverse effect on our financial condition and results of operations. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview—Business Environment.” In addition, the loss of a key municipal contract in one location could adversely affect our ability to compete in other locations by reducing our scale and ability to offer customers multi-regional and national advertising campaigns. These factors could have an adverse effect on our business, financial condition and results of operations.

Government compensation for the removal of lawful billboards could decrease.

Although federal, state and local government authorities from time to time use the power of eminent domain to remove billboards, U.S. law requires payment of compensation if a government authority compels the removal of a lawful billboard along a primary or interstate highway that was built with federal financial assistance. Additionally, many states require similar compensation (or relocation) with regard to compelled removals of lawful billboards in other locations, although the methodology used to determine such compensation varies by jurisdiction. Some local governments in the United States and Canada have attempted to force removal of billboards after a period of years under a concept called amortization. Under this concept, the governmental body asserts that just compensation has been earned by continued operation of the billboard over a period of time. Thus far, we have generally been able to obtain satisfactory compensation for our billboards purchased or removed as a result of governmental action, although there is no assurance that this will continue to be the case in the future, and, if it does not continue to be the case, there could be an adverse effect on our business, financial condition and results of operations.

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Content-based restrictions on outdoor advertising may further restrict the categories of customers that can advertise using our structures and sites.

Restrictions on outdoor advertising of certain products, services or other content are or may be imposed by federal, state and local laws and regulations, as well as contracts with municipalities and transit franchise partners. For example, tobacco products have been effectively banned from outdoor advertising in all of the jurisdictions in which we currently do business. In addition, state and local governments in some cases limit outdoor advertising of alcohol, which represented 3% of our U.S. Media segment revenues in 2019, and 4% in each of 2018 and 2017. Further, certain municipalities and transit franchise partners limit issue-based outdoor advertising. Content-based restrictions could cause a reduction in our revenues from leasing advertising space on outdoor advertising displays that display such advertisements and a simultaneous increase in the available space on the existing inventory of displays in the outdoor advertising industry, which could have an adverse effect on our business, financial condition and results of operations.

Environmental, health and safety laws and regulations may limit or restrict some of our operations.

As the owner or operator of various real properties and facilities, we must comply with various federal, state and local environmental, health and safety laws and regulations in the United States and Canada. We and our properties are subject to such laws and regulations related to the use, storage, disposal, emission, release and remediation of hazardous and nonhazardous substances and employee health and safety. Historically, with the exception of safety upgrades, we have not incurred significant expenditures to comply with these laws. However, additional laws that may be passed in the future, or a finding of a violation of or liability under existing laws, could require us to make significant expenditures and otherwise limit or restrict some of our operations, which could have an adverse effect on our business, financial condition and results of operations.

Our operating results are subject to seasonal variations and other factors.

Our business has experienced and is expected to continue to experience seasonality due to, among other things, seasonal advertising patterns and seasonal influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season. The effects of such seasonality make it difficult to estimate future operating results based on the previous results of any specific quarter, which may make it difficult to plan capital expenditures and expansion, could affect operating results and could have an adverse effect on our business, financial condition and results of operations.

Acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations.

We frequently evaluate strategic opportunities both within and outside our existing lines of business. We expect from time to time to pursue additional acquisitions of business and/or assets and other strategic transactions, including technology investments and/or the disposition of certain businesses and/or assets. These acquisitions or transactions could be material, and involve numerous risks, including:

• acquisitions or other strategic transactions may prove unprofitable and fail to generate anticipated cash flows or gains;

• integrating acquired businesses and/or assets may be more difficult, costly or time consuming than expected and the anticipated benefits and costs savings of such acquisitions or transactions may not be fully realized, for example:

◦ we may need to recruit additional senior management, as we cannot be assured that senior management of acquired businesses and/or assets will continue to work for us, and we cannot be certain that our recruiting efforts will succeed;

◦ unforeseen difficulties could divert significant time, attention and effort from management that could otherwise be directed at developing existing business;

◦ we may encounter difficulties expanding corporate infrastructure to facilitate the integration of our operations and systems with those of acquired businesses and/or assets, which may cause us to lose the benefits of any expansion; and/or

◦ we may lose billboard leases, franchises or advertisers in connection with such acquisitions or transactions, which could disrupt our ongoing businesses;

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• we may not be aware of all of the risks associated with any acquired businesses and/or assets and certain of our assumptions with respect to these acquired businesses and/or assets may prove to be inaccurate, which could result in unexpected litigation or regulatory exposure, unfavorable accounting treatment, unexpected increases in taxes due, a loss of anticipated tax benefits or other adverse effects on our business, operating results or financial condition;

• we may not be able to obtain financing necessary to fund potential acquisitions or strategic transactions;

• we may face increased competition for acquisitions of businesses and assets from other advertising companies, some of which may have greater financial resources than we do, which may result in higher prices for those businesses and assets;

• we may enter into markets and geographic areas where we have limited or no experience; and

• because we must comply with various requirements under the Code in order to maintain our qualification to be taxed as a REIT, including restrictions on the types of assets we may hold, the sources of our income and accumulation of earnings and profits, our ability to engage in certain acquisitions or strategic transactions, such as acquisitions of C corporations, may be limited. See “—Risks Related to Our Status as a REIT—Complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities.”

Further, acquisitions and dispositions by us may require antitrust review by U.S. federal antitrust agencies and may require review by foreign antitrust agencies under the antitrust laws of foreign jurisdictions. We can give no assurances that the U.S. Department of Justice, the U.S. Federal Trade Commission or foreign antitrust agencies will not seek to bar us from the acquisition or disposition of additional advertising businesses in any market.

We are dependent on our management team, and the loss of senior executive officers or other key employees could have an adverse effect on our business, financial condition and results of operations.

We believe our future success depends on the continued service and skills of our existing management team and other key employees with experience and business relationships within their respective roles, including landlord and customer relationships. The loss of one or more of these key personnel could have an adverse effect on our business, financial condition and results of operations because of their skills, knowledge of the market, years of industry experience and the difficulty of finding qualified replacement personnel. If any of these personnel were to leave and compete with us, it could have an adverse effect on our business, financial condition and results of operations.

Our board of directors has the power to cause us to issue additional shares of stock without stockholder approval.

Our charter authorizes us to issue additional authorized but unissued shares of common or preferred stock. In addition, our charter permits a majority of our entire board of directors to, without stockholder approval, amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. Our charter also permits our board of directors to classify or reclassify any unissued shares of common or preferred stock and set the preferences, rights and other terms of the classified or reclassified shares. As a result, our board of directors will be able to establish a series of shares of common or preferred stock that could delay or prevent a transaction or a change in control that might involve a premium price for outstanding shares of stock or otherwise be in the best interests of our stockholders.

Certain provisions of Maryland law may limit the ability of a third party to acquire control of us.

Certain provisions of the MGCL may have the effect of delaying or preventing a transaction or a change in control of us that might involve a premium price for shares of our stock or otherwise be in the best interests of our stockholders, including:

• “business combination” provisions that, subject to certain exceptions, prohibit certain business combinations between a Maryland corporation and an “interested stockholder” (defined generally as any person who beneficially owns, directly or indirectly, 10% or more of the voting power of a corporation’s outstanding voting stock or an affiliate or associate of a corporation who, at any time during the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding stock of the corporation) or an affiliate of such an interested stockholder for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter imposes two super-majority stockholder voting requirements on these combinations; and

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• “control share” provisions that provide that, subject to certain exceptions, holders of “control shares” of a Maryland corporation (defined as voting shares of stock that, if aggregated with all other shares of stock owned or controlled by the acquirer, would entitle the acquirer to exercise voting power in the election of directors within one of three increasing ranges) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of issued and outstanding “control shares,” subject to certain exceptions) have no voting rights except to the extent approved by its stockholders by the affirmative vote of at least two-thirds of all of the votes entitled to be cast on the matter, excluding all interested shares.

Additionally, under Title 3, Subtitle 8 of the MGCL, our board of directors is permitted, without stockholder approval and regardless of what is provided in our charter or bylaws, to implement certain takeover defenses.

Our board of directors has by resolution exempted from the provisions of the Maryland Business Combination Act, as described above, all business combinations between us and any other person, provided that such business combination is first approved by our board of directors (including a majority of our directors who are not affiliates or associates of such person). In addition, our bylaws contain a provision opting out of the Maryland Control Share Acquisition Act, as described above. Moreover, our charter provides that vacancies on our board may be filled only by a majority of the remaining directors, and that any directors elected by the board to fill vacancies will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies. Our bylaws provide that our board of directors has the exclusive power to adopt, alter or repeal any provision of our bylaws and to make new bylaws. There can be no assurance that these exemptions or provisions will not be amended or eliminated at any time in the future.

Our rights and the rights of our stockholders to take action against our directors and officers are limited.

Our charter contains a provision that eliminates the liability of our directors and officers to the maximum extent permitted by Maryland law. In addition, our charter authorizes us, and our bylaws obligate us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:

• any present or former director or officer who is made or threatened to be made a party to, or witness in, a proceeding by reason of his or her service in that capacity; and

• any individual who, while a director or officer of our company and at our request, serves or has served as a director, officer, trustee or manager of another corporation, REIT, limited liability company, partnership, joint venture, trust, employee benefit plan or any other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity.

Our charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of ours in any of the capacities described above and to any employee of our company or a predecessor of our company.

The indemnification and payment or reimbursement of expenses provided by the indemnification provisions of our charter and bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking indemnification, or payment or reimbursement of expenses may be or may become entitled under any statute, bylaw, resolution, insurance, agreement, vote of stockholders or disinterested directors or otherwise.

In addition, we have entered into separate indemnification agreements with each of our directors. Each indemnification agreement provides, among other things, for indemnification as provided in the agreement and otherwise to the fullest extent permitted by law and our charter and bylaws against judgments, fines, penalties, amounts paid in settlement and reasonable expenses, including attorneys’ fees. The indemnification agreements provide for the advancement or payment of expenses to the indemnitee and for reimbursement to us if it is found that such indemnitee is not entitled to such advancement.

Accordingly, in the event that any of our directors or officers are exculpated from, or indemnified against, liability but whose actions impede our performance, we and our stockholders’ ability to recover damages from that director or officer will be limited.

We have substantial indebtedness that could adversely affect our financial condition.

As of December 31, 2019, we had total indebtedness of approximately $2.4 billion (consisting of the Term Loan, the Notes and the AR Securitization Facilities with outstanding aggregate principal balances of $600.0 million, $1.65 billion and $195.0

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million, respectively), undrawn commitments under the Revolving Credit Facility of $500.0 million, excluding $1.6 million of letters of credit issued against the Revolving Credit Facility and borrowing capacity remaining under the AR Facility of $20.0 million. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

Our level of debt could have important consequences, including:

• making it more difficult for us to satisfy our obligations with respect to the Notes and our other debt;

• requiring us to dedicate a substantial portion of our cash flow from operations to payments on indebtedness, thereby reducing the availability of cash flow to fund acquisitions, working capital, capital expenditures, and strategic business development efforts and other corporate purposes;

• increasing our vulnerability to and limiting our flexibility in planning for, or reacting to, changes in the business, the industries in which we operate, the economy and governmental regulations;

• limiting our ability to make strategic acquisitions or causing us to make non-strategic divestitures;

• exposing us to the risk of rising interest rates as borrowings under the Senior Credit Facilities and the AR Securitization Facilities are subject to variable rates of interest;

• placing us at a competitive disadvantage compared to our competitors that have less debt; and

• limiting our ability to borrow additional funds.

The terms of the agreements governing our indebtedness restrict our current and future operations, particularly our ability to incur debt that we may need to fund initiatives in response to changes in our business, the industries in which we operate, the economy and governmental regulations.

The Credit Agreement and the indentures governing the Notes contain a number of restrictive covenants that impose significant operating and financial restrictions on us and our subsidiaries and limit our ability to engage in actions that may be in our long-term best interests, including restrictions on our and our subsidiaries’ ability to:

• incur additional indebtedness;

• pay dividends on, repurchase or make distributions in respect of our capital stock (other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions);

• make investments or acquisitions;

• sell, transfer or otherwise convey certain assets;

• change our accounting methods;

• create liens;

• enter into agreements restricting the ability to pay dividends or make other intercompany transfers;

• consolidate, merge, sell or otherwise dispose of all or substantially all of our or our subsidiaries’ assets;

• enter into transactions with affiliates;

• prepay certain kinds of indebtedness;

• issue or sell stock of our subsidiaries; and

• change the nature of our business.

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The agreements governing the AR Securitization Facilities also contain affirmative and negative covenants with respect to the SPVs (as defined below) holding our accounts receivables.

In addition, the Credit Agreement (and under certain circumstances, the agreements governing the AR Securitization Facilities) has a financial covenant that requires us to maintain a Consolidated Net Secured Leverage Ratio (as described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources”). Our ability to meet this financial covenant may be affected by events beyond our control.

As a result of all of these restrictions, we may be:

• limited in how we conduct our business;

• unable to raise additional debt or equity financing to operate during general economic or business downturns; or

• unable to compete effectively or to take advantage of new business opportunities.

These restrictions could hinder our ability to grow in accordance with our strategy or inhibit our ability to adhere to our intended distribution policy and, accordingly, may cause us to incur additional U.S. federal income tax liability beyond current expectations.

A breach of the covenants under the Credit Agreement or either of the indentures governing the Notes, as well as a breach of the covenants under the agreements governing the AR Securitization Facilities, including the inability to repay any amounts due and payable, could result in an event of default or termination event under the applicable agreement. Such a default or termination event would allow the lenders under the Senior Credit Facilities, the Purchasers (as defined below) under the AR Securitization Facilities and the holders of the Notes to accelerate the repayment of such debt and may result in the acceleration of the repayment of any other debt to which a cross-acceleration or cross-default provision applies. In the event our creditors accelerate the repayment of our borrowings, we and our subsidiaries may not have sufficient assets to repay that indebtedness. An event of default or termination event under the Credit Agreement and the agreements governing the AR Securitization Facilities would also permit the applicable lenders, Purchasers and any other secured creditors to proceed against the collateral that secures such indebtedness, and terminate all other commitments to extend additional credit to us. Any of these events could have an adverse effect on our business, financial condition and results of operations.

Despite our substantial indebtedness level, we and our subsidiaries may be able to incur substantially more indebtedness, including secured indebtedness. This could further exacerbate the risks to our financial condition described above.

We and our subsidiaries may incur significant additional indebtedness in the future, including secured indebtedness. Although the Credit Agreement, the indentures governing the Notes and the agreements governing the AR Securitization Facilities contain restrictions on the incurrence of additional indebtedness and additional liens, these restrictions will be subject to a number of qualifications and exceptions, and the additional indebtedness, including secured indebtedness, incurred in compliance with these restrictions could be substantial. If we incur any additional indebtedness that ranks equally with the Senior Credit Facilities, the AR Securitization Facilities and/or the Notes, subject to collateral arrangements, the holders of that debt will be entitled to share ratably with existing holders of our debt in any proceeds distributed in connection with any insolvency, liquidation, reorganization, dissolution or other winding up of our business. This may have the effect of reducing the amount of proceeds paid to existing shareholders. These restrictions also will not prevent us from incurring obligations that do not constitute indebtedness. If new debt is added to our current debt levels, the related risks that we now face would increase.

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Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.

Borrowings under the Senior Credit Facilities and the AR Securitization Facilities are at variable rates of interest and expose us to interest rate risk. If interest rates increase, our debt service obligations on the variable rate indebtedness will increase even though the amount borrowed remains the same, and our net income and cash flows will correspondingly decrease. At our level of indebtedness, as of December 31, 2019, each 1/4% change in interest rates on our variable rate Term Loan and AR Securitization Facilities would have resulted in a $1.0 million and $0.5 million, respectively, change in annual estimated interest expense. Our aggregate annual estimated interest expense will increase if we make any borrowings under our Revolving Credit Facility. We have, and may in the future, enter into interest rate swaps that involve the exchange of floating for fixed rate interest payments in order to reduce future interest rate volatility. However, we may not elect to maintain such interest rate swaps with respect to any of our variable rate indebtedness, and any swaps we enter into may not fully mitigate our interest rate risk. In addition, the transition away from the use of the London Interbank Offered Rate (“LIBOR”) after 2021 to a new reference rate may have unanticipated effects on the agreements governing our indebtedness, our interest rate swaps and the credit markets generally, as well as our interest expense, which we are not able to predict at this time.

To service our indebtedness, we require a significant amount of cash and our ability to generate cash depends on many factors beyond our control.

Our ability to make cash payments on and to refinance our indebtedness, including the Notes, and to fund planned capital expenditures will depend on our ability to generate significant operating cash flow in the future. Our ability to generate such cash flow is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control. In addition, our ability to generate cash flow may be affected by our REIT compliance obligations and any consequences of failing to remain qualified as a REIT. See “—Risks Related to Our Status as a REIT.”

Our business may not generate cash flow from operations in an amount sufficient to enable us to pay our indebtedness, including the Notes, or to fund our other liquidity needs. If we cannot service our indebtedness, we may have to take actions such as refinancing or restructuring our indebtedness, selling assets or reducing or delaying capital expenditures, strategic acquisitions and investments. Such actions, if necessary, may not be effected on commercially reasonable terms or at all. Our ability to refinance or restructure our debt will depend on the condition of the capital markets and our financial condition at the applicable time. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. Further, the Credit Agreement, the indentures governing the Notes and the agreements governing the AR Securitization Facilities restrict our ability to undertake, or use the proceeds from, such measures.

Our cash available for distribution to stockholders may not be sufficient to make distributions at expected levels, and we may need to borrow in order to make such distributions or may not be able to make such distributions in full.

Distributions that we make will be authorized and determined by our board of directors in its sole discretion out of funds legally available therefor. While we anticipate maintaining relatively stable distribution(s) during each year, the amount, timing and frequency of distributions will be at the sole discretion of our board of directors and will be declared based upon various factors, including, but not limited to: future taxable income, limitations contained in our debt instruments (such as restrictions on distributions in excess of the minimum amount required to maintain our status as a REIT and on the ability of our subsidiaries to distribute cash to the Company), debt service requirements, our results of operations, our financial condition, our operating cash inflows and outflows, including capital expenditures and acquisitions, limitations on our ability to use cash generated in the TRSs to fund distributions and applicable law. We may need to increase our borrowings in order to fund our intended distributions. See “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Dividend Policy” and “—Despite our substantial indebtedness level, we and our subsidiaries may be able to incur substantially more indebtedness, including secured indebtedness. This could further exacerbate the risks to our financial condition described above.”

Hedging transactions could have a negative effect on our results of operations.

We have, and may in the future, enter into hedging transactions, including without limitation, with respect to interest rate exposure and foreign currency exchange rates and on one or more of our assets or liabilities. The use of hedging transactions involves certain risks, including: (1) the possibility that the market will move in a manner or direction that would have resulted in a gain for us had a hedging transaction not been utilized, in which case our performance would have been better had we not engaged in the hedging transaction; (2) the risk of an imperfect correlation between the risk sought to be hedged and the hedging transaction used; (3) the potential illiquidity for the hedging instrument used, which may make it difficult for us to

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close out or unwind a hedging transaction; (4) the possibility that our counterparty fails to honor its obligations; and (5) the possibility that we may have to post collateral to enter into hedging transactions, which we may lose if we are unable to honor our obligations. In addition, as a REIT, we have limitations on our income sources, and the hedging strategies available to us will be more limited than those available to companies that are not REITs. See “—Risks Related to Our Status as a REIT—Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.”

We face diverse risks in our Canadian business, which could adversely affect our business, financial condition and results of operations.

Our Canadian business contributed approximately $87.8 million to total revenues in 2019, approximately $84.6 million to total revenues in 2018 and approximately $73.2 million to total revenues in 2017. Inherent risks in our Canadian business activities could decrease our Canadian sales and have an adverse effect on our business, financial condition and results of operations. These risks include potentially unfavorable Canadian economic conditions, political conditions or national priorities, Canadian government regulation and changes in such regulation, violations of applicable anti-corruption laws or regulations, potential expropriation of assets by the Canadian government, the failure to bridge cultural differences and limited or prohibited access to our Canadian operations and the support they provide. We may also have difficulty repatriating profits or be adversely affected by exchange rate fluctuations in our Canadian business.

If we experience a cybersecurity incident, we may suffer reputational harm and significant legal and financial exposure.

Although we have implemented physical and logical cybersecurity measures, along with crisis management procedures, designed to protect against the loss, misuse and alteration of our websites, digital assets and proprietary business information as well as consumer, business partner and advertiser personally identifiable information, no cybersecurity measures are impenetrable and we remain subject to unauthorized access attempts to our networks and assets. Further, because techniques used to obtain unauthorized access and degrade or disable systems change frequently and often are not recognized until launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures. A cybersecurity incident could occur due to the acts or omissions of third parties (including third parties with which we do business), employee error, malfeasance, fraud, system errors or vulnerabilities, or otherwise. If a cybersecurity incident occurs, we could lose competitively sensitive proprietary business information, disclose personally identifiable information, and/or suffer disruptions to our business operations, particularly our digital advertising displays. In addition, the public perception of the effectiveness of our cybersecurity measures, products and/or services could be harmed as well as our overall reputation, which could put us at a competitive disadvantage. Accordingly, if we or third parties with which we do business were to suffer a cybersecurity incident, we could suffer significant legal and financial exposure in connection with our failure to satisfy certain contractual obligations, a loss of business partners and advertisers, regulatory investigations, legal proceedings and/or remedial actions relating to our cybersecurity measures, which could have an adverse effect on our business, financial condition and results of operation. Although we possess cybersecurity insurance, any financial liabilities arising from a cybersecurity incident may not be sufficiently covered by our insurance.

Changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies, could negatively impact our business.

We collect, purchase and utilize demographic and other information from and about consumers, business partners, advertisers and website users. We are subject to numerous federal, state, local and foreign laws, rules and regulations as well as industry standards and regulations regarding privacy, information security, data and consumer protection (including with respect to personally identifiable information), among other things. Many of these laws and industry standards and regulations are still evolving (such as the new California Consumer Privacy Act) and changes in the nature of the data that we collect, purchase and utilize, and the ways that data is permitted to be collected, stored, used and/or shared may negatively impact the way that we are able to conduct business, particularly our digital display platform. In addition, changes in consumer expectations and demands regarding privacy, information security and data may result in further restrictions on the nature of the data that we collect, purchase and utilize, and the ways we derive economic value from this data, which may limit our ability to offer targeted advertising opportunities to our business partners and advertisers. Although we monitor regulatory changes and have implemented internal policies and procedures designed to comply with all applicable laws, rules, industry standards and regulations, any failure or perceived failure by us to comply with applicable regulatory requirements or our internal policies related to privacy, information security, data and/or consumer protection could result in a loss of confidence, a loss of goodwill, damage to our brand, loss of business partners and advertisers, substantial remediation and compliance costs, adverse regulatory proceedings and/or civil litigation, which could negatively impact our business.

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We could suffer losses due to impairment in the carrying value of our long-lived assets and goodwill.

A significant portion of our assets are long-lived assets and goodwill. We test for long-lived asset impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. If business conditions or other factors cause our results of operations and/or cash flows to decline, we may be required to record a non-cash asset impairment charge. We test goodwill for impairment during the fourth quarter of each year and between annual tests if events or circumstances require an interim impairment assessment. A downward revision in the estimated fair value of a reporting unit could result in a non-cash goodwill impairment charge. For example, as a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statements of Operations. Any such impairment charges could have a material adverse effect on our reported net income. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies”

Risks Related to Our Status as a REIT

If we fail to remain qualified as a REIT, we will be subject to U.S. federal income tax as a regular corporation and could face a substantial tax liability, which would reduce the amount of cash available for distribution to our stockholders.

Qualification to be taxed as a REIT involves the application of highly technical and complex Code provisions for which only limited judicial and administrative authorities exist. Even a technical or inadvertent failure to comply with these provisions could jeopardize our REIT qualification. Our ability to remain qualified to be taxed as a REIT will depend on our satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a continuing basis. In addition, our ability to satisfy the requirements to remain qualified to be taxed as a REIT may depend in part on the actions of third parties over which we have no control or only limited influence.

In addition, the rules dealing with U.S. federal income taxation are continually under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury (the “Treasury”). Although the IRS has issued a private letter ruling with respect to certain issues relevant to our ability to qualify to be taxed as a REIT, no assurance can be given that the IRS will not challenge our qualification to be taxed as a REIT in the future. Changes to the tax laws or interpretations thereof, or the IRS’s position with respect to our private letter ruling, with or without retroactive application, could materially and negatively affect our ability to qualify to be taxed as a REIT.

If we were to fail to remain qualified to be taxed as a REIT in any taxable year, we would be subject to U.S. federal income tax on our taxable income at regular corporate rates, and dividends paid to our stockholders would not be deductible by us in computing our taxable income. Any resulting corporate tax liability could be substantial and would reduce the amount of cash available for distribution to holders of our common stock, which in turn could have an adverse impact on the value of our common stock and may require us to incur indebtedness or liquidate certain investments in order to pay such tax liability. Unless we were entitled to relief under certain Code provisions, we would also be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which we failed to qualify to be taxed as a REIT.

REIT distribution requirements could adversely affect our ability to execute our business plan.

To maintain REIT status, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends-paid deduction and excluding any net capital gains. To the extent that we satisfy this distribution requirement and qualify for taxation as a REIT but distribute less than 100% of our REIT taxable income, determined without regard to the dividends-paid deduction and including any net capital gains, we will be subject to U.S. federal income tax on our undistributed net taxable income. In addition, we will be subject to a nondeductible 4% excise tax if the amount that we actually distribute to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws.

From time to time, we may generate taxable income greater than our cash flow as a result of differences in timing between the recognition of taxable income and the actual receipt of cash or the effect of nondeductible capital expenditures, the creation of reserves or required debt or amortization payments. If we do not have other funds available in these situations, we could be required to borrow funds on unfavorable terms, sell assets at disadvantageous prices or distribute amounts that would otherwise be invested in future acquisitions to make distributions sufficient to enable us to pay out enough of our taxable income to satisfy the REIT distribution requirement and to avoid corporate income tax and the 4% excise tax in a particular year. These alternatives could increase our costs or reduce our equity. Thus, compliance with the REIT requirements may impact our ability to grow, which could adversely affect the value of our common stock.

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To fund our growth strategy and refinance our indebtedness, we may depend on external sources of capital, which may not be available to us on commercially reasonable terms or at all.

As a result of the REIT organizational and operational requirements described above, we may not be able to fund future capital needs, including any necessary acquisition financing, solely from operating cash flows. Consequently, we expect to rely on third-party capital market sources for debt or equity financing to fund our business strategy. In addition, we will likely need third-party capital market sources to refinance our indebtedness at or prior to maturity. Turbulence in the United States or international financial markets and economies could adversely impact our ability to replace or renew maturing liabilities on a timely basis or access the capital markets to meet liquidity and capital expenditure requirements and may result in adverse effects on our business, financial condition and results of operations. As such, we may not be able to obtain financing on favorable terms or at all. Our access to third-party sources of capital also depends, in part, on:

• the market’s perception of our growth potential;

• our then-current levels of indebtedness;

• our historical and expected future earnings, cash flows and cash distributions; and

• the market price per share of our common stock.

In addition, our ability to access additional capital may be limited by the terms of our outstanding indebtedness, which may restrict our incurrence of additional debt. See “—Risks Related to Our Business and Operations—Despite our substantial indebtedness level, we and our subsidiaries may be able to incur substantially more indebtedness, including secured indebtedness. This could further exacerbate the risks to our financial condition described above.” If we cannot obtain capital when needed, we may not be able to acquire or develop properties when strategic opportunities arise or refinance our debt, which could have an adverse effect on our business, financial condition and results of operations.

Even if we remain qualified to be taxed as a REIT, we may face other tax liabilities that reduce our cash flow.

Even if we remain qualified for taxation as a REIT, we may be subject to certain U.S. federal, state and local taxes on our income and assets, including taxes on any undistributed income and state or local income, property and transfer taxes. For example, in order to meet the REIT qualification requirements, we may hold some of our assets or conduct certain of our activities through one or more TRSs or other subsidiary corporations that will be subject to foreign, federal, state and local corporate-level income taxes as regular C corporations. In addition, we may incur a 100% excise tax on transactions with a TRS if the transactions are not conducted on an arm’s-length basis. Any of these taxes would decrease cash available for distribution to holders of our common stock.

Complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities.

To remain qualified to be taxed as a REIT for U.S. federal income tax purposes, we must ensure that, at the end of each calendar quarter, at least 75% of the value of our assets consists of cash, cash items, government securities and “real estate assets” (as defined in the Code), including certain mortgage loans and securities. The remainder of our investments (other than government securities, qualified real estate assets and securities issued by a TRS) generally cannot include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer. In addition, in general, no more than 5% of the value of our total assets (other than government securities, qualified real estate assets and securities issued by a TRS) can consist of the securities of any one issuer, and no more than 20% of the value of our total assets can be represented by securities of one or more TRSs. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate or forgo otherwise attractive investments. These actions could have the effect of reducing our income and amounts available for distribution to holders of our common stock.

In addition to the assets tests set forth above, to remain qualified to be taxed as a REIT for U.S. federal income tax purposes, we must continually satisfy tests concerning, among other things, the sources of our income, the amounts we distribute to our stockholders and the ownership of our stock. We may be unable to pursue investments that would be otherwise advantageous to us in order to satisfy the source-of-income or asset-diversification requirements for qualifying to be taxed as a REIT. Accordingly, compliance with the REIT requirements may hinder our ability to make certain attractive investments.

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Complying with REIT requirements may depend on our ability to contribute certain contracts to a taxable REIT subsidiary.

Our ability to satisfy certain REIT requirements may depend on us contributing certain contracts (or portions of certain contracts) to a TRS with respect to outdoor advertising assets that do not qualify as real property for purposes of the REIT asset tests. Moreover, our ability to satisfy the REIT requirements may depend on us properly allocating between us and our TRS the revenue or cost, as applicable, associated with the portion of any such contract contributed to the TRS. There can be no assurance that the IRS will not determine that such contribution was not a true contribution between us and our TRS or that we did not properly allocate the applicable revenues or costs. Were the IRS successful in such a challenge, it could adversely impact our ability to qualify to be taxed as a REIT or our effective tax rate and tax liability.

Our planned use of taxable REIT subsidiaries may cause us to fail to qualify to be taxed as a REIT.

The net income of our TRSs is not required to be distributed to us, and income that is not distributed to us generally will not be subject to the REIT income distribution requirement. However, there may be limitations on our ability to accumulate earnings in our TRSs and the accumulation or reinvestment of significant earnings in our TRSs could result in adverse tax treatment. In particular, if the accumulation of cash in our TRSs causes the fair market value of our securities in our TRSs and certain other non-qualifying assets to exceed 20% of the fair market value of our assets, we would fail to remain qualified to be taxed as a REIT for U.S. federal income tax purposes.

The ownership limitations that apply to REITs, as prescribed by the Code and by our charter, may inhibit market activity in the shares of our common stock and restrict our business combination opportunities.

In order for us to qualify to be taxed as a REIT, not more than 50% in value of the outstanding shares of our stock may be owned, beneficially or constructively, by five or fewer individuals, as defined in the Code to include certain entities, at any time during the last half of each taxable year after the first year for which we elect to qualify to be taxed as a REIT. Additionally, at least 100 persons must beneficially own our stock during at least 335 days of a taxable year (other than the first taxable year for which we elect to be taxed as a REIT). Subject to certain exceptions, our charter authorizes our board of directors to take such actions as are necessary and desirable to preserve our qualification to be taxed as a REIT. Our charter also provides that, unless exempted by the board of directors, no person may own more than 9.8% in value or in number, whichever is more restrictive, of the outstanding shares of our common stock or 9.8% in value of the aggregate outstanding shares of all classes and series of our stock. A person that did not acquire more than 9.8% of our outstanding stock may nonetheless become subject to our charter restrictions in certain circumstances, including if repurchases by us cause a person’s holdings to exceed such limitations. The constructive ownership rules are complex and may cause shares of stock owned directly or constructively by a group of related individuals to be constructively owned by one individual or entity. These ownership limits could delay or prevent a transaction or a change in control of our company that might involve a premium price for shares of our stock or otherwise be in the best interests of our stockholders.

Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

The REIT provisions of the Code substantially limit our ability to hedge our assets and liabilities. Any income from a hedging transaction that we enter into primarily to manage risk of interest rate changes or to manage risk of currency fluctuations with respect to borrowings made or to be made or to acquire or carry real estate assets does not constitute “gross income” for purposes of the 75% or 95% gross income tests that apply to REITs, provided that certain identification requirements are met. To the extent that we enter into other types of hedging transactions or fail to properly identify such a transaction as a hedge, the income is likely to be treated as non-qualifying income for purposes of both of the gross income tests. As a result of these rules, we may be required to limit our use of advantageous hedging techniques or implement those hedges through a TRS. This could increase the cost of our hedging activities because our TRS may be subject to tax on gains or expose us to greater risks associated with changes in interest rates that we would otherwise choose to bear. In addition, losses in our TRS will generally not provide any tax benefit, except that such losses could theoretically be carried back or forward against past or future taxable income in the TRS.

If we fail to meet the REIT income tests as a result of receiving non-qualifying rental income, we would be required to pay a penalty tax in order to retain our REIT status.

Certain income we receive could be treated as non-qualifying income for purposes of the REIT requirements. Even if we have reasonable cause for a failure to meet the REIT income tests as a result of receiving non-qualifying income, we would nonetheless be required to pay a penalty tax in order to retain our REIT status.

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The IRS may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax.

From time to time, we may sell outdoor advertising assets. The IRS may deem one or more sales of our outdoor advertising assets to be “prohibited transactions” (generally, sales or other dispositions of property that is held as inventory or primarily for sale to customers in the ordinary course of a trade or business). If the IRS takes the position that we have engaged in a “prohibited transaction,” the gain we recognize from such sale would be subject to a 100% tax. We do not intend to hold outdoor advertising assets as inventory or for sale in the ordinary course of business; however, whether property is held as inventory or “primarily for sale to customers in the ordinary course of a trade or business” depends on the particular facts and circumstances and there is no assurance that our position will not be challenged by the IRS especially if we make frequent sales or sales of outdoor advertising assets in which we have short holding periods.

We may establish operating partnerships as part of our REIT structure, which could result in conflicts of interests between our stockholders and holders of our operating partnership units and could limit our liquidity or flexibility.

As part of our REIT structure, we have established a “DownREIT” operating partnership, and we may in the future establish an “UPREIT” and additional “DownREIT” operating partnerships, whereby we acquire certain assets by issuing units in an operating partnership (or a subsidiary) in exchange for an asset owner contributing such assets to the partnership (or subsidiary). If we enter into such transactions, in order to induce the contributors of such assets to accept units in our operating partnerships, rather than cash, in exchange for their assets, it may be necessary for us to provide them additional incentives. For instance, the operating partnership’s limited partnership or limited liability company agreement may provide that any unitholder of the operating partnership may be entitled to receive cash or equity distributions on its units, as well as exchange units for cash equal to the value of an equivalent number of shares of our common stock or, at our option, for shares of our common stock on a one-for-one basis. We may also enter into additional contractual arrangements with asset contributors under which we would agree to repurchase a contributor’s units for shares of our common stock or cash, at the option of the contributor, at set times.

In connection with these transactions, persons holding operating partnership units (or similar securities) may have the right to vote on certain amendments to the partnership agreements of such operating partnerships, as well as on certain other matters. Unitholders holding these voting rights may be able to exercise them in a manner that conflicts with the interests of our stockholders. As the sole member of the general partner of the operating partnerships or as the managing member, we would have fiduciary duties to the unitholders of the operating partnerships that may conflict with duties that our officers and directors owe to the Company.

In addition, if a holder of operating partnership units (or similar securities) received cash distributions on its units and/or required us to repurchase the units for cash, it would limit our liquidity and thus our ability to use cash to make other investments, distributions to stockholders, debt service payments, or satisfy other obligations. Moreover, if we were required to repurchase units for cash at a time when we did not have sufficient cash to fund the repurchase, we might be required to sell one or more assets to raise funds to satisfy this obligation. Furthermore, we might agree that if distributions the holder of operating partnership units (or similar securities) received did not provide them with a defined return, then upon redemption of the units, we would pay the holder an additional amount necessary to achieve that return. Such a provision could further negatively impact our liquidity and flexibility. Finally, in order to allow a contributor of assets to defer taxable gain on the contribution of assets to our operating partnerships, we might agree not to sell a contributed asset for a defined period of time or until the contributor exchanged its operating partnership units (or similar securities) for cash or shares. Such an agreement would prevent us from selling those properties, even if market conditions made such a sale favorable to us.

Item 1B. Unresolved Staff Comments.

None.

Item 2. Properties.

Our principal executive offices, which we lease, are located at 405 Lexington Avenue, 17th Floor, New York, NY 10174. We and our subsidiaries also own and lease office and warehouse space throughout the United States and Canada. We consider our properties adequate for our present needs, and adequately covered by insurance.

In the United States and Canada, we primarily lease our outdoor advertising sites, but, in a few cases, we own or hold permanent easements on our outdoor advertising sites. These lease agreements have terms varying between one month and multiple years, with an average term of 9 years, and usually provide renewal options. Our lease agreements generally allow us to use the land for the construction, repair and relocation of outdoor advertising structures, including all rights necessary to

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access and maintain the site. Approximately 68% of our outdoor advertising site leases will expire or be subject to renewal in the next 5 years, 22% will expire or be subject to renewal in 6 to 10 years and 10% will expire or be subject to renewal in more than 10 years. There is no significant concentration of outdoor advertising sites under any one lease or with any one landlord. An important part of our business activity is to manage our lease portfolio and negotiate suitable lease renewals and extensions. For further information regarding our outdoor advertising sites and structures, see “Item 1. Business—Our Portfolio of Outdoor Advertising Structures and Sites” and “Item 1. Business—Renovation, Improvement and Development.”

Item 3. Legal Proceedings.

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

Item 4. Mine Safety Disclosures.

None.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

Shares of our common stock began trading on the New York Stock Exchange (“NYSE”) on March 28, 2014, under the ticker symbol “CBSO.” On November 20, 2014, in connection with our rebranding, shares of our common stock began trading on the NYSE under the ticker symbol “OUT”. Prior to March 28, 2014, there was no public market for our common stock.

Holders

As of February 25, 2020, we had 203 holders of record of our common stock.

Dividend Policy

To maintain REIT status, we must annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends-paid deduction and excluding any net capital gains. To the extent that we satisfy this distribution requirement and qualify for taxation as a REIT but distribute less than 100% of our REIT taxable income, determined with the above modifications, we will be subject to U.S. federal income tax on our undistributed net taxable income. In addition, we will be subject to a nondeductible 4% excise tax if the amount that we actually distribute to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. See “Item 1. Business—Tax Status.”

Distributions that we make will be authorized and determined by our board of directors in its sole discretion out of assets legally available therefor. While we anticipate maintaining relatively stable distribution(s) during each year, the amount, timing and frequency of distributions will be at the sole discretion of the board of directors, and distributions will be declared based upon various factors, including but not limited to: future taxable income, limitations contained in our debt instruments (such as restrictions on distributions in excess of the minimum amount required to maintain our status as a REIT and on the ability of our subsidiaries to distribute cash to the Company), debt service requirements, our results of operations, our financial condition, our operating cash inflows and outflows, including capital expenditures and acquisitions, limitations on our ability to use cash generated in the TRSs to fund distributions and applicable law. See “Item 1A. Risk Factors,” “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” and “Item 8. Financial Statements and Supplementary Data.” We may need to increase our borrowings in order to fund our intended distributions. We expect that our distributions may exceed our net income, due, in part, to noncash expenses included in net income (loss).

We anticipate that our distributions generally will be taxable as ordinary income to our stockholders, although we may designate a portion of the distributions as qualified dividend income or capital gain dividends or a portion of the distributions may constitute a return of capital or be taxable as capital gain. We furnish annually to each of our stockholders a statement setting forth distributions paid during the preceding year and their characterization as ordinary income dividends, return of capital, qualified dividends, income or capital gain dividends or non-dividend distributions. Approximately 82.2% of the dividends we distributed in 2019 should be considered ordinary income by our stockholders for tax purposes, approximately 1.5% should be considered a capital gain, and approximately 16.3% should be considered a return of capital. The capital gain distribution is subject to certain recapture provisions for both individual and corporate shareholders.

Performance Graph

The information in this section, including the performance graph, shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

The following graph compares the cumulative total stockholder return on OUTFRONT Media Inc.’s common stock to the cumulative total return of Lamar Advertising Company, Clear Channel Outdoor Holdings, Inc., the Standard & Poor’s 500 Stock Index (“S&P 500”), the S&P 500 Media Industry Index, and the FTSE National Association of Real Estate Investment Trusts (“NAREIT”) All Equity REITs Index.

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The performance graph assumes $100 invested on December 31, 2014, in OUTFRONT Media Inc.’s common stock, Lamar Advertising Company’s common stock, Clear Channel Outdoor Holdings, Inc.’s common stock, the S&P 500, the S&P 500 Media Industry Index, and the FTSE NAREIT All Equity REITs Index, including the reinvestment of dividends, through the calendar year ended December 31, 2019.

	Dec. 31, 2014		Dec. 31, 2015		Dec. 31, 2016		Dec. 31, 2017		Dec. 31, 2018		Dec. 31, 2019
OUTFRONT Media Inc.	$	100.00	$	86.10	$	104.12	$	103.28	$	86.65	$	135.86
Lamar Advertising Company	100.00		117.34		138.07		159.66		156.57		211.82
Clear Channel Outdoor Holdings, Inc.	100.00		52.79		74.27		81.58		93.64		51.60
S&P 500	100.00		101.38		113.51		138.29		132.23		173.86
S&P 500 Media Industry Index(a)	100.00		95.70		110.66		119.74		110.68		149.40
FTSE NAREIT All Equity REITs Index	100.00		102.83		111.70		121.39		116.48		149.86

(a) As of December 31, 2019, the S&P 500 Media Industry Index consists of the following companies: Charter Communications, Inc.; Comcast Corporation; Discovery Communications, Inc.; DISH Network Corporation; Fox Corporation; Interpublic Group of Companies Inc.; News Corporation; Omnicom Group Inc; and ViacomCBS Inc.

Unregistered Sales of Equity Securities

None.

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Purchases of Equity Securities by the Issuer

	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs	Remaining Authorizations
October 1, 2019 through October 31, 2019	—	$	—	—	—
November 1, 2019 through November 30, 2019	—	—		—	—
December 1, 2019 through December 31, 2019	—	—		—	—
Total	—	—		—	—

Item 6. Selected Financial Data.

The following table sets forth our selected historical consolidated financial data for the periods presented. The selected historical consolidated statements of operations and cash flow data for each of the years ended December 31, 2019, 2018 and 2017 and the selected historical consolidated balance sheet data as of December 31, 2019 and 2018, have been derived from our audited consolidated financial statements for such years, which are included in this Annual Report on Form 10-K. The selected historical consolidated statements of operations and cash flow data for the years ended December 31, 2016 and 2015 and the selected historical consolidated balance sheet information as of December 31, 2017, 2016 and 2015 have been derived from our audited historical consolidated financial statements, which are not included in this Annual Report on Form 10-K.

You should read the following information together with “Item 1A. Risk Factors,” “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data.”

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	Year Ended December 31,
(in millions, except per share amounts)	2019			2018			2017			2016(a)			2015
Statement of Operations data:
Revenues	$	1,782.2		$	1,606.2		$	1,520.5		$	1,513.9		$	1,513.8
Adjusted OIBDA(c)	$	522.4		$	479.5		$	444.1		$	449.0		$	437.6
Less:
Stock-based compensation	22.3			20.2			20.5			18.0			15.2
Restructuring charges	0.3			2.1			6.4			2.5			2.6
Loss on real estate assets held for sale(b)	—			—			—			1.3			103.6
Net (gain) loss on dispositions	(3.8		)	(5.5		)	(14.3		)	(1.9		)	0.7
Impairment charge(d)	—			42.9			—			—			—
Depreciation	87.3			85.9			89.7			108.9			113.7
Amortization	107.2			99.1			100.1			115.3			115.4
Operating income	$	309.1		$	234.8		$	241.7		$	204.9		$	86.4
Interest expense, net	$	(134.9	)	$	(125.7	)	$	(116.9	)	$	(113.8	)	$	(114.8	)
Loss on extinguishment of debt(e)	(28.5		)	—			—			—			—
Provision for income taxes	$	(10.9	)	$	(4.9	)	$	(4.1	)	$	(5.4	)	$	(5.4	)
Net income (loss) attributable to OUTFRONT Media Inc.	$	140.1		$	107.9		$	125.8		$	90.9		$	(29.4	)
Net income (loss) attributable to OUTFRONT Media Inc. per weighted average shares outstanding:
Basic	$	0.97		$	0.76		$	0.90		$	0.66		$	(0.21	)
Diluted	$	0.97		$	0.75		$	0.90		$	0.66		$	(0.21	)
Dividends declared per common share	$	1.44		$	1.44		$	1.44		$	1.36		$	1.42
Funds from operations (“FFO”)(f) attributable to OUTFRONT Media Inc.	$	295.3		$	301.0		$	277.3		$	280.4		$	272.2
Adjusted FFO (“AFFO”)(f) attributable to OUTFRONT Media Inc.	$	334.1		$	299.7		$	277.6		$	294.5		$	268.1
Balance sheet data (at period end):
Property and equipment, net	$	666.2		$	652.9		$	662.1		$	665.0		$	701.7
Total assets(g)	$	5,382.3		$	3,828.7		$	3,808.2		$	3,738.5		$	3,815.5
Current liabilities	$	650.0		$	402.6		$	299.6		$	251.5		$	265.6
Long-term debt, net	$	2,222.1		$	2,149.6		$	2,145.3		$	2,136.8		$	2,222.0
Total stockholders’ equity	$	1,093.8		$	1,102.8		$	1,181.1		$	1,232.9		$	1,212.6
Cash flow data:
Cash flow provided by operating activities	$	276.9		$	214.3		$	249.3		$	287.1		$	293.1
Capital expenditures:
Growth	$	71.8		$	63.7		$	50.9		$	40.9		$	33.6
Maintenance	18.1			18.6			19.9			18.5			25.6
Total capital expenditures	$	89.9		$	82.3		$	70.8		$	59.4		$	59.2

(a) On April 1, 2016, we completed the disposition of our outdoor advertising business in Latin America.

(b) In 2015, we recorded a non-cash loss on real estate assets held for sale. This non-cash loss is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale.

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(c) Adjusted OIBDA is a non-GAAP financial measure. For purposes of the above table, we calculate “Adjusted OIBDA” as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation, restructuring charges, impairment charges, and loss on real estate assets held for sale. Adjusted OIBDA is among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as it is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentation of Adjusted OIBDA, as a supplemental measure, is useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that this supplemental measure provides users of our financial data with an important perspective on our operating performance and also makes it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” for further information about Adjusted OIBDA.

(d) As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations.

(e) In 2019, we recorded a loss on extinguishment of debt of $28.5 million relating to the redemption of our 5.250% Senior Unsecured Notes due 2022 and our 5.875% Senior Unsecured Notes due 2025 (together, the “Old Notes”).

(f) When used herein, references to “FFO” and “AFFO” mean “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively. We calculate FFO in accordance with the definition established by NAREIT. FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, impairment charges, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs, the non-cash effect of loss on real estate assets held for sale and the same adjustments for our equity-based investments and non-controlling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include cash paid for direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for non-controlling interests, as well as the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other REITs. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” for further information about FFO and AFFO.

(g) In 2019, we adopted the Financial Accounting Standards Board’s guidance addressing the recognition, measurement, presentation and disclosure for leases for both lessees and lessors using the modified retrospective transition method. On January 1, 2019, the adoption of this standard resulted in the recognition of an operating lease liability of $1.2 billion and a right-of-use operating lease asset of the same amount. Existing prepaid and accrued lease costs were reclassified to the right-of-use operating lease asset, resulting in a net asset of $1.3 billion on the Consolidated Statement of Financial Position. (See Item 8., Note 2. Summary of Significant Accounting Policies: Adoption of New Accounting Standards to the Consolidated Financial Statements).

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The following table presents a reconciliation of Net income (loss) to FFO and AFFO:

	Year Ended December 31,
(in millions)	2019			2018			2017			2016			2015
Net income (loss) attributable to OUTFRONT Media Inc.	$	140.1		$	107.9		$	125.8		$	90.9		$	(29.4	)
Depreciation of billboard advertising structures	66.0			69.1			76.2			98.2			104.9
Amortization of real estate-related intangible assets	45.0			42.7			48.2			52.9			55.8
Amortization of direct lease acquisition costs	48.2			43.2			40.0			38.2			36.3
Loss on real estate assets held for sale	—			—			—			1.3			103.6
Net (gain) loss on disposition of real estate assets	(3.8		)	(5.5		)	(14.3		)	(1.9		)	0.7
Impairment charge	—			42.9			—			—			—
Adjustment related to equity-based investments	0.1			0.2			0.5			0.7			0.7
Adjustment related to non-controlling interests	(0.3		)	—			—			—			—
Income tax effect of adjustments(1)	—			0.5			0.9			0.1			(0.4		)
FFO attributable to OUTFRONT Media Inc.	295.3			301.0			277.3			280.4			272.2
Non-cash portion of income taxes	0.4			(3.5		)	(3.6		)	4.2			(0.4		)
Cash paid for direct lease acquisition costs	(47.1		)	(41.3		)	(39.2		)	(37.0		)	(35.9		)
Maintenance capital expenditures	(18.1		)	(18.6		)	(19.9		)	(18.5		)	(25.6		)
Restructuring charges - severance	0.3			2.1			6.4			2.5			2.6
Other depreciation	21.3			16.8			13.5			10.7			8.8
Other amortization	14.0			13.2			11.9			24.2			23.3
Stock-based compensation	22.3			20.2			20.5			18.0			15.2
Non-cash effect of straight-line rent	6.9			1.9			3.4			1.3			(0.3		)
Accretion expense	2.5			2.4			2.3			2.4			2.5
Amortization of deferred financing costs	7.9			5.7			6.1			6.4			6.3
Loss on extinguishment of debt	28.5			—			—			—			—
Adjustment related to non-controlling interests	(0.1		)	—			—			—			—
Income tax effect of adjustments(2)	—			(0.2		)	(1.1		)	(0.1		)	(0.6		)
AFFO attributable to OUTFRONT Media Inc.	$	334.1		$	299.7		$	277.6		$	294.5		$	268.1

(1) Income tax effect related to Net (gain) loss on disposition of real estate assets.

(2) Income tax effect related to Restructuring charges.

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with our historical consolidated financial statements and the notes thereto in “Item 8. Financial Statements and Supplementary Data.” This MD&A contains forward-looking statements that involve numerous risks and uncertainties. The forward-looking statements are subject to a number of important factors, including, but not limited to, those factors discussed in “Item 1A. Risk Factors” and the “Cautionary Statement Regarding Forward-Looking Statements” section of this Annual Report on Form 10-K, that could cause our actual results to differ materially from the results described herein or implied by such forward-looking statements. Management’s discussion and analysis of financial condition and results of operations for the year ended December 31, 2018, as compared to the year ended December 31, 2017 is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission (the “SEC “) on February 27, 2019,

Overview

OUTFRONT Media is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other (see Item 8., Note 20. Segment Information to the Consolidated Financial Statements).

Business

We are one of the largest providers of advertising space on out-of-home advertising structures and sites across the U.S. and Canada. Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. and Canada. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. In total, we have displays in all of the 25 largest markets in the U.S. and 150 markets in the U.S. and Canada. Our top market, high profile location focused portfolio includes sites in and around both Grand Central Station and Times Square in New York, various locations along Sunset Boulevard in Los Angeles, and the Bay Bridge in San Francisco. The breadth and depth of our portfolio provides our customers with a range of options to address their marketing objectives, from national, brand-building campaigns to hyper-local campaigns that drive customers to the advertiser’s website or retail location “one mile down the road.” 

In addition to providing location-based displays, we also focus on delivering mass and targeted audiences to our customers. Geopath, the out-of-home advertising industry’s audience measurement system, enables us to build campaigns based on the size and demographic composition of audiences. As part of our technology platform, we are developing solutions for enhanced demographic and location targeting, and engaging ways to connect with consumers on-the-go. Additionally, our OUTFRONT Mobile Network and social influence add-on products allow our customers to further leverage location targeting with interactive mobile advertising and social sharing amplification.

We believe out-of-home continues to be an attractive form of advertising, as our displays are always viewable and cannot be turned off, skipped, blocked or fast-forwarded. Further, out-of-home advertising can be an effective “stand-alone” medium, as well as an integral part of a campaign to reach audiences using multiple forms of media, including television, radio, print, online, mobile and social media advertising platforms. We provide our customers with a differentiated advertising solution at an attractive price point relative to other forms of advertising. In addition to leasing displays, we provide other value-added services to our customers, such as pre-campaign category research, consumer insights, print production and post-campaign tracking and analytics.

U.S. Media. Our U.S. Media segment generated 23% of its revenues in the New York City metropolitan area in 2019, 22% in 2018 and 23% in 2017, and generated 16% in the Los Angeles metropolitan area in each of 2019, 2018 and 2017. Our U.S. Media segment generated Revenues of $1,628.7 million in 2019, $1,466.8 million in 2018 and $1,406.5 million in 2017, and Operating income before Depreciation, Amortization, Net (gain) loss on dispositions, Stock-based compensation, Restructuring charges and an Impairment charge (“Adjusted OIBDA”) of $546.3 million in 2019, $500.2 million in 2018 and $478.1 million in 2017. (See the “Segment Results of Operations” section of this MD&A.)

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Other (includes International and Sports Marketing). Other generated Revenues of $153.5 million in 2019, $139.4 million in 2018 and $114.0 million in 2017, and Adjusted OIBDA of $22.1 million in 2019, $17.3 million in 2018 and $8.4 million in 2017.

Economic Environment

Our revenues and operating results are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control.

Business Environment

The outdoor advertising industry is fragmented, consisting of several companies operating on a national basis, as well as hundreds of smaller regional and local companies operating a limited number of displays in a single or a few local geographic markets. We compete with these companies for both customers and structure and display locations. We also compete with other media, including online, mobile and social media advertising platforms and traditional advertising platforms (such as television, radio, print and direct mail marketers). In addition, we compete with a wide variety of out-of-home media, including advertising in shopping centers, airports, movie theaters supermarkets and taxis.

Increasing the number of digital displays in our prime audience locations is an important element of our organic growth strategy, as digital displays have the potential to attract additional business from both new and existing customers. We believe digital displays are attractive to our customers because they allow for the development of richer and more visually engaging messages, provide our customers with the flexibility both to target audiences by time of day and to quickly launch new advertising campaigns, and eliminate or greatly reduce print production and installation costs. In addition, digital displays enable us to run multiple advertisements on each display. Digital billboard displays generate approximately four times more revenue per display on average than traditional static billboard displays. Digital billboard displays also incur, on average, approximately two to four times more costs, including higher variable costs associated with the increase in revenue than traditional static billboard displays. As a result, digital billboard displays generate higher profits and cash flows than traditional static billboard displays. The majority of our digital billboard displays were converted from traditional static billboard displays.

In 2017, we commenced deployment of state-of-the-art digital transit displays in connection with several transit franchises and are planning to increase deployments significantly over the coming years. Once the digital transit displays have been deployed at scale, we expect that revenue generated on digital transit displays will be a multiple of the revenue generated on comparable static transit displays. We intend to incur significant equipment deployment costs and capital expenditures in the coming years to continue increasing the number of digital displays in our portfolio.

We have built or converted 107 new digital billboard displays in the United States and 13 in Canada in 2019. Additionally, in 2019, we installed 14 small-format digital displays and entered into marketing arrangements to sell advertising on 50 third-party digital billboard displays in the U.S. and 27 in Canada. In 2019, we have built, converted or replaced 3,781 digital transit and other displays in the United States. The following table sets forth information regarding our digital displays.

	Digital Revenues (in millions) for the Year Ended December 31, 2019						Number of Digital Displays  as of December 31, 2019(a)
Location	Digital Billboard		Digital Transit and Other		Total Digital Revenues		Digital Billboard Displays	Digital Transit and Other Displays	Total Digital Displays
United States	$	222.7	$	112.3	$	335.0	1,121	6,145	7,266
Canada	30.0		0.1		30.1		222	93	315
Total	$	252.7	$	112.4	$	365.1	1,343	6,238	7,581

(a) Digital display amounts (1) include 2,172 displays reserved for transit agency use and (2) exclude all displays under our multimedia rights agreements with colleges, universities and other educational institutions. Our number of digital displays is impacted by acquisitions, dispositions, management agreements, the net effect of new and lost billboards, and the net effect of won and lost franchises in the period.

Our revenues and profits may fluctuate due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season.

We have a diversified base of customers across various industries. During 2019, our largest categories of advertisers were retail, professional services and computers/internet, which represented 9%, 8%, and 8% of our total U.S. Media segment

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revenues, respectively. During 2018, our largest categories of advertisers were retail, computers/internet and healthcare/pharmaceuticals, which represented 9%, 8% and 8% of our total U.S. Media segment revenues. During 2017, our largest categories of advertisers were retail, healthcare/pharmaceuticals and television, which represented 9%, 8% and 7% of our total U.S. Media segment revenues, respectively.

Our large-scale portfolio allows our customers to reach a national audience and also provides the flexibility to tailor campaigns to specific regions or markets. In 2019, we generated approximately 44% of our U.S. Media segment revenues from national advertising campaigns, compared to 44% in 2018 and 45% in 2017.

Our transit businesses require us to periodically obtain and renew contracts with municipalities and other governmental entities. When these contracts expire, we generally must participate in highly competitive bidding processes in order to obtain or renew contracts.

Key Performance Indicators

Our management reviews our performance by focusing on the indicators described below.

Several of our key performance indicators are not prepared in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”). We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for, their most directly comparable GAAP financial measures.

	Year Ended December 31,
(in millions, except percentages)	2019			2018			% Change
Revenues	$	1,782.2		$	1,606.2		11	%
Organic revenues(a)(b)	1,782.2			1,604.5			11
Operating income	309.1			234.8			32
Adjusted OIBDA(b)	522.4			479.5			9
Adjusted OIBDA(b) margin	29		%	30		%
Funds from operations (“FFO”)(b) attributable to OUTFRONT Media Inc.	295.3			301.0			(2	)
Adjusted FFO (“AFFO”)(b) attributable to OUTFRONT Media Inc.	334.1			299.7			11
Net income attributable to OUTFRONT Media Inc.	$	140.1		$	107.9		30

(a) Organic revenues exclude the impact of foreign currency exchange rates (“non-organic revenues”). We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. Since organic revenues are not calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, revenues as an indicator of operating performance. Organic revenues, as we calculate it, may not be comparable to similarly titled measures employed by other companies.

(b) See the “Reconciliation of Non-GAAP Financial Measures” and “Revenues” sections of this MD&A for reconciliations of Operating income to Adjusted OIBDA, Net income attributable to OUTFRONT Media Inc. to FFO attributable to OUTFRONT Media Inc. and AFFO attributable to OUTFRONT Media Inc. and Revenues to organic revenues.

Adjusted OIBDA

We calculate Adjusted OIBDA as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation, restructuring charges and impairment charges. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates.

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FFO and AFFO

When used herein, references to “FFO” and “AFFO” mean “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, impairment charges, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and non-controlling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include cash paid for direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our non-controlling interests, as well as the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other REITs. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs.

Since Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, operating income (loss), net income (loss) attributable to OUTFRONT Media Inc., net income (loss) before allocation of non-controlling interests, and revenues, the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.

Reconciliation of Non-GAAP Financial Measures

The following table reconciles Operating income to Adjusted OIBDA, and Net income attributable to OUTFRONT Media Inc. to FFO attributable to OUTFRONT Media Inc. and AFFO attributable to OUTFRONT Media Inc.

	Year Ended December 31,
(in millions)	2019			2018
Total revenues	$	1,782.2		$	1,606.2
Operating income	$	309.1		$	234.8
Restructuring charges	0.3			2.1
Net gain on dispositions	(3.8		)	(5.5		)
Impairment charge	—			42.9
Depreciation	87.3			85.9
Amortization	107.2			99.1
Stock-based compensation	22.3			20.2
Adjusted OIBDA	$	522.4		$	479.5
Adjusted OIBDA margin	29		%	30		%

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	Year Ended December 31,
(in millions)	2019			2018
Net income attributable to OUTFRONT Media Inc.	$	140.1		$	107.9
Depreciation of billboard advertising structures	66.0			69.1
Amortization of real estate-related intangible assets	45.0			42.7
Amortization of direct lease acquisition costs(a)	48.2			43.2
Net gain on disposition of real estate assets	(3.8		)	(5.5		)
Impairment charge	—			42.9
Adjustment related to equity-based investments	0.1			0.2
Adjustment related to non-controlling interests	(0.3		)	—
Income tax effect of adjustments(b)	—			0.5
FFO attributable to OUTFRONT Media Inc.	295.3			301.0
Non-cash portion of income taxes	0.4			(3.5		)
Cash paid for direct lease acquisition costs(a)	(47.1		)	(41.3		)
Maintenance capital expenditures	(18.1		)	(18.6		)
Restructuring charges	0.3			2.1
Other depreciation	21.3			16.8
Other amortization	14.0			13.2
Stock-based compensation	22.3			20.2
Non-cash effect of straight-line rent	6.9			1.9
Accretion expense	2.5			2.4
Amortization of deferred financing costs	7.9			5.7
Loss on extinguishment of debt	28.5			—
Adjustment related to non-controlling interests	(0.1		)	—
Income tax effect of adjustments(c)	—			(0.2		)
AFFO attributable to OUTFRONT Media Inc.	$	334.1		$	299.7

(a) Variable commissions directly associated with billboard revenues.

(b) Income tax effect related to Net gain on disposition of real estate assets.

(c) Income tax effect related to Restructuring charges.

FFO attributable to OUTFRONT Media Inc. in 2019 of $295.3 million decreased $5.7 million, or 2%, compared to 2018, primarily due an impairment charge recorded in 2018, partially offset by higher net income and higher amortization of direct lease acquisition costs. AFFO attributable to OUTFRONT Media Inc. in 2019 of $334.1 million increased $34.4 million, or 11%, compared to 2018, primarily due to higher operating income, including an impairment recorded in 2018, higher amortization and higher non-cash straight-line rent, partially offset by higher interest expense and higher cash paid for direct lease acquisition costs.

Analysis of Results of Operations

Revenues

We derive Revenues primarily from providing advertising space to customers on our advertising structures and sites. Our contracts with customers generally cover periods ranging from four weeks to one year. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit and other revenues are recognized over the contract period. (See Item 8., Note 12. Revenues to the Consolidated Financial Statements.)

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	Year Ended December 31,				% Change
(in millions, except percentages)	2019		2018
Revenues:
Billboard	$	1,189.9	$	1,112.4	7	%
Transit and other	592.3		493.8		20
Total revenues	1,782.2		1,606.2		11
Organic revenues(a):
Billboard	$	1,189.9	$	1,111.0	7
Transit and other	592.3		493.5		20
Total organic revenues(a)	1,782.2		1,604.5		11
Non-organic revenues:
Billboard	—		1.4		*
Transit and other	—		0.3		*
Total non-organic revenues	—		1.7		*
Total revenues	$	1,782.2	$	1,606.2	11

* Calculation is not meaningful.

(a) Organic revenues exclude the impact of foreign currency exchange rates (“non-organic revenues”).

Total revenues increased $176.0 million, or 11%, and organic revenues increased $177.7 million, or 11%, in 2019 compared to 2018.

In 2018, non-organic revenues reflect the impact of foreign currency exchange rates.

Total billboard revenues increased $77.5 million, or 7%, in 2019 compared to 2018, primarily due to an increase in average revenue per display (yield) and the conversion of traditional static billboard displays to digital billboard displays.

Total transit and other revenues increased $98.5 million, or 20%, in 2019 compared to 2018, primarily due to growth in digital displays, an increase in average revenue per display (yield), the net effect of won and lost franchises in the period (primarily the San Francisco Bay Area Rapid Transit (“BART”) transit franchise) and an increase in third-party digital equipment sales.

Expenses

	Year Ended December 31,						% Change
(in millions, except percentages)	2019			2018
Expenses:
Operating	$	958.6		$	859.9		11	%
Selling, general and administrative	323.5			287.0			13
Restructuring charges	0.3			2.1			(86	)
Net gain on dispositions	(3.8		)	(5.5		)	(31	)
Impairment charge	—			42.9			*
Depreciation	87.3			85.9			2
Amortization	107.2			99.1			8
Total expenses	$	1,473.1		$	1,371.4		7

* Calculation is not meaningful.

Operating Expenses

Our operating expenses are composed of the following:

Billboard property lease expenses. These expenses reflect the cost of leasing the real property on which our billboards are mounted. These lease agreements have terms varying between one month and multiple years, and usually provide renewal

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options. Rental expenses are comprised of a fixed rental amounts and under certain agreements, also include contingent rent, which varies based on the revenues we generate from the leased site. The fixed portion of property leases are generally paid in advance for periods ranging from one to twelve months and expensed evenly over the contract term. Contingent rent is generally paid in arrears and is expensed as incurred when the related revenues are recognized.

Transit franchise expenses. These expenses reflect costs charged by municipalities and transit operators under transit advertising contracts and are generally calculated based on a percentage of the revenues we generate under the contract, with a minimum guarantee. The costs that are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term.

Posting, maintenance and other site-related expenses. These expenses primarily reflect costs associated with posting and rotation, materials, repairs and maintenance, utilities, property taxes and direct costs associated with our Sports Marketing operating segment.

	Year Ended December 31,				% Change
(in millions, except percentages)	2019		2018
Operating expenses:
Billboard property lease	$	409.1	$	384.1	7	%
Transit franchise	283.9		233.8		21
Posting, maintenance and other	265.6		242.0		10
Total operating expenses	$	958.6	$	859.9	11

Billboard property lease expenses represented 34% of billboard revenues in 2019 and 35% in 2018.

Transit franchise expenses represented 59% of transit display revenues in each of 2019 and 2018.

Billboard property lease and transit franchise expenses increased by $75.1 million in 2019 compared to 2018.

Posting, maintenance and other expenses as a percentage of Revenues were 15% in each of 2019 and 2018. Posting, maintenance and other expenses increased $23.6 million, or 10%, in 2019 compared to 2018, primarily due to higher compensation and benefits-related costs, higher posting and rotation costs, higher costs related to third-party digital equipment sales and higher expenses related to our Sports Marketing operating segment.

Selling, General and Administrative Expenses (“SG&A”)

SG&A expenses represented 18% of Revenues in each of 2019 and 2018. SG&A expenses increased $36.5 million, or 13%, in 2019 compared to 2018, primarily due to higher compensation and other employee-related costs, higher professional fees and higher bad debt expense.

Restructuring Charges

In 2019, we recorded restructuring charges of $0.3 million for the elimination of a corporate management position. In 2018, we recorded restructuring charges of $2.1 million for severance charges associated with the reorganization of various departments, for severance charges associated with the reorganization of our Sports Marketing operating segment management team and the elimination of a corporate management position.

Net Gain on Dispositions

Net gain on dispositions was $3.8 million in 2019 and $5.5 million in 2018, which primarily related to the sale of land, office and display locations.

Impairment Charge

As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million in the Consolidated Statements of Operations.

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Depreciation

Depreciation increased $1.4 million, or 2%, in 2019 compared to 2018, primarily due to software and related equipment utilized for the operation of our digital displays.

Amortization

Amortization increased $8.1 million, or 8%, in 2019 compared to 2018, principally driven by higher direct lease acquisition costs and higher amortization of intangible assets. Amortization expense includes the amortization of direct lease acquisition costs of $48.2 million in 2019 and $43.2 million in 2018. Capitalized direct lease acquisition costs were $48.2 million in 2019 and $43.2 million in 2018.

Interest Expense

Interest expense, net, was $134.9 million (including $7.9 million of deferred financing costs) in 2019 and $125.7 million (including $5.7 million of deferred financing costs) in 2018. The increase in Interest expense, net, in 2019 compared to 2018, was primarily due to the timing of new debt issuances and redemptions of senior unsecured notes, a higher outstanding average debt balance, higher amortization of deferred financing costs and higher interest rates. (See the “Liquidity and Capital Resources” section of this MD&A.)

Loss on Extinguishment of Debt

In 2019, we recorded a loss on extinguishment of debt of $28.5 million relating to the redemption of our 5.250% Senior Unsecured Notes due 2022 (the “2022 Notes”) and our 5.875% Senior Unsecured Notes due 2025 (the “2025 Notes” and together with the 2022 Notes, the “Old Notes”).

Provision for Income Taxes

The Provision for income taxes was $10.9 million in 2019, an increase of $6.0 million, due primarily to improved performance of our taxable REIT subsidiaries (“TRSs”) and a $3.0 million settlement of a 2016 IRS audit, including the related state income taxes and interest. The effective income tax rate was 7.5% for 2019 and 4.7% for 2018.

Net Income

Net income before allocation to non-controlling interests was $140.6 million in 2019, an increase of $32.7 million compared to 2018, due primarily to higher operating income, including the impact of an impairment charge recorded in 2018, partially offset by a loss on extinguishment of debt and higher interest expense.

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Segment Results of Operations

We present Adjusted OIBDA as the primary measure of profit and loss for our reportable segments. (See the “Key Performance Indicators” section of this MD&A and Item 8., Note 20. Segment Information to the Consolidated Financial Statements.)

We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other. Our segment reporting therefore includes U.S. Media and Other.

The following table presents our Revenues, Adjusted OIBDA and Operating income (loss) by segment in 2019 and 2018.

	Year Ended December 31,
(in millions)	2019			2018
Revenues:
U.S. Media	$	1,628.7		$	1,466.8
Other	153.5			139.4
Total revenues	$	1,782.2		$	1,606.2
Operating income	$	309.1		$	234.8
Restructuring charges	0.3			2.1
Net gain on dispositions	(3.8		)	(5.5		)
Impairment charge	—			42.9
Depreciation	87.3			85.9
Amortization	107.2			99.1
Stock-based compensation(a)	22.3			20.2
Total Adjusted OIBDA	$	522.4		$	479.5
Adjusted OIBDA:
U.S. Media	$	546.3		$	500.2
Other	22.1			17.3
Corporate	(46.0		)	(38.0		)
Total Adjusted OIBDA	$	522.4		$	479.5
Operating income (loss):
U.S. Media	$	376.3		$	342.8
Other	1.4			(49.4		)
Corporate	(68.6		)	(58.6		)
Total operating income	$	309.1		$	234.8

(a) Stock-based compensation is classified as Corporate expense.

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U.S. Media

	Year Ended December 31,						% Change
(in millions, except percentages)	2019			2018
Revenues:
Billboard	$	1,114.9		$	1,040.8		7	%
Transit and other	513.8			426.0			21
Total revenues	1,628.7			1,466.8			11
Operating expenses	(860.7		)	(767.9		)	12
SG&A expenses	(221.7		)	(198.7		)	12
Adjusted OIBDA	$	546.3		$	500.2		9
Adjusted OIBDA margin	34		%	34		%
Operating income	$	376.3		$	342.8		10
Restructuring charges	—			0.9			*
Net gain on dispositions	(3.9		)	(5.3		)	(26	)
Depreciation and amortization	173.9			161.8			7
Adjusted OIBDA	$	546.3		$	500.2		9

* Calculation is not meaningful.

Total revenues in the U.S. Media segment increased $161.9 million, or 11%, in 2019 compared to 2018, reflecting an increase in average revenue per display (yield), growth in transit digital displays and the conversion of traditional static billboard displays to digital billboard displays. We generated approximately 44% in each of 2019 and 2018 of revenues in the U.S. Media segment from national advertising campaigns.

Billboard revenues in the U.S. Media segment increased $74.1 million, or 7%, in 2019 compared to 2018, reflecting an increase in average revenue per display (yield) and the conversion of traditional static billboard displays to digital billboard displays.

Transit and other revenues in the U.S. Media segment increased $87.8 million, or 21%, in 2019 compared to 2018, reflecting growth in digital displays, an increase in average revenue per display (yield) and the net effect of won and lost franchises in the period (primarily the BART transit franchise).

Operating expenses in the U.S. Media segment increased $92.8 million, or 12%, in 2019 compared to 2018, primarily due to increased costs related to the New York Metropolitan Transportation Authority (the “MTA”) agreement as a result of increased transit revenues and increased costs related to the BART agreement, and an increase in billboard lease costs. Billboard property lease expenses in the U.S. Media segment represented 34% of billboard revenues in each of 2019 and 2018, and transit franchise expenses represented 59% of transit revenues in each of 2019 and 2018. SG&A expenses in the U.S. Media segment increased $23.0 million, or 12%, in 2019 compared to 2018, primarily due to higher compensation and other employee-related costs, higher professional fees and higher bad debt expense.

Adjusted OIBDA in the U.S. Media segment increased $46.1 million, or 9%, in 2019 compared to 2018.

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Other

	Year Ended December 31,						% Change
(in millions, except percentages)	2019			2018
Revenues:
Billboard	$	75.0		$	71.6		5	%
Transit and other	78.5			67.8			16
Total revenues	$	153.5		$	139.4		10
Organic revenues(a):
Billboard	$	75.0		$	70.2		7
Transit and other	78.5			67.5			16
Total organic revenues(a)	153.5			137.7			11
Non-organic revenues:
Billboard	—			1.4			*
Transit and other	—			0.3			*
Total non-organic revenues	—			1.7			*
Total revenues	153.5			139.4			10
Operating expenses	(97.9		)	(92.0		)	6
SG&A expenses	(33.5		)	(30.1		)	11
Adjusted OIBDA	$	22.1		$	17.3		28
Adjusted OIBDA margin	14		%	12		%
Operating income (loss)	$	1.4		$	(49.4	)	*
Restructuring charges	—			0.8			*
Net (gain) loss on dispositions	0.1			(0.2		)	*
Impairment charge	—			42.9			*
Depreciation and amortization	20.6			23.2			(11	)
Adjusted OIBDA	$	22.1		$	17.3		28

* Calculation is not meaningful.

(a) Organic revenues exclude revenues associated with the impact of foreign currency exchange rates (“non-organic revenues”).

Total Other revenues increased $14.1 million, or 10%, in 2019 compared to 2018, reflecting improved performance in our Sports Marketing operating segment, an increase in third-party digital equipment sales and improved performance in Canada.

Other operating expenses increased $5.9 million, or 6%, in 2019 compared to 2018, driven by higher costs related to third-party digital equipment sales and higher costs related to our Sports Marketing operating segment, partially offset by lower costs in Canada. Other SG&A expenses increased $3.4 million, or 11%, in 2019 compared to 2018, primarily driven by higher expenses related to our Sports Marketing operating segment and Canada.

Other Adjusted OIBDA increased $4.8 million, or 28%, in 2019 compared to 2018, primarily driven by improved performance in Canada.

Corporate

Corporate expenses primarily include expenses associated with employees who provide centralized services. Corporate expenses, excluding stock-based compensation and restructuring charges, were $46.0 million in 2019 and $38.0 million in 2018. Corporate expenses increased $8.0 million in 2019 compared to 2018, primarily due to higher compensation-related expenses.

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Liquidity and Capital Resources

	As of December 31,					%
(in millions, except percentages)	2019			2018		Change
Assets:
Cash and cash equivalents	$	59.1		$	52.7	12	%
Restricted cash	1.8			1.4		29
Receivables, less allowances of $12.1 in 2019 and $10.7 in 2018	290.0			264.9		9
Prepaid lease and franchise costs	8.6			69.3		(88	)
Prepaid MTA equipment deployment costs	55.4			18.9		193
Other prepaid expenses	15.8			13.9		14
Other current assets	5.1			8.4		(39	)
Total current assets	435.8			429.5		1
Liabilities:
Accounts payable	67.9			56.5		20
Accrued compensation	56.1			47.1		19
Accrued interest	26.4			19.1		38
Accrued lease and franchise costs	55.3			44.2		25
Other accrued expenses	34.2			31.2		10
Deferred revenues	29.0			29.8		(3	)
Short-term debt	195.0			160.0		22
Short-term operating lease liabilities	168.3			—		*
Other current liabilities	17.8			14.7		21
Total current liabilities	650.0			402.6		61
Working capital	$	(214.2	)	$	26.9	*

* Calculation is not meaningful.

We continually project anticipated cash requirements for our operating, investing and financing needs as well as cash flows generated from operating activities available to meet these needs. Due to seasonal advertising patterns and influences on advertising markets, our revenues and operating income are typically highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season. Further, certain of our municipal transit contracts, as well as our marketing and multimedia rights agreements with colleges and universities, require guaranteed minimum annual payments to be paid at the beginning of the year.

Our short-term cash requirements primarily include payments for operating leases, guaranteed minimum annual payments, equipment deployment costs, capital expenditures, interest and dividends. Funding for short-term cash needs will come primarily from our cash on hand, operating cash flows, our ability to issue debt and equity securities, and borrowing capacity under the Revolving Credit Facility (as defined below), the AR Securitization Facilities (as defined below) or other credit facilities that we may establish.

In addition, as part of our growth strategy, we frequently evaluate strategic opportunities to acquire new businesses, assets or digital technology. Consistent with this strategy, we regularly evaluate potential acquisitions, ranging from small transactions to larger acquisitions, which transactions could be funded through cash on hand, additional borrowings, equity or other securities, or some combination thereof.

Our long-term cash needs include principal payments on outstanding indebtedness and commitments related to operating leases and franchise and other agreements, including any related guaranteed minimum annual payments, and equipment deployment costs. Funding for long-term cash needs will come from our cash on hand, operating cash flows, our ability to issue debt and equity securities, and borrowing capacity under the Revolving Credit Facility or other credit facilities that we may establish.

The working capital deficit as of December 31, 2019, is primarily due to the impact of the adoption of the new lease accounting standard (see Item 8., Note 2. Summary of Significant Accounting Policies: Adoption of New Accounting Standards to the Consolidated Financial Statements), which resulted in the recognition of short-term operating lease liabilities and a decline in Prepaid lease and transit franchise costs on our Consolidated Statement of Financial Position, partially offset by an increase in Prepaid MTA equipment deployment costs.

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Under the MTA agreement, we are obligated to deploy, over a number of years, (i) 8,565 digital advertising screens on subway and train platforms and entrances, (ii) 37,716 smaller-format digital advertising screens on rolling stock, and (iii) 7,829 MTA communications displays, with such deployment amounts being subject to modification as agreed-upon by us and the MTA. In addition, we are obligated to pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Incremental revenues that exceed an annual base revenue amount will be retained by us for the cost of deploying advertising and communications displays throughout the transit system. As presented in the table below, MTA equipment deployment costs are being recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operation. We expect to utilize incremental third-party financing of approximately $300.0 million within the original four-year time frame to fund equipment deployment costs, of which approximately $140.0 million has been incurred as of December 31, 2019. As of December 31, 2019, we have issued surety bonds (in place of letters of credit) in favor of the MTA totaling approximately $136.0 million, which amount is subject to change as equipment installations are completed and revenues are generated. As indicated in the table below, we incurred $150.8 million related to MTA equipment deployment costs in 2019 (which includes equipment deployment costs related to future deployments), for a total of $247.6 million to date, of which $33.9 million had been recouped from incremental revenues to date. As of December 31, 2019, 4,577 digital displays had been installed, of which 837 installations occurred in the fourth quarter of 2019, for a total of 3,348 installations in 2019. For the full year of 2020, we expect our MTA equipment deployment costs to be approximately $175.0 million. In addition, due to the change in the MTA’s revenue share percentage under the agreement, we expect transit franchise operating expenses to gradually increase if our revenues increase over an annual base revenue amount.

(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment			Amortization			Ending Balance
Year Ended December 31, 2019:
Prepaid MTA equipment deployment costs	$	79.5	$	124.2	$	(32.2	)	$	—		$	171.5
Intangible assets (franchise agreements)	14.8		26.6		—			(3.1		)	38.3
Total	$	94.3	$	150.8	$	(32.2	)	$	(3.1	)	$	209.8
Year Ended December 31, 2018:
Prepaid MTA equipment deployment costs	$	4.7	$	76.5	$	(1.7	)	$	—		$	79.5
Intangible assets (franchise agreements)	0.9		14.7		—			(0.8		)	14.8
Total	$	5.6	$	91.2	$	(1.7	)	$	(0.8	)	$	94.3

As of December 31, 2019, we had total indebtedness of approximately $2.4 billion.

On February 25, 2020, we announced that our board of directors approved a quarterly cash dividend of $0.38 per share on our common stock, payable on March 31, 2020, to stockholders of record at the close of business on March 6, 2020.

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Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	December 31, 2019			December 31, 2018
Short-term debt:
AR Facility	$	105.0		$	85.0
Repurchase Facility	90.0			75.0
Total short-term debt	195.0			160.0
Long-term debt:
Term loan	597.5			668.1
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	—			549.7
5.625% senior unsecured notes, due 2024	501.7			502.2
5.875% senior unsecured notes, due 2025	—			450.0
5.000% senior unsecured notes, due 2027	650.0			—
4.625% senior unsecured notes, due 2030	500.0			—
Total senior unsecured notes	1,651.7			1,501.9
Debt issuance costs	(27.1		)	(20.4		)
Total long-term debt, net	2,222.1			2,149.6
Total debt, net	$	2,417.1		$	2,309.6
Weighted average cost of debt	4.5		%	5.1		%

	Payments Due by Period
(in millions)	Total		2020		2021-2022		2023-2024		2025 and thereafter
Long-term debt	$	2,250.0	$	—	$	—	$	500.0	$	1,750.0
Interest	780.9		117.7		211.1		188.2		$	263.9
Total	$	3,030.9	$	117.7	$	211.1	$	688.2	$	2,013.9

On November 18, 2019, the Company, along with its wholly-owned subsidiaries, Outfront Media Capital LLC (“Finance LLC”) and Outfront Media Capital Corporation (together with Finance LLC, the “Borrowers”), and other guarantor subsidiaries party thereto, entered into an amendment (the “Amendment”) to its credit agreement and its related security agreement, each dated January 31, 2014 (together, and as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”). The Amendment provides for, among other things, (i) the extension of the maturity date of the Borrowers’ existing revolving credit facility (the “Revolving Credit Facility”) from March 16, 2022, to November 18, 2024, (ii) the extension of the maturity date of the Borrowers’ existing term loan (the “Term Loan”) from March 16, 2024, to November 18, 2026, (iii) an increase to the borrowing capacity under the Revolving Credit Facility by $70.0 million to $500.0 million, (iv) a decrease to the outstanding principal balance of the Term Loan, using cash on hand, to $600.0 million, (v) a reduction in the interest rate margins applicable to the Borrowers under the Term Loan from 1.00% to 0.75%, in the case of base rate borrowings, and from 2.00% to 1.75%, in the case of London Interbank Offered Rate (“LIBOR”) borrowings, (vi) a reduction in the interest rate margins applicable to the Borrowers under the Revolving Credit Facility from a range of 1.25% to 1.00% to a range of 0.75% to 0.25%, in the case of base rate borrowings, and from a range of 2.25% to 2.00% to 1.75% to 1.25%, in the case of LIBOR borrowings, in each case, based on the Borrowers’ leverage ratio, and (vii) revisions to certain provisions of the Credit Agreement to, among other things, update covenants for greater operational and financial flexibility to the Company (including incurrence of additional indebtedness and liens).

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Term Loan

The interest rate on the Term Loan was 3.5% per annum as of December 31, 2019. As of December 31, 2019, a discount of $2.5 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

Revolving Credit Facility

As of December 31, 2019, there were no outstanding borrowings under the Revolving Credit Facility. As of February 25, 2020, there were $25.0 million of outstanding borrowings under the Revolving Credit Facility at a borrowing rate of approximately 3.4%.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $1.6 million in 2019, $1.4 million in 2018 and $1.5 million in 2017. As of December 31, 2019, we had issued letters of credit totaling approximately $1.6 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

In the fourth quarter of 2019, we decreased our letter of credit facilities from $150.0 million to $78.0 million. As of December 31, 2019, we had issued letters of credit totaling approximately $70.9 million under our aggregate $78.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities in 2019, 2018 and 2017, were immaterial.

Accounts Receivable Securitization Facilities

As of December 31, 2019, we have $125.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended, and a 364-day uncommitted $90.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”), which terminates in June 2020, unless further extended.

On July 19, 2019, the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (“MUFG”) entered into amendments to the agreements governing the AR Securitization Facilities, along with other agreements with MUFG, pursuant to which the Company (i) granted the Purchasers (as defined below) a security interest in the existing and future accounts receivable and certain related assets of the Company’s taxable REIT subsidiaries (“TRSs”) as additional collateral under the AR Facility, (ii) increased the borrowing capacity under the AR Facility from $100.0 million to its current capacity of $125.0 million, (ii) increased the borrowing capacity under the Repurchase Facility from $75.0 million to its current capacity of $90.0 million, (iii) extended the term of the AR Facility so that it now terminates on June 30, 2022, unless further extended, and (iv) extended the term of the Repurchase Facility so that it now terminates on June 30, 2020, unless further extended. The amendments to the agreements governing the AR Securitization Facilities do not change how we account for the AR Securitization Facilities as a collateralized financing activity.

In connection with the AR Securitization Facilities, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s TRSs (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs will transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

In connection with the Repurchase Facility, the Originators may borrow funds collateralized by subordinated notes (the “Subordinated Notes”) issued by the SPVs in favor of their respective Originators and representing a portion of the outstanding

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balance of the accounts receivable assets sold by the Originators to the SPVs under the AR Facility. The Subordinated Notes will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the applicable Originators on termination of the Repurchase Facility. The Originators have granted MUFG a security interest in the Subordinated Notes to secure their obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originators’ obligations under the agreements governing the Repurchase Facility.

As of December 31, 2019, there were $105.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 2.7%, and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing of approximately 2.9%. As of December 31, 2019, borrowing capacity remaining under the AR Facility was $20.0 million, based on approximately $304.7 million of accounts receivable used as collateral for the AR Securitization Facilities, and there was no borrowing capacity remaining under the Repurchase Facility, in accordance with the agreements governing the AR Securitization Facilities. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial in 2019 and 2018.

Senior Unsecured Notes

On July 15, 2019, we used the net proceeds from our June 14, 2019, issuance of $650.0 million aggregate principal amount of 5.000% Senior Unsecured Notes due 2027 (the “2027 Notes”) to, among other things, redeem all of our outstanding 2022 Notes, pay accrued and unpaid interest on the 2022 Notes, and pay fees and expenses in connection with the 2022 Notes redemption. In the third quarter of 2019, we recorded a Loss on extinguishment of debt of $11.0 million relating to the 2022 Notes on the Consolidated Statement of Operations.

On November 18, 2019, the Borrowers issued $500.0 million aggregate principal amount of 4.625% Senior Unsecured Notes due 2030 (the “2030 Notes”) in a private placement. The 2030 Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of its direct and indirect domestic subsidiaries that guarantee the Senior Credit Facilities. Interest on the 2030 Notes is payable on March 15 and September 15 of each year, commencing on March 15, 2020. On or after March 15, 2025, the Borrowers may redeem at any time, or from time to time, some or all of the 2030 Notes. Prior to such date, the Borrowers may redeem up to 40% of the aggregate principal amount of the aggregate principal amount with the proceeds of certain equity offerings, provided that at least 50% of the aggregate principal amount of the Notes remain outstanding after the redemption.

On December 18, 2019, we used the net proceeds from the issuance of the 2030 Notes to, among other things, redeem all of our outstanding 2025 Notes, pay accrued and unpaid interest on the 2025 Notes, and pay fees and expenses in connection with the 2025 Notes redemption. In the fourth quarter of 2019, we recorded a Loss on extinguishment of debt of $17.5 million relating to the 2025 Notes on the Consolidated Statement of Operations.

As of December 31, 2019, a premium of $1.7 million on $100.0 million aggregate principal amount of the 5.625% Senior Unsecured Notes, due 2024, remains unamortized. The premium is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

Debt Covenants

The Credit Agreement, the agreements governing the AR Securitization Facilities, and the indentures governing our senior unsecured notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that limit the Company’s and our subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s (“Finance LLC’s”) capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions, and (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers.

The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Securitization Facilities) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0. As of December 31, 2019, our Consolidated Net Secured Leverage Ratio was 1.2 to 1.0 in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of December 31, 2019, our Consolidated Total Leverage Ratio was 4.4 to 1.0 in accordance with the Credit Agreement. As of December 31, 2019, we are in compliance with our debt covenants. 

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Deferred Financing Costs

As of December 31, 2019, we had deferred $36.2 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes.

Interest Rate Swap Agreements

We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net liability of approximately $4.6 million as of December 31, 2019, and $2.4 million as of December 31, 2018, and is included in Other liabilities on our Consolidated Statement of Financial Position.

As of December 31, 2019, under the terms of the agreements, we will pay interest based on an aggregate notional amount of $200.0 million, under a weighted-average fixed interest rate of 2.7%, with a receive rate of one-month LIBOR and which mature at various dates until June 30, 2022. The one-month LIBOR rate was approximately 1.8% as of December 31, 2019.

At-the-Market Equity Offering Program

We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. In 2019, 2,150,000 shares of our common stock were sold under the ATM Program for gross proceeds of $52.0 million with commissions of $0.8 million, for total net proceeds of $51.2 million. As of December 31, 2019, we had $232.5 million of capacity remaining under the ATM Program.

Cash Flows

The following table sets forth our cash flows in 2019 and 2018.

	Year Ended December 31,						%
(in millions, except percentages)	2019			2018			Change
Cash provided by operating activities	$	276.9		$	214.3		29	%
Cash used for investing activities	(176.3		)	(90.4		)	95
Cash used for financing activities	(94.3		)	(117.7		)	(20	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.5			(0.4		)	*
Net increase to cash, cash equivalents and restricted cash	$	6.8		$	5.8		17

* Calculation is not meaningful.

Cash provided by operating activities increased $62.6 million in 2019 compared to 2018, principally as a result of higher net income, as adjusted for non-cash items, and an increase in accounts payable and accrued expenses, and prepaid transit franchise and sports marketing contract costs in 2018, partially offset by an increase in prepaid MTA equipment deployment costs. In 2019, we paid $150.8 million related to MTA equipment deployment costs and installed 3,348 digital displays. In 2019, we recouped $32.2 million of MTA equipment deployment costs from incremental revenues. In 2018, we paid $91.2 million related to MTA equipment deployment costs and installed 1,229 digital displays. In 2018, we recouped $1.7 million of MTA equipment deployment costs from incremental revenues.

Cash used for investing activities increased $85.9 million in 2019 compared to 2018. In 2019, we incurred $89.9 million in capital expenditures and completed several acquisitions for total cash payments of approximately $69.7 million. In 2018, we incurred $82.3 million in capital expenditures and completed several acquisitions for a total cash payments of approximately $7.0 million.

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The following table presents our capital expenditures in 2019 and 2018.

	Year Ended December 31,				%
(in millions, except percentages)	2019		2018		Change
Growth	$	71.8	$	63.7	13	%
Maintenance	18.1		18.6		(3	)
Total capital expenditures	$	89.9	$	82.3	9

Capital expenditures increased $7.6 million, or 9%, in 2019 compared to 2018, due to spending on digital billboard and transit display projects, and higher spending on safety, office remodel projects and vehicles, partially offset by lower spending on improvements to our static displays.

For the full year of 2020, we expect our capital expenditures to be approximately $90.0 million, which will be used primarily for growth in digital displays, maintenance, to renovate certain office facilities, and for installation of the most current LED lighting technology to improve the quality and extend the life of our static billboards. This estimate does not include equipment deployment costs that will be incurred in connection with the MTA agreement (as described above), which will be recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, as applicable.

Cash used for financing activities decreased $23.4 million in 2019 compared to 2018. In 2019, we received net proceeds of $150.0 million from refinancing our senior unsecured notes as described above, received net proceeds of $50.9 million related to the sale of our common stock under the ATM Program, drew net borrowings of $35.0 million on the AR Securitization Facilities, paid cash dividends of $208.1 million, made a discretionary payment of $50.0 million on the Term Loan and reduced the principal balance of the Term Loan by $20.0 million. In 2018, we drew net borrowings of $80.0 million on the AR Securitization Facilities, received net proceeds of $15.3 million related to the sale of our common stock under the ATM Program and paid cash dividends of $203.9 million.

Cash paid for income taxes was $10.5 million in 2019 and $8.4 million in 2018. The increase was due primarily to improved performance from our TRSs and a $3.0 million settlement of a 2016 IRS audit, including the related state income taxes and interest.

Contractual Obligations

As of December 31, 2019, our significant contractual obligations and payments due by period were as follows:

	Payments Due by Period
(in millions)	Total		2020		2021-2022		2023-2024		2025 and thereafter
Guaranteed minimum annual payments(a)(b)	$	1,903.8	$	227.9	$	449.9	$	451.6	$	774.4
Operating leases(c)	2,028.6		248.9		484.0		385.2		910.5
Long-term debt(d)	2,250.0		—		—		500.0		1,750.0
Interest(d)	780.9		117.7		211.1		188.2		263.9
Total	$	6,963.3	$	594.5	$	1,145.0	$	1,525.0	$	3,698.8

(a) We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment. Franchise rights are generally paid monthly, or in some cases upfront at the beginning of the year.

(b) We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. Under most of these agreements, the school is entitled to receive the greater of a percentage of the relevant revenue, net of agency commissions, or a specified guaranteed minimum annual payment.

(c) Consists of rental payments under operating leases for billboard sites, office space and equipment. Total future minimum payments of $2,028.6 million include $1,950.0 million for our billboard sites.

(d) As of December 31, 2019, we had long-term debt of approximately $2.2 billion. Interest on the Term Loan is variable. For illustrative purposes, we are assuming an interest rate of 3.5% for all years, which reflects the interest rate as of December 31, 2019. An increase or decrease of 1/4% in the interest rate will change the annual interest expense by $1.0 million. 

55

The above table excludes $0.5 million of reserves for uncertain tax positions and the related accrued interest and penalties, as we cannot reasonably predict the amount of and timing of cash payments related to this obligation.

In 2020, we expect to contribute $4.1 million to our pension plans. Contributions to our pension plans were $1.5 million in 2019 and $2.0 million in 2018.

For further information about our contractual obligations, see Item 8, Note 19. Commitments and Contingencies to the Consolidated Financial Statements.

Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments. (See Item 8, Note 19. Commitments and Contingencies to the Consolidated Financial Statements for information about our off-balance sheet commitments.)

Critical Accounting Policies

The preparation of our financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, we evaluate these estimates, which are based on historical experience and on various assumptions that we believe are reasonable under the circumstances. The result of these evaluations forms the basis for making judgments about the carrying values of assets and liabilities and the reported amount of revenues and expenses that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions.

We consider the following accounting policies to be the most critical as they are significant to its financial condition and results of operations, and require significant judgment and estimates on the part of management in their application. For a summary of our significant accounting policies, see Item 8., Note 2. Summary of Significant Accounting Policies to the Consolidated Financial Statements.

MTA Agreement

Under the MTA agreement, we are obligated to deploy, over a number of years, (i) 8,565 digital advertising screens on subway and train platforms and entrances, (ii) 37,716 smaller-format digital advertising screens on rolling stock, and (iii) 7,829 MTA communications displays, with such deployment amounts being subject to modification as agreed-upon by us and the MTA. In addition, we are entitled to generate revenue through the sale of advertising on transit advertising displays and incur transit franchise expenses, which are calculated based on contractually stipulated percentages of revenue generated under the contract, subject to a minimum guarantee.

Title of the various digital displays transfers to the MTA on installation, therefore the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight line basis over the contract period.

If we do not generate sufficient advertising revenues from the MTA contract, there is a risk that the related Prepaid MTA equipment deployment costs and Intangible assets may not be recoverable. Management assesses the prepaid MTA equipment deployment costs for recoverability on a quarterly basis. This assessment requires evaluating qualitative and quantitative factors to determine if there is an indication that the carrying amount may not be recoverable. Management applies significant judgment in assessing these factors, including evaluating macroeconomic conditions, industry trends, and events specific to the Company, including monitoring the Company’s actual installation of digital displays against the initial deployment schedule. Additionally, management assesses quantitative factors by comparing revenue projections of the deployed digital displays to actual financial results. Based on our latest revenue projections, no impairment triggers were identified.

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Goodwill

We test goodwill qualitatively and/or quantitatively at the reporting-unit level annually for impairment as of October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment by adding the present value of the estimated annual cash flows over a discrete projection period to the residual value of the business at the end of the projection period. This technique requires us to use significant estimates and assumptions such as growth rates, operating margins, capital expenditures and discount rates. The estimated growth rates, operating margins and capital expenditures for the projection period are based on our internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates are determined based on the weighted average cost of capital of comparable entities. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future.

In the fourth quarter of 2019, we performed a qualitative assessment of our reporting units for possible goodwill impairment. No impairment was identified for any of our reporting units. Based on our most recent impairment analysis, the fair value of our reporting units exceeded their respective carrying values by 20% or more.

In the second quarter of 2018, our Canadian reporting unit did not meet revenue expectations and pacing reflected a decline as compared to the 2018 forecast due to the underperformance of our static poster assets and digital displays. As a result, we determined that there was a decline in the outlook for our Canadian reporting unit. This determination constituted a triggering event, requiring an interim goodwill impairment analysis of our Canadian reporting unit. As a result of the impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statements of Operations.

Long-Lived Assets

We report long-lived assets, including billboard advertising structures, other property, plant and equipment and intangible assets, at historical cost less accumulated depreciation and amortization. We depreciate or amortize these assets over their estimated useful lives, which generally range from five to 40 years. For billboard advertising structures, we estimate the useful lives based on the estimated economic life of the asset. Transit fixed assets are depreciated over the shorter of their estimated useful lives or the related contractual term. Our long-lived identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements, which grant us the right to operate out-of-home advertising structures in specified locations and the right to provide advertising displays on railroad and municipal transit properties. Our long-lived identifiable intangible assets are amortized on a straight-line basis over their estimated useful lives, which is the respective life of the agreement and in some cases includes an estimation for renewals, which is based on historical experience.

Long-lived assets subject to depreciation and amortization are also reviewed for impairment when events and circumstances indicate that the long-lived asset might be impaired, by comparing the forecasted undiscounted cash flows to be generated by those assets to the carrying values of those assets. The significant assumptions we use to determine the useful lives and fair values of long-lived assets include contractual commitments, regulatory requirements, future expected cash flows and industry growth rates, as well as future salvage values.

We test for long-lived asset impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value, excluding any impacts from foreign currency translation adjustments reflected in Accumulated other comprehensive loss on the Consolidated Statement Financial Position in conformity with GAAP. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell.

57

Asset Retirement Obligation

We record an asset retirement obligation for our estimated future legal obligation, upon termination or nonrenewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The significant assumptions used in estimating the asset retirement obligation include the cost of removing the asset, the cost of remediating the leased property to its original condition where required and the timing and number of lease renewals, all of which are estimated based on historical experience.

Accounting Standards

See Item 8., Note 2. Summary of Significant Accounting Policies to the Consolidated Financial Statements, for information about adoption of new accounting standards and recent accounting pronouncements.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risk related to commodity prices and foreign currency exchange rates, and to a limited extent, interest rates and credit risks.

Commodity Price Risk

We incur various operating costs that are subject to price risk caused by volatility in underlying commodity values. Commodity price risk is present in electricity costs associated with powering our digital billboard displays and lighting our traditional static billboard displays at night.

We do not currently use derivatives or other financial instruments to mitigate our exposure to commodity price risk. However, we do enter into contracts with commodity providers to limit our exposure to commodity price fluctuations. For the year ended December 31, 2019, such contracts accounted for 18.0% of our total utility costs. As of December 31, 2019, we had active electricity purchase agreements with fixed contract rates for locations throughout Connecticut, Illinois, New Jersey, New York, Pennsylvania, Ohio and Texas, which expire at various dates until June 2024.

Foreign Exchange Risk

Foreign currency translation risk is the risk that exchange rate gains or losses arise from translating our Canadian business’ statements of earnings and statements of financial position from functional currency to our reporting currency (the U.S. Dollar) for consolidation purposes. Any gain or loss on translation is included within comprehensive income and Accumulated other comprehensive income on our Consolidated Statement of Financial Position. The functional currency of our international subsidiaries is their respective local currency. As of December 31, 2019, we have $4.4 million of unrecognized foreign currency translation losses included within Accumulated other comprehensive loss on our Consolidated Statement of Financial Position.

Substantially all of our transactions at our Canadian subsidiary is denominated in their local functional currency, thereby reducing our risk of foreign currency transaction gains or losses.

We do not currently use derivatives or other financial instruments to mitigate foreign currency risk, although we may do so in the future.

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Interest Rate Risk

We are subject to interest rate risk to the extent we have variable-rate debt outstanding, including under our Senior Credit Facilities and the AR Securitization Facilities.

As of December 31, 2019, we had a $600.0 million variable-rate Term Loan due 2026 outstanding, which has an interest rate of 3.5% per year. An increase or decrease of 1/4% in our interest rate on the Term Loan will change our annualized interest expense by approximately $1.0 million.

As of December 31, 2019, there were $105.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 2.7%, and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing of 2.9%. An increase or decrease of 1/4% in our interest rate on the AR Securitization Facilities will change our annualized interest expense by approximately $0.5 million.

We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net unrecognized loss of approximately $4.6 million as of December 31, 2019, and is included in Other liabilities on our Consolidated Statement of Financial Position. The following table provides information about our interest rate swap agreements, which are sensitive to changes in interest rates. Notional amounts are used to calculate the contractual cash flows to be exchanged under the agreements.

(in millions, except percentages)	2020			2021			2022			2023			2024			Thereafter			Total		Fair Value Loss as of 12/31/19
Pay fixed/receive variable	$	—		$	150.0		$	50.0		$	—		$	—		$	—		$	200.0	$	4.6
Average pay rate	2.7		%	2.7		%	1.8		%	—		%	—		%	—		%
Average receive rate(a)	one-month LIBOR			one-month LIBOR			one-month LIBOR			—			—			—

(a) The one-month LIBOR rate was approximately 1.8% as of December 31, 2019.

Credit Risk

In the opinion of our management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. We do not currently use derivatives or other financial instruments to mitigate credit risk.

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Item 8. Financial Statements and Supplementary Data.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of OUTFRONT Media Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statements of financial position of OUTFRONT Media Inc. and its subsidiaries (the “Company”) as of December 31, 2019 and 2018, and the related consolidated statements of operations, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2019, including the related notes and financial statement schedules listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Change in Accounting Principle

As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for leases in 2019.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

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Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Recoverability of Prepaid MTA Equipment Deployment Costs

As described in Notes 2 and 19 to the consolidated financial statements, the Company has an agreement with the New York Metropolitan Transportation Authority (“MTA”). Under the MTA agreement, the Company is obligated to incur the costs and deploy, over a number of years, (i) 8,565 digital advertising screens on subway and train platforms and entrances, (ii) 37,716 smaller-format digital advertising screens on rolling stock, and (iii) 7,829 MTA communications displays, with such deployment amounts being subject to modification as agreed-upon by the Company and the MTA. Title of the various digital displays transfers to the MTA on installation. As disclosed by management, the Company is entitled to generate revenue through the sale of advertising on transit advertising displays and incurs transit franchise fees payable to MTA, which are calculated based on a percentage of the advertising revenues generated under the contract, subject to a minimum guarantee. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as prepaid MTA equipment deployment costs, which were $171.5 million as of December 31, 2019. Management assesses the prepaid MTA equipment deployment costs for recoverability on a quarterly basis. This assessment requires evaluating qualitative and quantitative factors to determine if there is an indication that the carrying amount may not be recoverable. Management applies significant judgment in assessing these factors, including evaluating macroeconomic conditions, industry trends, and events specific to the Company, including monitoring the Company’s actual installation of digital displays against the initial deployment schedule. Additionally, management assesses quantitative factors by comparing revenue projections of the deployed digital displays to actual financial results.

The principal considerations for our determination that performing procedures relating to the recoverability of prepaid MTA equipment deployment costs is a critical audit matter are there was significant judgment by management in evaluating the qualitative and quantitative factors to determine if there is an indication that the carrying amount may not be recoverable, which in turn led to significant auditor judgment and effort in performing procedures relating to management’s assessment of these qualitative and quantitative factors and in evaluating audit evidence.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the MTA equipment deployment costs, including management’s controls over evaluating the recoverability of prepaid MTA equipment deployment costs. These procedures also included, among others, (i) reading the agreement and any amendments to date, (ii) evaluating the actual revenue generated from the deployed digital displays in comparison to management’s initial revenue projections, (iii) evaluating the Company’s actual installation of digital displays against the initial deployment schedule, and (iv) evaluating qualitative factors to determine whether there were any adverse or negative factors that would impact the revenue projections, including the impact of macroeconomic conditions and industry trends. When evaluating management’s recoverability assessment, we also considered whether management’s conclusions were reasonable considering

61

the past performance of the Company and known events, and considered whether they were consistent with evidence obtained in other areas of the audit.

/s/ Pricewaterhouse Coopers LLP

New York, New York

February 26, 2020

We have served as the Company’s auditor since 2008.

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OUTFRONT Media Inc.

Consolidated Statements of Financial Position

	As of December 31,
(in millions)	2019			2018
Assets:
Current assets:
Cash and cash equivalents	$	59.1		$	52.7
Restricted cash	1.8			1.4
Receivables, less allowances of $12.1 in 2019 and $10.7 in 2018	290.0			264.9
Prepaid lease and franchise costs	8.6			69.3
Prepaid MTA equipment deployment costs (Note 19)	55.4			18.9
Other prepaid expenses	15.8			13.9
Other current assets	5.1			8.4
Total current assets	435.8			429.5
Property and equipment, net (Note 5)	666.2			652.9
Goodwill (Note 6)	2,083.1			2,079.7
Intangible assets (Note 6)	550.9			537.2
Operating lease assets (Note 4)	1,457.0			—
Prepaid MTA equipment deployment costs (Note 19)	116.1			60.6
Other assets	73.2			68.8
Total assets	$	5,382.3		$	3,828.7
Liabilities:
Current liabilities:
Accounts payable	$	67.9		$	56.5
Accrued compensation	56.1			47.1
Accrued interest	26.4			19.1
Accrued lease and franchise costs	55.3			44.2
Other accrued expenses	34.2			31.2
Deferred revenues	29.0			29.8
Short-term debt (Note 9)	195.0			160.0
Short-term operating lease liabilities (Note 4)	168.3			—
Other current liabilities	17.8			14.7
Total current liabilities	650.0			402.6
Long-term debt, net (Note 9)	2,222.1			2,149.6
Deferred income tax liabilities, net (Note 17)	18.0			17.0
Asset retirement obligation (Note 7)	35.1			34.2
Operating lease liabilities (Note 4)	1,285.1			—
Other liabilities	45.6			80.0
Total liabilities	4,255.9			2,683.4
Commitments and contingencies (Note 19)
Stockholders’ equity (Note 11):
Common stock (2019 - 450.0 shares authorized, and 143.6 shares issued and outstanding; 2018 - 450.0 shares authorized, and 140.2 shares authorized, issued or outstanding)	1.4			1.4
Additional paid-in capital	2,074.7			1,995.0
Distribution in excess of earnings	(964.6		)	(871.6		)
Accumulated other comprehensive loss (Note 10)	(17.7		)	(22.0		)
Total stockholders’ equity	1,093.8			1,102.8
Non-controlling interests	32.6			42.5
Total equity	1,126.4			1,145.3
Total liabilities and equity	$	5,382.3		$	3,828.7

See accompanying notes to consolidated financial statements.

63

OUTFRONT Media Inc.

Consolidated Statements of Operations

	Year Ended December 31,
(in millions, except per share amounts)	2019			2018			2017
Revenues:
Billboard	$	1,189.9		$	1,112.4		$	1,059.0
Transit and other	592.3			493.8			461.5
Total revenues	1,782.2			1,606.2			1,520.5
Expenses:
Operating	958.6			859.9			835.2
Selling, general and administrative	323.5			287.0			261.7
Restructuring charges (Note 13)	0.3			2.1			6.4
Net gain on dispositions	(3.8		)	(5.5		)	(14.3		)
Impairment charge	—			42.9			—
Depreciation	87.3			85.9			89.7
Amortization	107.2			99.1			100.1
Total expenses	1,473.1			1,371.4			1,278.8
Operating income	309.1			234.8			241.7
Interest expense, net	(134.9		)	(125.7		)	(116.9		)
Loss on extinguishment of debt	(28.5		)	—			—
Other income (expense), net	0.1			(0.4		)	0.3
Income before provision for income taxes and equity in earnings of investee companies	145.8			108.7			125.1
Provision for income taxes	(10.9		)	(4.9		)	(4.1		)
Equity in earnings of investee companies, net of tax	5.7			4.1			4.8
Net income before allocation to non-controlling interests	140.6			107.9			125.8
Net income attributable to non-controlling interests	0.5			—			—
Net income attributable to OUTFRONT Media Inc.	$	140.1		$	107.9		$	125.8
Net income per common share:
Basic	$	0.97		$	0.76		$	0.90
Diluted	$	0.97		$	0.75		$	0.90
Weighted average shares outstanding:
Basic	142.5			139.3			138.5
Diluted	143.2			139.6			138.9

See accompanying notes to consolidated financial statements.

64

OUTFRONT Media Inc.

Consolidated Statements of Comprehensive Income

	Year Ended December 31,
(in millions)	2019			2018			2017
Net income before allocation to non-controlling interests	$	140.6		$	107.9		$	125.8
Net income attributable to non-controlling interests	0.5			—			—
Net income attributable to OUTFRONT Media Inc.	140.1			107.9			125.8
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	8.2			(14.5		)	11.8
Net actuarial gain (loss)	(1.7		)	2.6			(1.0		)
Change in fair value of interest rate swap agreements	(2.2		)	(2.4		)	—
Total other comprehensive income (loss), net of tax	4.3			(14.3		)	10.8
Total comprehensive income	$	144.4		$	93.6		$	136.6

See accompanying notes to consolidated financial statements.

65

OUTFRONT Media Inc.

Consolidated Statements of Equity

(in millions, except per share amounts)	Shares of Common Stock		Common Stock ($0.01 per share par value)		Additional Paid-In Capital			Distribution in Excess of Earnings			Accumulated Other Comprehensive Loss			Total Stockholders’ Equity			Non-Controlling Interests			Total Equity
Balance as of December 31, 2016	138.0		$	1.4	$	1,949.5		$	(699.5	)	$	(18.5	)	$	1,232.9		$	0.1		$	1,233.0
Net income	—		—		—			125.8			—			125.8			—			125.8
Other comprehensive income	—		—		—			—			10.8			10.8			—			10.8
Stock-based payments:
Cumulative prior period adjustment to amortization of estimated forfeitures	—		—		0.5			(0.5		)	—			—			—			—
Vested	0.7		—		—			—			—			—			—			—
Exercise of stock options	0.2		—		1.2			—			—			1.2			—			1.2
Amortization	—		—		20.5			—			—			20.5			—			20.5
Shares paid for tax withholding for stock-based payments	(0.3	)	—		(8.7		)	—			—			(8.7		)	—			(8.7		)
Issuance of stock for purchase of property and equipment	—		—		—			—			—			—			44.6			44.6
Dividends ($1.44 per share)	—		—		—			(201.4		)	—			(201.4		)	—			(201.4		)
Other	—		—		—			—			—			—			0.8			0.8
Balance as of December 31, 2017	138.6		$	1.4	$	1,963.0		$	(775.6	)	$	(7.7	)	$	1,181.1		$	45.5		$	1,226.6
Net income	—		—		—			107.9			—			107.9			—			107.9
Other comprehensive loss	—		—		—			—			(14.3		)	(14.3		)	—			(14.3		)
Stock-based payments:
Vested	1.0		—		—			—			—			—			—			—
Amortization	—		—		20.2			—			—			20.2			—			20.2
Shares paid for tax withholding for stock-based payments	(0.3	)	—		(8.4		)	—			—			(8.4		)	—			(8.4		)
Class A equity interest redemptions	0.2		—		4.8			—			—			4.8			(4.8		)	—
Shares issued under the ATM Program	0.7		—		15.3			—			—			15.3			—			15.3
Dividends ($1.44 per share)	—		—		—			(203.9		)	—			(203.9		)	—			(203.9		)
Other	—		—		0.1			—			—			0.1			1.8			1.9
Balance as of December 31, 2018	140.2		$	1.4	$	1,995.0		$	(871.6	)	$	(22.0	)	$	1,102.8		$	42.5		$	1,145.3

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OUTFRONT Media Inc.

Consolidated Statements of Equity (Continued)

(in millions, except per share amounts)	Shares of Common Stock		Common Stock ($0.01 per share par value)		Additional Paid-In Capital			Distribution in Excess of Earnings			Accumulated Other Comprehensive Income (Loss)			Total Stockholders’ Equity			Non-Controlling Interests			Total Equity
Balance as of December 31, 2018	140.2		$	1.4	$	1,995.0		$	(871.6	)	$	(22.0	)	$	1,102.8		$	42.5		$	1,145.3
Cumulative effect of a new accounting standard (Note 2)	—		—		—			(24.8		)	—			(24.8		)	—			(24.8		)
Net income	—		—		—			140.1			—			140.1			0.5			140.6
Other comprehensive income	—		—		—			—			4.3			4.3			—			4.3
Stock-based payments:
Vested	1.0		—		—			—			—			—			—			—
Amortization	—		—		22.3			—			—			22.3			—			22.3
Shares paid for tax withholding for stock-based payments	(0.4	)	—		(7.9		)	—			—			(7.9		)	—			(7.9		)
Class A equity interest redemptions	0.6		—		14.3			—			—			14.3			(14.3		)	—
Shares issued under the ATM Program	2.2		—		50.8			—			—			50.8			—			50.8
Dividends ($1.44 per share)	—		—		—			(208.3		)	—			(208.3		)	—			(208.3		)
Other	—		—		0.2			—			—			0.2			3.9			4.1
Balance as of December 31, 2019	143.6		$	1.4	$	2,074.7		$	(964.6	)	$	(17.7	)	$	1,093.8		$	32.6		$	1,126.4

See accompanying notes to consolidated financial statements.

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Consolidated Statements of Cash Flows

	Year Ended December 31,
(in millions)	2019			2018			2017
Operating activities:
Net income attributable to OUTFRONT Media Inc.	$	140.1		$	107.9		$	125.8
Adjustments to reconcile net income to net cash flow provided by operating activities:
Net income attributable to non-controlling interests	0.5			—			—
Depreciation and amortization	194.5			185.0			189.8
Deferred tax (benefit) provision	0.2			(0.4		)	(4.9		)
Stock-based compensation	22.3			20.2			20.5
Provision for doubtful accounts	5.3			1.9			4.4
Accretion expense	2.5			2.4			2.3
Net gain on dispositions	(3.8		)	(5.5		)	(14.3		)
Impairment charge	—			42.9			—
Loss on extinguishment of debt	28.5			—			—
Equity in earnings of investee companies, net of tax	(5.7		)	(4.1		)	(4.8		)
Distributions from investee companies	4.9			3.0			7.3
Amortization of deferred financing costs and debt discount and premium	7.9			5.7			6.1
Cash paid for direct lease acquisition costs	(47.1		)	(41.3		)	(39.2		)
Change in assets and liabilities, net of investing and financing activities:
Increase in receivables	(29.5		)	(37.2		)	(9.5		)
Increase in prepaid MTA equipment deployment costs	(92.0		)	(74.8		)	(4.7		)
(Increase) decrease in prepaid expenses and other current assets	3.5			(0.2		)	0.2
Increase (decrease) in accounts payable and accrued expenses	36.3			21.7			(31.9		)
Increase in operating lease assets and liabilities	6.7			—			—
Increase (decrease) in deferred revenues	(0.8		)	8.5			0.8
Increase (decrease) in income taxes	0.2			(3.1		)	2.1
Other, net	2.4			(18.3		)	(0.7		)
Net cash flow provided by operating activities	276.9			214.3			249.3
Investing activities:
Capital expenditures	(89.9		)	(82.3		)	(70.8		)
Acquisitions	(69.7		)	(7.0		)	(69.2		)
MTA franchise rights	(24.0		)	(13.3		)	(0.9		)
Proceeds from dispositions	5.8			7.9			5.6
Return of investment in investee companies	1.5			4.3			—
Net cash flow used for investing activities	(176.3		)	(90.4		)	(135.3		)
Financing activities:
Proceeds from long-term debt borrowings	1,270.0			104.0			8.3
Repayments of long-term debt borrowings	(1,191.5		)	(104.0		)	—
Proceeds from borrowings under short-term debt facilities	505.0			245.0			250.0
Repayments of borrowings under short-term debt facilities	(470.0		)	(165.0		)	(170.0		)
Payments of deferred financing costs	(22.1		)	(0.3		)	(8.5		)
Payments of debt extinguishment charges	(20.6		)	—			—
Proceeds from shares issued under the ATM Program	50.9			15.3			—
Proceeds from stock option exercises	—			—			1.2
Earnout payment related to prior acquisition	—			(0.4		)	(2.0		)
Taxes withheld for stock-based compensation	(7.9		)	(8.4		)	(8.5		)
Dividends	(208.1		)	(203.9		)	(201.8		)
Other	—			—			(0.2		)
Net cash flow used for financing activities	(94.3		)	(117.7		)	(131.5		)

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Consolidated Statements of Cash Flows (Continued)

	Year Ended December 31,
(in millions)	2019		2018			2017
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.5		(0.4		)	0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	6.8		5.8			(16.9		)
Cash, cash equivalents and restricted cash at beginning of year	54.1		48.3			65.2
Cash, cash equivalents and restricted cash at end of year	$	60.9	$	54.1		$	48.3
Supplemental disclosure of cash flow information:
Cash paid for income taxes (Note 17)	$	10.5	$	8.4		$	6.8
Cash paid for interest	121.5		117.5			111.0
Non-cash investing and financing activities:
Accrued purchases of property and equipment	$	7.7	$	5.8		$	9.5
Accrued MTA franchise rights	4.0		1.4			—
Issuance of shares of a subsidiary for an acquisition	—		—			44.6
Acquisitions	—		—			(13.3		)
Dispositions	—		—			13.3

See accompanying notes to consolidated financial statements.

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Notes to Consolidated Financial Statements

Note 1. Description of Business and Basis of Presentation

Description of Business

OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. and Canada. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. In total, we have displays in all of the 25 largest markets in the U.S. and 150 markets across the U.S. and Canada. We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing.

Basis of Presentation and Use of Estimates

The accompanying consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the years presented. Certain previously reported amounts have been reclassified to conform with the current 2018 presentation.

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Note 2. Summary of Significant Accounting Policies

Principles of Consolidation—The consolidated financial statements include the accounts of OUTFRONT Media Inc. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights. Investments over which we have a significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which we have no significant influence, that do not have a readily determinable fair value, are measured at cost less impairment, if any. Intercompany transactions have been eliminated.

Cash and Cash Equivalents and Restricted Cash—Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. We classify cash balances that are legally restricted pursuant to contractual arrangements as restricted cash.

Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers.

New York Metropolitan Transportation Authority (the “MTA”) Agreement—Under the MTA Agreement, as title of the various digital displays we are obligated to deploy transfers to the MTA on installation, the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover

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Notes to Consolidated Financial Statements (Continued)

from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight line basis over the contract period.

Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows:

Buildings and improvements	20 to 40 years
Advertising structures	5 to 20 years
Furniture, equipment and other	3 to 10 years

For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized.

Construction in progress includes all costs capitalized related to projects, primarily related to in-process digital conversion and development, which have yet to be placed in service.

Business Combinations and Asset Acquisitions—We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values.

Impairment of Long-Lived Assets—Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell.

Goodwill and Intangible Assets—Goodwill is allocated to various reporting units. Goodwill is not amortized but is tested qualitatively and/or quantitatively at the reporting-unit level annually for impairment as of October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment by adding the present value of the estimated annual cash flows over a discrete projection period to the residual value of the business at the end of the projection period. This technique requires us to use significant estimates and assumptions such as growth rates, operating margins, capital expenditures and discount rates. The estimated growth rates, operating margins and capital expenditures for the projection period are based on our internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates are determined based on the weighted average cost of capital of comparable entities. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded as a non-cash charge for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Intangible assets, which primarily consist of acquired permits and leasehold

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Notes to Consolidated Financial Statements (Continued)

agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years.

Hedging Activities—We utilize interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate. These interest rate swaps have been designated and qualify as cash flow hedges and, as a result, changes in the fair value of these swaps are recorded in Other comprehensive income (loss) before taxes on the Consolidated Statements of Comprehensive Income.

Revenue Recognition—We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other.

Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues and installation services are recognized on a combined basis under the lease accounting standard as rental income on a straight-line basis over the customer lease term.

Transit display revenues are derived from agreements with municipalities and transit operators, which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks and transit platforms. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period.

Other revenues are derived primarily from (i) providing print production services for advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems, and (ii) revenues from marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. Print production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration. Revenues from our Sports Marketing operating segment are principally derived from advertising and marketing arrangements and are recognized over the contract period.

Our billboard display and transit display contracts with customers range from four weeks to one year and billing commences at the beginning of the contract term, with payment generally due within 30 days of billing. For the majority of our contracts, transaction prices are explicitly stated. Any contracts with transaction prices that contain multiple performance obligations, are allocated primarily based on a relative standalone selling price basis.

Deferred revenues primarily consist of revenues paid in advance of being earned.

Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate.

Billboard Property Lease and Transit Franchise Expenses—Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months.

The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized.

Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs

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Notes to Consolidated Financial Statements (Continued)

which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term.

Direct Lease Acquisition Costs—Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations.

Foreign Currency Translation and Transactions—The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (expense), net, on the Consolidated Statements of Operations.

Income Taxes—As of July 17, 2014, we began operating as a REIT. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and certain of our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates.

Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized.

We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset.

Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award.

Adoption of New Accounting Standards

Leases

In the first quarter of 2019, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the modified retrospective transition method to adopt the new lease standard. The modified retrospective transition method allows entities to apply the new lease standard at the adoption date rather than adjusting each period presented at the date of adoption. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases regardless of their classification.

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Notes to Consolidated Financial Statements (Continued)

We elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed us to carry forward our historical lease classification. We also elected the practical expedient related to land easements, which allowed us to carry forward our accounting treatment for land easements on existing leases. In addition we elected the hindsight practical expedient which resulted in increasing the length of our lease term for existing leases with cancellation provisions.

At adoption, we had approximately 23,600 lease agreements as lessee, all of which were classified as operating leases. On January 1, 2019, the adoption of this standard resulted in the recognition of an operating lease liability of $1.2 billion and a right-of-use operating lease asset of the same amount. Existing prepaid and accrued lease costs were reclassified to the right-of-use operating lease asset, resulting in a net asset of $1.3 billion on the Consolidated Statement of Financial Position. As a result of the adoption of this standard, we also recorded a cumulative-effect adjustment of $24.8 million to beginning Distribution in excess of earnings on the Consolidated Statement of Equity for lease costs which would have been recognized in prior periods as a result of the change in the lease term.

Under the new guidance, lessors account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms. Adoption of this guidance did not have a material effect on our consolidated financial statements.

Recent Pronouncements

In April 2015 (updated in August 2018), the FASB updated their guidance for evaluating and determining when a cloud computing arrangement (hosting arrangement) includes a software license. The new guidance is effective for annual and interim periods beginning after December 15, 2019. We do not expect this guidance to have a material effect on our consolidated financial statements.

In June 2016 (updated in May 2019 and November 2019), the FASB issued guidance which requires a reporting entity to estimate credit losses on certain types of financial instruments, and present assets held at amortized cost and available-for-sale debt securities at the amount expected to be collected. The new guidance is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. We do not expect this guidance to have a material effect on our consolidated financial statements.

In December 2019, the FASB issued guidance simplifying the accounting for income taxes by removing certain exceptions to the general principles of Accounting Standards Codification Topic 740, Income Taxes. The new guidance is effective for annual and interim periods beginning after December 15, 2020. We do not expect this guidance to have a material effect on our consolidated financial statements.

Note 3. Restricted Cash

In 2018, we entered into an escrow agreement in connection with one of our transit franchise contracts, which requires us to deposit funds into an escrow account to fund capital expenditures over the term of the transit franchise contract.

As of December 31, 2019, we have $1.8 million of restricted cash deposited in the escrow account.

	As of
(in millions)	December 31, 2019		December 31, 2018		December 31, 2017
Cash and cash equivalents	$	59.1	$	52.7	$	48.3
Restricted cash	1.8		1.4		—
Cash, cash equivalents and restricted cash	$	60.9	$	54.1	$	48.3

Note 4. Leases

Effective January 1, 2019, we adopted the FASB’s guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the transition method to adopt the new lease standard. See Note 2. Summary of Significant Accounting Policies: Adoption of New Accounting Standards.

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Notes to Consolidated Financial Statements (Continued)

Lessee

We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts.

Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location.

Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement or amendment.

We rent or sublease certain real estate to third parties.

As of December 31, 2019, we have operating lease assets of $1.5 billion, short-term operating lease liabilities of $168.3 million and non-current operating lease liabilities of $1.3 billion.

In 2019, we recorded operating lease costs of $406.8 million in Operating expenses and $8.6 million in Selling, general and administrative expenses. In 2019, these costs include $93.0 million of variable operating lease costs. In 2019, sublease income was immaterial.

As of December 31, 2019, minimum rental payments under operating leases are as follows:

(in millions)	Operating  Leases
2020	$	248.9
2021	251.4
2022	232.6
2023	209.6
2024	175.6
2025 and thereafter	910.5
Total operating lease payments	2,028.6
Less: Interest	575.2
Present value of lease liabilities	$	1,453.4

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Notes to Consolidated Financial Statements (Continued)

As of December 31, 2018, minimum rental payments under non-cancellable operating leases with original terms in excess of one year are as follows:

(in millions)	Non-Cancellable Operating Leases
2019	$	154.8
2020	151.8
2021	139.1
2022	126.2
2023	109.8
2024 and thereafter	574.6
Total minimum payments	$	1,256.3

Rent expense was $393.6 million in 2018 and $377.7 million in 2017, including contingent rent amounts of $91.0 million in 2018 and $84.7 million in 2017.

As of December 31, 2019, the weighted-average remaining lease term was 10.3 years and the weighted-average discount rate was 6.0%.

In 2019, cash paid for operating leases was $402.9 million. Leased assets obtained in exchange for new operating lease liabilities was $421.0 million.

Lessor

Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 5. Property and Equipment, Net) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard.

We recorded rental income of $1,149.8 million in 2019 in Revenues on our Consolidated Statement of Operations.

As of December 31, 2019, rental payments to be received under non-cancellable operating leases are as follows:

(in millions)	Rental Income
2020	$	495.5
2021	31.5
2022	8.6
2023	4.3
2024	3.0
2025 and thereafter	0.9
Total minimum payments	$	543.8

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Notes to Consolidated Financial Statements (Continued)

Note 5. Property and Equipment, Net

The table below presents the balances of major classes of assets and accumulated depreciation.

	As of December 31,
(in millions)	2019		2018
Land	$	98.8	$	97.5
Buildings and improvements	50.4		48.7
Advertising structures	1,866.1		1,789.4
Furniture, equipment and other	153.1		134.3
Construction in progress	25.4		19.3
	2,193.8		2,089.2
Less accumulated depreciation	1,527.6		1,436.3
Property and equipment, net	$	666.2	$	652.9

Depreciation expense was $87.3 million in 2019, $85.9 million in 2018 and $89.7 million in 2017.

Note 6. Goodwill and Other Intangible Assets

Goodwill

For the years ended December 31, 2019 and 2018, the changes in the book value of goodwill by segment were as follows:

(in millions)	U.S. Media		Other			Total
As of December 31, 2017	$	2,054.0	$	74.0		$	2,128.0
Currency translation adjustments	—		(5.4		)	(5.4		)
Impairment	—		(42.9		)	(42.9		)
As of December 31, 2018	2,054.0		25.7			2,079.7
Currency translation adjustments	—		3.4			3.4
As of December 31, 2019	$	2,054.0	$	29.1		$	2,083.1

In the fourth quarter of 2019, we performed a qualitative assessment of our reporting units for possible goodwill impairment. Upon assessment, no goodwill impairment was identified.

In the second quarter of 2018, our Canadian reporting unit did not meet revenue expectations and pacing reflected a decline as compared to the 2018 forecast due to the underperformance of our static poster assets and digital displays. As a result, we determined that there was a decline in the outlook for our Canadian reporting unit. This determination constituted a triggering event, requiring an interim goodwill impairment analysis of our Canadian reporting unit.

As a result of the impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statements of Operations.

Other Intangible Assets

Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals.

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Our identifiable intangible assets consist of the following:

(in millions)	Gross		Accumulated Amortization			Net
As of December 31, 2019:
Permits and leasehold agreements	$	1,153.3	$	(735.7	)	$	417.6
Franchise agreements	497.4		(371.1		)	126.3
Other intangible assets	47.1		(40.1		)	7.0
Total intangible assets	$	1,697.8	$	(1,146.9	)	$	550.9
As of December 31, 2018:
Permits and leasehold agreements(a)	$	1,107.4	$	(697.6	)	$	409.8
Franchise agreements	470.7		(357.1		)	113.6
Other intangible assets(a)	46.9		(33.1		)	13.8
Total intangible assets	$	1,625.0	$	(1,087.8	)	$	537.2

(a) Includes additions associated with the Transaction (as defined below, see Note 11. Equity and Note 14. Acquisitions to the Consolidated Financial Statements).

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $107.2 million in 2019, $99.1 million in 2018 and $100.1 million in 2017, which includes the amortization of direct lease acquisition costs of $48.2 million in 2019, $43.2 million in 2018 and $40.0 million in 2017. Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year.

We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2020 through 2024, to be as follows:

(in millions)	2020		2021		2022		2023		2024
Amortization expense	$	58.7	$	56.8	$	51.5	$	49.7	$	47.4

Note 7. Asset Retirement Obligation

The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.

	Year Ended December 31,
(in millions)	2019			2018
Balance, at beginning of period	$	34.2		$	34.7
Accretion expense	2.5			2.4
Additions	0.3			0.2
Liabilities settled	(2.1		)	(2.7		)
Foreign currency translation adjustments	0.2			(0.4		)
Balance, at end of period	$	35.1		$	34.2

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Note 8. Related Party Transactions

Joint Ventures

We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and five joint ventures which operate a total of 11 billboard displays in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $15.4 million as of December 31, 2019, and $16.1 million as of December 31, 2018, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $8.4 million in 2019, $7.8 million in 2018 and $7.4 million in 2017.

Note 9. Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	December 31, 2019			December 31, 2018
Short-term debt:
AR Facility	$	105.0		$	85.0
Repurchase Facility	90.0			75.0
Total short-term debt	195.0			160.0
Long-term debt:
Term loan	597.5			668.1
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	—			549.7
5.625% senior unsecured notes, due 2024	501.7			502.2
5.875% senior unsecured notes, due 2025	—			450.0
5.000% senior unsecured notes, due 2027	650.0			—
4.625% senior unsecured notes, due 2030	500.0			—
Total senior unsecured notes	1,651.7			1,501.9
Debt issuance costs	(27.1		)	(20.4		)
Total long-term debt, net	2,222.1			2,149.6
Total debt, net	$	2,417.1		$	2,309.6
Weighted average cost of debt	4.5		%	5.1		%

On November 18, 2019, the Company, along with its wholly-owned subsidiaries, Outfront Media Capital LLC (“Finance LLC”) and Outfront Media Capital Corporation (together with Finance LLC, the “Borrowers”), and other guarantor subsidiaries party thereto, entered into an amendment (the “Amendment”) to its credit agreement and its related security agreement, each dated January 31, 2014 (together, and as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”). The Amendment provides for, among other things, (i) the extension of the maturity date of the Borrowers’ existing revolving credit facility (the “Revolving Credit Facility”) from March 16, 2022, to November 18, 2024, (ii) the extension of the maturity date of the Borrowers’ existing term loan (the “Term Loan”) from March 16, 2024, to November 18, 2026, (iii) an increase to the borrowing capacity under the Revolving Credit Facility by $70.0 million to $500.0 million, (iv) a decrease to the outstanding principal balance of the Term Loan, using cash on hand, to $600.0 million, (v) a reduction in the interest rate margins applicable to the Borrowers under the Term Loan from 1.00% to 0.75%, in the case of base rate borrowings, and from 2.00% to 1.75%, in the case of London Interbank Offered Rate (“LIBOR”) borrowings, (vi) a reduction in the interest rate margins applicable to the Borrowers under the Revolving Credit Facility from a range of 1.25% to 1.00% to

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a range of 0.75% to 0.25%, in the case of base rate borrowings, and from a range of 2.25% to 2.00% to 1.75% to 1.25%, in the case of LIBOR borrowings, in each case, based on the Borrowers’ leverage ratio, and (vii) revisions to certain provisions of the Credit Agreement to, among other things, update covenants for greater operational and financial flexibility to the Company (including incurrence of additional indebtedness and liens).

Term Loan

The interest rate on the Term Loan was 3.5% per annum as of December 31, 2019. As of December 31, 2019, a discount of $2.5 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

Revolving Credit Facility

As of December 31, 2019, there were no outstanding borrowings under the Revolving Credit Facility. As of February 25, 2020, there were $25.0 million of outstanding borrowings under the Revolving Credit Facility at a borrowing rate of approximately 3.4%.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $1.6 million in 2019, $1.4 million in 2018 and $1.5 million in 2017. As of December 31, 2019, we had issued letters of credit totaling approximately $1.6 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

In the fourth quarter of 2019, we decreased our letter of credit facilities from $150.0 million to $78.0 million. As of December 31, 2019, we had issued letters of credit totaling approximately $70.9 million under our aggregate $78.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities in 2019, 2018 and 2017, were immaterial.

Accounts Receivable Securitization Facilities

As of December 31, 2019, we have $125.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended, and a 364-day uncommitted $90.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”), which terminates in June 2020, unless further extended.

On July 19, 2019, the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (“MUFG”) entered into amendments to the agreements governing the AR Securitization Facilities, along with other agreements with MUFG, pursuant to which the Company (i) granted the Purchasers (as defined below) a security interest in the existing and future accounts receivable and certain related assets of the Company’s taxable REIT subsidiaries (“TRSs”) as additional collateral under the AR Facility, (ii) increased the borrowing capacity under the AR Facility from $100.0 million to its current capacity of $125.0 million, (ii) increased the borrowing capacity under the Repurchase Facility from $75.0 million to its current capacity of $90.0 million, (iii) extended the term of the AR Facility so that it now terminates on June 30, 2022, unless further extended, and (iv) extended the term of the Repurchase Facility so that it now terminates on June 30, 2020, unless further extended. The amendments to the agreements governing the AR Securitization Facilities do not change how we account for the AR Securitization Facilities as a collateralized financing activity.

In connection with the AR Securitization Facilities, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s TRSs (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs will transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media

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LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

In connection with the Repurchase Facility, the Originators may borrow funds collateralized by subordinated notes (the “Subordinated Notes”) issued by the SPVs in favor of their respective Originators and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originators to the SPVs under the AR Facility. The Subordinated Notes will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the applicable Originators on termination of the Repurchase Facility. The Originators have granted MUFG a security interest in the Subordinated Notes to secure their obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originators’ obligations under the agreements governing the Repurchase Facility.

As of December 31, 2019, there were $105.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 2.7%, and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing of approximately 2.9%. As of December 31, 2019, borrowing capacity remaining under the AR Facility was $20.0 million, based on approximately $304.7 million of accounts receivable used as collateral for the AR Securitization Facilities, and there was no borrowing capacity remaining under the Repurchase Facility, in accordance with the agreements governing the AR Securitization Facilities. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial in 2019 and 2018.

Senior Unsecured Notes

On July 15, 2019, we used the net proceeds from our June 14, 2019, issuance of $650.0 million aggregate principal amount of 5.000% Senior Unsecured Notes due 2027 (the “2027 Notes”) to, among other things, redeem all of our outstanding 5.250% Senior Unsecured Notes due 2022 (the “2022 Notes”), pay accrued and unpaid interest on the 2022 Notes, and pay fees and expenses in connection with the 2022 Notes redemption. In the third quarter of 2019, we recorded a Loss on extinguishment of debt of $11.0 million relating to the 2022 Notes on the Consolidated Statement of Operations.

On November 18, 2019, the Borrowers issued $500.0 million aggregate principal amount of 4.625% Senior Unsecured Notes due 2030 (the “2030 Notes”) in a private placement. The 2030 Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of its direct and indirect domestic subsidiaries that guarantee the Senior Credit Facilities. Interest on the 2030 Notes is payable on March 15 and September 15 of each year, commencing on March 15, 2020. On or after March 15, 2025, the Borrowers may redeem at any time, or from time to time, some or all of the 2030 Notes. Prior to such date, the Borrowers may redeem up to 40% of the aggregate principal amount of the aggregate principal amount with the proceeds of certain equity offerings, provided that at least 50% of the aggregate principal amount of the Notes remain outstanding after the redemption.

On December 18, 2019, we used the net proceeds from the issuance of the 2030 Notes to, among other things, redeem all of our outstanding 2025 Notes, pay accrued and unpaid interest on the 2025 Notes, and pay fees and expenses in connection with the 2025 Notes redemption. In the fourth quarter of 2019, we recorded a Loss on extinguishment of debt of $17.5 million relating to the 2025 Notes on the Consolidated Statement of Operations.

As of December 31, 2019, a premium of $1.7 million on $100.0 million aggregate principal amount of the 5.625% Senior Unsecured Notes, due 2024, remains unamortized. The premium is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

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Debt Covenants

The Credit Agreement, the agreements governing the AR Securitization Facilities, and the indentures governing our senior unsecured notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that limit the Company’s and our subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s (“Finance LLC’s”) capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions, and (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers.

The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Securitization Facilities) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0. As of December 31, 2019, our Consolidated Net Secured Leverage Ratio was 1.2 to 1.0 in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of December 31, 2019, our Consolidated Total Leverage Ratio was 4.4 to 1.0 in accordance with the Credit Agreement. As of December 31, 2019, we are in compliance with our debt covenants. 

Deferred Financing Costs

As of December 31, 2019, we had deferred $36.2 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes.

Interest Rate Swap Agreements

We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net liability of $4.6 million as of December 31, 2019, and $2.4 million as of December 31, 2018, and is included in Other liabilities on our Consolidated Statement of Financial Position.

As of December 31, 2019, under the terms of the agreements, we will pay interest based on an aggregate notional amount of $200.0 million, under a weighted-average fixed interest rate of 2.7%, with a receive rate of one-month LIBOR and which mature at various dates until June 30, 2022. The one-month LIBOR rate was approximately 1.8% as of December 31, 2019.

Fair Value

Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.5 billion as of December 31, 2019 and $2.3 billion as of December 31, 2018. The fair value of our debt as of both December 31, 2019 and 2018 is classified as Level 2. The aggregate fair value loss associated with our interest rate cash flow swap agreements was approximately $4.6 million as of December 31, 2019, and $2.4 million as of December 31, 2018. The aggregate fair value of our interest rate cash flow swap agreements as of both December 31, 2019 and 2018, is classified as Level 2.

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Note 10. Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive loss.

(in millions)	Cumulative Translation Adjustments			Net Actuarial Gain (Loss)			Loss on Interest Rate Cash Flow Swaps			Accumulated Other Comprehensive Loss
As of December 31, 2016	$	(9.9	)	$	(8.6	)	$	—		$	(18.5	)
Other comprehensive income (loss) before reclassifications	11.8			(1.4		)	—			10.4
Amortization of actuarial losses reclassified to net income(a)	—			0.4			—			0.4
Total other comprehensive income (loss), net of tax	11.8			(1.0		)	—			10.8
As of December 31, 2017	1.9			(9.6		)	—			(7.7		)
Other comprehensive income (loss) before reclassifications	(14.5		)	1.9			(2.4		)	(15.0		)
Amortization of actuarial losses reclassified to net income(a)	—			0.7			—			0.7
Total other comprehensive income, net of tax	(14.5		)	2.6			(2.4		)	(14.3		)
As of December 31, 2018	(12.6		)	(7.0		)	(2.4		)	(22.0		)
Other comprehensive income (loss) before reclassifications	8.2			(2.0		)	(2.2		)	4.0
Amortization of actuarial losses reclassified to net income(a)	—			0.3			—			0.3
Total other comprehensive income (loss), net of tax	8.2			(1.7		)	(2.2		)	4.3
As of December 31, 2019	$	(4.4	)	$	(8.7	)	$	(4.6	)	$	(17.7	)

(a) See Note 16. Retirement Benefits to the Consolidated Financial Statements for additional details of items reclassified from accumulated other comprehensive loss to net income.

Net actuarial gain (loss) included in other comprehensive income (loss) is net of a tax benefit of $0.6 million in 2019, a tax provision of $1.0 million in 2018 and a tax benefit of $0.3 million in 2017.

Note 11. Equity

As of December 31, 2019, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 143,594,117 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with no shares issued and outstanding.

On June 13, 2017, certain subsidiaries of OUTFRONT Media Inc. acquired the equity interests of certain subsidiaries of All Vision LLC (“All Vision”), which hold substantially all of All Vision’s outdoor advertising assets in Canada, and effectuated an amalgamation of All Vision’s Canadian business with our Canadian business (the “Transaction”) (see Note 14. Acquisitions to the Consolidated Financial Statements). In connection with the Transaction, the Company issued 1,953,407 shares of Class A equity interests of a subsidiary of the Company that controls its Canadian business (“Outfront Canada”).

The Class A equity interests are entitled to receive priority cash distributions from Outfront Canada at the same time and in the same per share amount as the dividends paid on shares of the Company’s common stock. The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability.

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During 2019, we made distributions of $1.9 million to holders of the Class A equity interests, which are recorded in Dividends on our Consolidated Statements of Equity and Consolidated Statements of Cash Flows. As of December 31, 2019, 834,727 Class A equity interests have been redeemed for shares of the Company’s common stock.

In 2019, we issued 8,526 shares of our common stock under the Outfront Media Inc. Amended and Restated Omnibus Stock Incentive Plan, valued at $0.2 million, to a consultant for services rendered.

We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. In 2019, 2,150,000 shares of our common stock were sold under the ATM Program for gross proceeds of $52.0 million with commissions of $0.8 million, for total net proceeds of $51.2 million. As of December 31, 2019, we had $232.5 million of capacity remaining under the ATM Program.

On February 25, 2020, we announced that our board of directors approved a quarterly cash dividend of $0.38 per share on our common stock, payable on March 31, 2020, to stockholders of record at the close of business on March 6, 2020.

Note 12. Revenues

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less, which primarily represent the transaction price allocated to the remaining display period for unsatisfied transit franchise contracts. Unsatisfied performance obligations with an original expected term of over one year relate to multi-year marketing and multimedia rights agreements with customers of our Sports Marketing operating segment, the value of which is $86.9 million as of December 31, 2019, are expected to be satisfied over the next 5 years.

For all revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or an agent (i.e., report revenues on a net basis). Except for an insignificant number of smaller sports marketing contracts, we are considered the principal in our arrangements and report revenues on a gross basis, wherein the amounts billed to customers are recorded as revenues, and amounts paid to municipalities, transit operators, educational institutions and suppliers are recorded as expenses. We are considered the principal because we control the advertising space and multi-media rights before and after the contract term, are primarily responsible to our customers, have discretion in pricing and typically have inventory risk.

For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross advertising spending, our Revenues are reported net of agency commissions.

The following table summarizes revenues by source:

	Years Ended December 31,
(in millions)	2019		2018		2017
Billboard:
Static displays	$	894.1	$	858.1	$	839.7
Digital displays	252.7		216.1		173.7
Other	43.1		38.2		45.6
Billboard revenues	1,189.9		1,112.4		1,059.0
Transit:
Static displays	370.7		339.9		339.5
Digital displays	112.4		59.6		45.3
Other	43.5		39.5		35.9
Total transit revenues	526.6		439.0		420.7
Sports marketing and other	65.7		54.8		40.8
Transit and other revenues	592.3		493.8		461.5
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

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Rental income was $1,149.8 million in 2019, $1,076.9 million in 2018 and $1,001.8 million in 2017, and is recorded in Billboard revenues on the Consolidated Statement of Operations.

The following table summarizes revenues by geography:

	Years Ended December 31,
(in millions)	2019		2018		2017
United States:
Billboard	$	1,114.9	$	1,040.8	$	997.9
Transit and other	513.8		426.0		408.6
Sports marketing and other	65.7		54.8		40.8
Total United States revenues	1,694.4		1,521.6		1,447.3
Canada	87.8		84.6		73.2
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

Our revenues are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control.

Contract Costs and Balances

Variable sales commission costs directly associated with billboard display revenues are considered direct lease acquisition costs in accordance with the lease accounting standard and are capitalized and amortized on a straight-line basis over the related customer lease term (see Note 6. Goodwill and Other Intangible Assets to the Consolidated Financial Statements). Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations.

Variable sales commission costs which are directly associated with transit display and other revenues are included in Selling, general, and administrative expenses on the Consolidated Statement of Operations, and are expensed as incurred since the amortization period of the asset would have been less than one year.

Amounts to be collected from customers for revenues recognized in previous periods are included in Receivables, less allowance, on the Consolidated Statement of Financial Position. Amounts collected from customers for revenues to be recognized in future periods are included in Deferred revenues on the Consolidated Statement of Financial Position. We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2018, during the three months ended March 31, 2019.

Note 13. Restructuring Charges

In 2019, we recorded restructuring charges of $0.3 million associated with the elimination of a corporate management position. In 2018, we recorded restructuring charges of $2.1 million, of which $0.9 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments, $0.8 million was recorded in Other for severance charges associated with the reorganization of our Sports Marketing operating segment management team and $0.4 million was recorded in Corporate for severance charges associated with the elimination of a corporate management position. In 2017, we recorded restructuring charges of $6.4 million, of which $4.1 million was recorded in Other for severance charges primarily associated with the Transaction and $2.3 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. As of December 31, 2019, $0.4 million in restructuring reserves remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position.

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Note 14. Acquisitions

Acquisitions

In connection with the Transaction, in 2017, the Company paid approximately $94.4 million for the assets, comprised of $50.0 million in cash and $44.4 million, or 1,953,407 shares, of Class A equity interests of Outfront Canada. The issued Class A equity interests of Outfront Canada are redeemable non-controlling interests and are included in Non-controlling interests on our Consolidated Statement of Financial Position based on actual foreign currency exchange rates on the closing date of the Transaction compared to the negotiated foreign currency exchange rate used in the valuation described above.

The allocation of the purchase price of approximately $94.4 million is based on management’s estimate of the fair value of the assets acquired and liabilities assumed on the closing date of the Transaction, which was $68.0 million of identified intangible assets, $34.3 million of goodwill, $17.0 million of deferred tax liabilities and $9.1 million of other assets and liabilities (primarily property and equipment). 

We completed several acquisitions for a total purchase price of approximately $69.7 million in 2019, $7.0 million in 2018 and $113.8 million in 2017 (including the Transaction).

In the second quarter of 2018, we entered into an agreement to acquire 14 digital and seven static billboard displays in California for a total estimated purchase price of $35.4 million. As of December 31, 2019, we have completed this acquisition except with respect to four digital displays, which we expect to acquire in 2020 for an estimated purchase price of $9.2 million, subject to customary closing conditions and the timing of site development.

In the first quarter of 2019, we entered into an agreement to acquire eight digital billboard displays in Atlanta, Georgia, for an aggregate purchase price of $24.0 million. In connection with the execution of the agreement and a subsequent amendment, we paid a deposit of $5.0 million to an escrow agent, which is included in Other assets on our Consolidated Statement of Financial Position, and in the third quarter of 2019, we paid a deposit of $14.0 million to an escrow account, which is also included in Other assets on our Consolidated Statement of Financial Position. We completed this transaction in the first quarter of 2020.

Asset Swap

On July 1, 2017, in exchange for static billboards in four non-metropolitan market clusters, we acquired digital billboards in the Boston, Massachusetts, DMA and $3.2 million in cash, which resulted in a pre-tax gain of $14.1 million.

Note 15. Stock-Based Compensation

Effective as of June 10, 2019, we amended the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (the “Stock Plan”) to, among other things, increase the number of shares of our common stock reserved for issuance under our prior plan by 5,100,000 shares, so that the aggregate number of shares reserved for issuance under the Stock Plan is 13,100,000 shares of our common stock. Under the Stock Plan, the board of directors is authorized to grant awards of options to purchase shares of our common stock, stock appreciation rights, restricted and unrestricted stock, restricted share units (“RSUs”), dividend equivalents, performance awards, including performance-based restricted share units (“PRSUs”), and other equity-related awards and cash payments to all of our employees and non-employee directors and employees of our subsidiaries. In addition, consultants and advisors who perform services for us and our subsidiaries may, under certain conditions, receive grants under the Stock Plan.

RSUs and PRSUs accrue dividend equivalents in amounts equal to the regular cash dividends paid on our common stock and will be paid in either cash or stock. Accrued dividend equivalents payable in stock shall convert to shares of our common stock on the date of vesting.

Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a three-year service period. For PRSU awards, the number of shares an employee earns may range from 0% to 120% based on the outcome of a one year performance condition. Compensation expense is recorded based on the probable outcome of the performance condition. On an annual basis, our board of directors will review actual performance and certify the degree to which performance goals applicable to the award have

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been met. Forfeitures of RSUs are recorded as incurred. On an annual basis, adjustments are made to compensation expense based on actual forfeitures and the forfeiture rates are revised as necessary.

The following table summarizes our stock-based compensation expense for 2019, 2018 and 2017.

	Year Ended December 31,
(in millions)	2019			2018			2017
RSUs and PRSUs	$	22.3		$	20.2		$	20.3
Stock options	—			—			0.2
Stock-based compensation expense, before income taxes	22.3			20.2			20.5
Tax benefit	(1.5		)	(1.3		)	(2.0		)
Stock-based compensation expense, net of tax	$	20.8		$	18.9		$	18.5

As of December 31, 2019, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $23.6 million, which is expected to be recognized over a weighted average period of 1.8 years.

RSUs and PRSUs

The following table summarizes the 2019 activity of the RSUs and PRSUs issued to our employees.

	Activity		Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2018	1,723,980		$	22.39
Granted:
RSUs	853,965		21.73
PRSUs	376,418		21.41
Vested:
RSUs	(602,181	)	22.05
PRSUs	(246,542	)	21.99
Forfeitures:
RSUs	(69,122	)	22.00
PRSUs	(11,750	)	21.77
Non-vested as of December 31, 2019	2,024,768		22.09

The total fair value of RSUs and PRSUs that vested was $18.3 million during 2019, $19.2 million during 2018 and $20.0 million during 2017.

Stock Options

Stock options vest over a four-year service period and expire eight or ten years from the date of grant. Forfeitures of stock options are recorded as incurred.

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The following table summarizes the activity of stock options issued to our employees.

	Activity		Weighted Average Exercise Price
Outstanding as of December 31, 2018	141,847		$	23.08
Exercised	(15,319	)	10.78
Outstanding as of December 31, 2019	126,528		24.57
Exercisable as of December 31, 2019	126,528		24.57

The following table summarizes other information relating to stock option exercises.

	Year Ended December 31,
(in millions)	2019		2018		2017
Tax benefit of stock option exercises	$	—	$	—	$	0.1
Intrinsic value of stock option exercises	0.1		0.4		2.1

The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2019.

	Outstanding				Exercisable
Range of Exercise Price	Number of Options	Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number of Options	Weighted Average Exercise Price
$10 to 14.99	13,169	0.15	$	13.68	13,169	$	13.68
$20 to 24.99	9,946	1.12	20.07		9,946	20.07
$25 to 29.99	103,413	1.72	26.39		103,413	26.39
	126,528				126,528

Stock options outstanding as of December 31, 2019, have a weighted average remaining contractual life of 1.46 years and the total intrinsic value for “in-the-money” options, based on the closing stock price of our common stock of $26.82, was $0.3 million. Stock options exercisable as of December 31, 2019, have a weighted average remaining contractual life of 1.46 years and the total intrinsic value for “in-the-money” exercisable options was $0.3 million.

Note 16. Retirement Benefits

We sponsor two defined benefit pension plans covering specific groups of employees in Canada and the U.S.

The benefits for the pension plan in Canada are based primarily on an employee’s years of service and an average of the employee’s highest five years of earnings. Participating employees in the pension plan in Canada are vested after two years of service or immediately, depending on the province of their employment. We fund the pension plan in Canada in accordance with the rules and regulations of the Pension Benefits Act of the Province of Ontario, Canada. Canada pension plan assets consist principally of equity securities, corporate and government related securities, and insurance contracts. We are in the process of closing the Pension Plan for the employees of Outfront Media Canada LP (the “Plan”). Employees who are no longer accruing pensionable service under the Plan will be entitled to enhanced Defined Contribution Plan benefits. As of April 1, 2020, the Plan will be closed to most new employees. In addition, effective April 1, 2020, the Plan will be frozen to any future benefit accruals for most employees. However, certain members of the Plan will continue in pensionable service for a yet to be determined period. We expect to complete freezing the Plan in 2022.

The pension plan in the U.S. covers a small number of hourly employees. The investments of the pension plan in the U.S. consist entirely of the plan’s interest in a trust, which invests the assets of this plan. The pension plan in the U.S. is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended.

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We use a December 31 measurement date for all pension plans.

The following table sets forth the change in benefit obligation for our pension plans.

	As of December 31,
(in millions)	2019			2018			2017
Benefit obligation, beginning of year	$	49.9		$	57.8		$	48.3
Service cost	1.7			1.8			1.6
Interest cost	2.1			2.0			2.0
Actuarial (gain) loss	8.8			(5.6		)	3.7
Benefits paid	(2.6		)	(2.0		)	(1.4		)
Cumulative translation adjustments	2.2			(4.1		)	3.6
Benefit obligation, end of year	$	62.1		$	49.9		$	57.8

The following table sets forth the change in plan assets for our pension plans.

	As of December 31,
(in millions)	2019			2018
Fair value of plan assets, beginning of year	$	47.5		$	52.3
Actual return on plan assets	8.8			(0.9		)
Employer contributions	1.5			2.0
Benefits paid	(2.6		)	(2.0		)
Cumulative translation adjustments	2.1			(3.9		)
Fair value of plan assets, end of year	$	57.3		$	47.5

The unfunded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows:

	As of December 31,
(in millions)	2019			2018
Unfunded status, end of year	$	(4.7	)	$	(2.4	)
Amounts recognized on the Consolidated Statement of Financial Position:
Other noncurrent liabilities	(4.7		)	(2.4		)
Net amounts recognized	(4.7		)	(2.4		)

The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position.

	As of December 31,
(in millions)	2019			2018
Net actuarial loss	$	(11.6	)	$	(9.3	)
Deferred income taxes	2.9			2.3
Net amount recognized in accumulated other comprehensive loss	$	(8.7	)	$	(7.0	)

The accumulated benefit obligation for the defined benefit pension plans was $57.6 million as of December 31, 2019, and $46.9 million as of December 31, 2018.

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The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.

	As of December 31,
(in millions)	2019		2018
Projected benefit obligation	$	62.1	$	49.9
Accumulated benefit obligation	57.6		46.9
Fair value of plan assets	57.3		47.5

The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss).

	As of December 31,
(in millions)	2019			2018			2017
Service cost	$	1.7		$	1.8		$	1.6
Interest cost	2.1			2.0			2.0
Expected return on plan assets	(2.4		)	(2.6		)	(2.3		)
Amortization of actuarial losses(a)	0.4			0.7			0.6
Amortization of transitional obligation	—			—			(0.1		)
Settlement cost	—			0.1			—
Net periodic pension cost	$	1.8		$	2.0		$	1.8

(in millions)	Year Ended December 31, 2019
Actuarial gains	$	(2.3	)
Amortization of actuarial losses(a)	0.4
Cumulative translation adjustments	(0.4		)
	(2.3		)
Deferred income taxes	0.6
Recognized in other comprehensive income, net of tax	$	(1.7	)

(a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income.

Estimated net actuarial losses related to the defined benefit pension plans of approximately $0.4 million, will be amortized from accumulated other comprehensive loss into net periodic pension costs in 2020.

	As of and for the Year Ended December 31,
	2019		2018
Weighted average assumptions used to determine benefit obligations:
Discount rate	3.0	%	4.0	%
Rate of compensation increase	3.0		3.0
Weighted average assumptions used to determine net periodic cost:
Discount rate	4.0		3.5
Expected long-term return on plan assets	5.0		5.1
Rate of compensation increase	3.0		3.0

For each pension plan, the discount rate is determined based on the yield on portfolios of high quality bonds, constructed to provide cash flows necessary to meet the expected future benefit payments, as determined for the projected benefit obligation. The expected return on plan assets assumption was derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets.

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Plan Assets

Our plan assets are included in a trust in Canada and a trust in the U.S. The asset allocations of these trusts are based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. As of December 31, 2019, we invested approximately 32% in fixed income instruments, 60% in equity instruments, and the remainder in cash, cash equivalents and insurance contracts.

The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2019 and 2018. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset.

	As of December 31, 2019
(in millions)	Level 1		Level 2		Level 3		Total
Fixed income securities:
Corporate bonds(a)	$	0.8	$	—	$	—	$	0.8
Equity securities:
U.S. equity	0.8		—		—		0.8
International equity	0.3		—		—		0.3
Insurance contracts	—		—		3.7		3.7
Total assets in fair value hierarchy	$	1.9	$	—	$	3.7	$	5.6
Common collective funds measured at net asset value							51.7
Total assets							$	57.3

	As of December 31, 2018
(in millions)	Level 1		Level 2		Level 3		Total
Fixed income securities:
Corporate bonds(a)	$	0.7	$	—	$	—	$	0.7
Equity securities:
U.S. equity	0.6		—		—		0.6
International equity	0.3		—		—		0.3
Insurance contracts	—		—		3.6		3.6
Total assets in fair value hierarchy	$	1.6	$	—	$	3.6	$	5.2
Common collective funds measured at net asset value							42.3
Total assets							$	47.5

(a) Securities of diverse industries, substantially all investment grade.

Significant changes in Level 3 plan assets are as follows:

	Year Ended December 31,
(in millions)	2019			2018
Insurance contracts:
Beginning of year	$	3.6		$	4.4
Payments	(0.4		)	(0.5		)
Actuarial loss	0.2			(0.1		)
Interest income	0.1			0.1
Cumulative translation adjustments	0.2			(0.3		)
End of year	$	3.7		$	3.6

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Our insurance contracts classified as Level 3 are valued based on a discount rate determined by reference to the market interest rates prevailing on high quality debt instruments with cash flows that match the timing and amount of expected benefit payments under the pension plan in Canada, as well as a mortality assumption based upon the current mortality table, CPM2014 generational projected using mortality improvement scale CPM-B. As a result, the fair value of the insurance contract is equal to the defined benefit obligation in respect of the members covered under the insurance contract.

Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds are determined using the Net Asset Value (“NAV”) provided by the administrator of the fund. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker-quoted prices.

Future Benefit Payments

(in millions)	2020	2021	2022	2023	2024	2025-2029
Estimated future benefit payments for pension plans	1.9	2.0	2.1	2.2	2.4	14.0

We expect to contribute $4.1 million to our pension plans in 2020.

Multi-Employer Pension and Postretirement Benefit Plans

We contribute to multi-employer plans that provide pension and other postretirement benefits to certain employees under collective bargaining agreements. Contributions to these plans were $4.0 million in 2019, $3.8 million in 2018 and $3.3 million in 2017. Based on our contributions to each individual multi-employer plan relative to the total contributions of all participating employers in such plan, no multi-employer plan was deemed to be individually significant to us.

Defined Contribution Plans

Employer contributions for defined contribution plans sponsored by us were $5.9 million in 2019, $5.5 million in 2018 and $4.8 million in 2017.

Note 17. Income Taxes

We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes.

On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act amends the Code to reduce tax rates and modify policies, credits and deductions. The Tax Act’s most significant change was the reduction of the federal tax rate from a maximum of 35% to a flat rate of 21%.

Cash paid for income taxes was $10.5 million in 2019, $8.4 million in 2018 and $6.8 million in 2017.

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The U.S. and foreign components of Income before provision for income taxes and equity in earnings of investee companies were as follows:

	Year Ended December 31,
(in millions)	2019		2018			2017
United States	$	144.3	$	157.3		$	139.2
Foreign	1.5		(48.6		)	(14.1		)
Income before provision for income taxes and equity in earnings of investee companies	$	145.8	$	108.7		$	125.1

The following table reconciles Income before provision for income taxes and equity in earnings of investee companies to REIT taxable income.

	Year Ended December 31,
(in millions)	2019			2018			2017
Income before provision for income taxes and equity in earnings of investee companies	$	145.8		$	108.7		$	125.1
Net (income) loss of TRSs	(16.4		)	38.4			(2.4		)
Income from REIT operations	129.4			147.1			122.7
Book depreciation in excess of tax depreciation	21.5			24.4			29.5
Book amortization in excess of tax amortization	(6.8		)	(10.6		)	(1.8		)
Tax dividend from foreign subsidiary(a)	0.5			2.1			5.6
Book/tax differences - stock-based compensation	1.5			(1.4		)	(2.2		)
Book/tax differences - deferred gain for tax	(3.2		)	(1.4		)	(13.1		)
Book/tax differences - capitalized costs	5.0			6.4			5.7
Book/tax differences - executive compensation	7.8			7.5			1.1
Book/tax differences - leases	6.2			1.5			2.8
Book/tax differences - other	9.4			2.1			(4.1		)
REIT taxable income (estimated)	$	171.3		$	177.7		$	146.2

(a) In 2017, the tax dividend from foreign subsidiary consists of a $12.6 million one-time deemed repatriation of foreign unremitted earnings under the Tax Act, net of a $7.0 million deduction for dividends received.

The components of the Provision for income taxes are as follows:

	Year Ended December 31,
(in millions)	2019			2018			2017
Current:
Federal	$	(5.3	)	$	(2.4	)	$	(6.9	)
State and local	(4.0		)	(2.3		)	(2.2		)
Foreign	(1.4		)	(0.6		)	0.1
	(10.7		)	(5.3		)	(9.0		)
Deferred tax benefit (liability):
Federal	0.3			(1.0		)	(2.2		)
State and local	0.2			(0.4		)	(0.1		)
Foreign	(0.7		)	1.8			7.2
	(0.2		)	0.4			4.9
Provision for income taxes	$	(10.9	)	$	(4.9	)	$	(4.1	)

The effective income tax rate was 7.5% in 2019, 4.7% in 2018 and 3.3% in 2017.

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The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017, and the Provision for income taxes is summarized as follows:

	Year Ended December 31,
(in millions)	2019			2018			2017
Provision for income taxes on income at U.S. statutory rate	$	(31.6	)	$	(22.8	)	$	(43.8	)
REIT dividends paid deduction	27.9			30.9			42.9
State and local taxes, net of federal tax benefit	(2.7		)	(2.3		)	(1.6		)
Effect of foreign operations	(1.5		)	(9.3		)	2.4
Resolution of prior year tax	(3.0		)	—			—
Effect of the Tax Act on net deferred tax assets(a)	—			—			(2.1		)
Gain on dispositions	(0.3		)	(0.5		)	(0.9		)
Other, net	0.3			(0.9		)	(1.0		)
Provision for income taxes	$	(10.9	)	$	(4.9	)	$	(4.1	)

(a) Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% for tax years beginning after December 31, 2017.

The following table is a summary of the components of deferred income tax assets and liabilities.

	As of December 31,
(in millions)	2019			2018
Deferred income tax assets:
Provision for expenses and losses	$	0.3		$	1.1
Postretirement and other employee benefits	2.4			3.6
Tax credit and loss carryforwards	0.4			0.8
Total deferred income tax assets	3.1			5.5
Valuation allowance	(0.4		)	—
Deferred income tax assets, net	2.7			5.5
Deferred income tax liabilities:
Property, equipment and intangible assets	(18.3		)	(19.5		)
Total deferred income tax liabilities	(18.3		)	(19.5		)
Deferred income tax liabilities, net	$	(15.6	)	$	(14.0	)

As of December 31, 2019, we had net operating loss carryforwards for Canadian jurisdictions of $1.4 million, which expire in various years from 2020 through 2037.

Our undistributed earnings of foreign subsidiaries not includable in our federal income tax returns that could be subject to additional income taxes if remitted was approximately $6.4 million as of December 31, 2019, and $6.2 million as of December 31, 2018. No provision was recorded for taxes that could result from the remittance of such undistributed earnings since we intend to declare dividends to our shareholders in an amount sufficient to offset such distributions and intend to reinvest the remainder outside of the U.S. indefinitely. The determination of the unrecognized U.S. federal deferred income tax liability for undistributed earnings is not practicable.

The reserve for uncertain tax positions of $0.5 million as of December 31, 2019, includes $0.3 million which would affect our effective income tax rate if and when recognized in future years.

We recognize interest and penalty charges related to the reserve for uncertain tax positions as part of income tax expense. These charges were not material for any of the periods presented.

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We are subject to taxation in the U.S. and various state, local and foreign jurisdictions. Tax years 2016 to present are open for examination by the tax authorities. New York State has concluded an audit of our 2014 and 2015 tax years without proposing any adjustments.

In the second quarter of 2019, we had recorded a provision for uncertain tax positions of $4.5 million to correct an error related to prior open tax years. In the third quarter of 2019, pursuant to an audit for the 2016 tax year, the Internal Revenue Service has issued a report of Income Tax Examination Changes, increasing our tax liability by $2.2 million, which represents a settlement of the $4.5 million provision for uncertain tax positions recorded in the second quarter of 2019.

Note 18. Earnings Per Share (“EPS”)

	Year Ended December 31,
(in millions)	2019		2018		2017
Net income available for common stockholders	$	140.1	$	107.9	$	125.8
Less: Distributions to holders of Class A equity interests of a subsidiary(b)	1.9		2.7		1.4
Net income available for common stockholders, basic and diluted	$	138.2	$	105.2	$	124.4
Weighted average shares for basic EPS	142.5		139.3		138.5
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a)	0.7		0.3		0.4
Weighted average shares for diluted EPS(a)(b)	143.2		139.6		138.9

(a) The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2019, 0.4 million granted RSUs, PRSUs and stock options for 2018 and 0.1 million granted RSUs, PRSUs and stock options for 2017 was antidilutive.

(b) On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 11. Equity to the Consolidated Financial Statements.) The potential impact of 1.4 million shares of Class A equity interests of Outfront Canada was antidilutive for 2019, 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017.

Note 19. Commitments and Contingencies

Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years.

Contractual Obligations

We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment.

We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. Under most of these agreements, the school is entitled to receive the greater of a percentage of the relevant revenue, net of agency commissions, or a specified guaranteed minimum annual payment.

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As of December 31, 2019, guaranteed minimum annual payments are as follows:

(in millions)	Guaranteed Minimum Annual Payments
2020	$	227.9
2021	227.3
2022	222.6
2023	225.0
2024	226.6
2025 and thereafter	774.4
Total minimum payments	$	1,903.8

Under the MTA agreement, we are obligated to deploy, over a number of years, (i) 8,565 digital advertising screens on subway and train platforms and entrances, (ii) 37,716 smaller-format digital advertising screens on rolling stock, and (iii) 7,829 MTA communications displays, with such deployment amounts being subject to modification as agreed-upon by us and the MTA. In addition, we are obligated to pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Incremental revenues that exceed an annual base revenue amount will be retained by us for the cost of deploying advertising and communications displays throughout the transit system. As presented in the table below, MTA equipment deployment costs are being recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operation. As of December 31, 2019, 4,577 digital displays had been installed, of which 837 installations occurred in the fourth quarter of 2019, for a total of 3,348 installations in 2019. For the full year of 2020, we expect our MTA equipment deployment costs to be approximately $175.0 million.

(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment			Amortization			Ending Balance
Year Ended December 31, 2019:
Prepaid MTA equipment deployment costs	$	79.5	$	124.2	$	(32.2	)	$	—		$	171.5
Intangible assets (franchise agreements)	14.8		26.6		—			(3.1		)	38.3
Total	$	94.3	$	150.8	$	(32.2	)	$	(3.1	)	$	209.8
Year Ended December 31, 2018:
Prepaid MTA equipment deployment costs	$	4.7	$	76.5	$	(1.7	)	$	—		$	79.5
Intangible assets (franchise agreements)	0.9		14.7		—			(0.8		)	14.8
Total	$	5.6	$	91.2	$	(1.7	)	$	(0.8	)	$	94.3

Letters of Credit

We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of December 31, 2019, the outstanding letters of credit were approximately $72.5 million and outstanding surety bonds were approximately $162.1 million, and were not recorded on the Consolidated Statements of Financial Position.

96

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

Legal Matters

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

Note 20. Segment Information

We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other.

The following tables set forth our financial performance by segment.

	Year Ended December 31,
(in millions)	2019		2018		2017
Revenues:
U.S. Media	$	1,628.7	$	1,466.8	$	1,406.5
Other	153.5		139.4		114.0
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

We present Operating income before Depreciation, Amortization, Net gain on dispositions, Stock-based compensation, Restructuring charges and an Impairment charge (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments.

	Year Ended December 31,
(in millions)	2019			2018			2017
Net income before allocation to non-controlling interests	$	140.6		$	107.9		$	125.8
Provision for income taxes	10.9			4.9			4.1
Equity in earnings of investee companies, net of tax	(5.7		)	(4.1		)	(4.8		)
Interest expense, net	134.9			125.7			116.9
Loss on extinguishment of debt	28.5			—			—
Other (income) expense, net	(0.1		)	0.4			(0.3		)
Operating income	309.1			234.8			241.7
Restructuring charges	0.3			2.1			6.4
Net gain on dispositions	(3.8		)	(5.5		)	(14.3		)
Impairment charge	—			42.9			—
Depreciation and amortization	194.5			185.0			189.8
Stock-based compensation	22.3			20.2			20.5
Total Adjusted OIBDA	$	522.4		$	479.5		$	444.1
Adjusted OIBDA:
U.S. Media	$	546.3		$	500.2		$	478.1
Other	22.1			17.3			8.4
Corporate	(46.0		)	(38.0		)	(42.4		)
Total Adjusted OIBDA	$	522.4		$	479.5		$	444.1

97

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

	Year Ended December 31,
(in millions)	2019			2018			2017
Operating income (loss):
U.S. Media	$	376.3		$	342.8		$	320.6
Other	1.4			(49.4		)	(16.0		)
Corporate	(68.6		)	(58.6		)	(62.9		)
Total operating income	$	309.1		$	234.8		$	241.7
Net (gain) loss on dispositions:
U.S. Media	$	(3.9	)	$	(5.3	)	$	(14.4	)
Other	0.1			(0.2		)	0.1
Total gain on dispositions	$	(3.8	)	$	(5.5	)	$	(14.3	)
Depreciation and amortization:
U.S. Media	$	173.9		$	161.8		$	169.6
Other	20.6			23.2			20.2
Total depreciation and amortization	$	194.5		$	185.0		$	189.8
Capital expenditures:
U.S. Media	$	86.7		$	73.0		$	63.9
Other	3.2			9.3			6.9
Total capital expenditures	$	89.9		$	82.3		$	70.8

	As of December 31,
(in millions)	2019		2018		2017
Assets:
U.S. Media	$	5,077.1	$	3,610.0	$	3,528.8
Other	284.0		202.5		263.8
Corporate	21.2		16.2		15.6
Total assets	$	5,382.3	$	3,828.7	$	3,808.2

	Year Ended December 31,
(in millions)	2019		2018		2017
Revenues(a):
United States	$	1,694.4	$	1,521.6	$	1,447.3
Canada	87.8		84.6		73.2
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

(a) Revenues classifications are based on the geography of the advertising.

	As of December 31,
(in millions)	2019		2018		2017
Long-lived assets(a):
United States	$	4,722.1	$	3,255.0	3,216.4
Canada	203.0		122.5		189.1
Total long-lived assets	$	4,925.1	$	3,377.5	$	3,405.5

(a) Reflects total assets less current assets, investments and non-current deferred tax assets.

98

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

Note 21. Condensed Consolidating Financial Information

We and our material existing and future direct and indirect 100% owned domestic subsidiaries (except Finance LLC and Outfront Media Capital Corporation, the borrowers under the Term Loan and the Revolving Credit Facility) guarantee the obligations under the Term Loan and the Revolving Credit Facility. Our senior unsecured notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly-owned domestic subsidiaries that guarantees the Term Loan and the Revolving Credit Facility (see Note 8. Debt to the Consolidated Financial Statements). The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10 for: (i) OUTFRONT Media Inc. (the “Parent Company”); (ii) Finance LLC (the “Subsidiary Issuer”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries, including the SPVs; (v) elimination entries necessary to consolidate the Parent Company and the Subsidiary Issuer, the guarantor subsidiaries and non-guarantor subsidiaries; and (vi) the Parent Company on a consolidated basis. Outfront Media Capital Corporation is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below.

	As of December 31, 2019
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	12.7	$	1.1	$	45.3	$	—		$	59.1
Receivables, less allowances	—		—		—		320.8		(30.8		)	290.0
Other current assets	—		1.0		169.7		76.9		(160.9		)	86.7
Total current assets	—		13.7		170.8		443.0		(191.7		)	435.8
Property and equipment, net	—		—		618.2		48.0		—			666.2
Goodwill	—		—		2,059.9		23.2		—			2,083.1
Intangible assets	—		—		479.5		71.4		—			550.9
Operating lease assets	—		—		1,344.3		112.7		—			1,457.0
Investment in subsidiaries	1,093.8		3,330.0		331.6		—		(4,755.4		)	—
Prepaid MTA equipment deployment costs	—		—		116.1		—		—			116.1
Other assets	—		3.5		65.8		3.9		—			73.2
Intercompany	—		—		77.5		87.6		(165.1		)	—
Total assets	$	1,093.8	$	3,347.2	$	5,263.7	$	789.8	$	(5,112.2	)	$	5,382.3
Total current liabilities	$	—	$	26.7	$	590.5	$	224.5	$	(191.7	)	$	650.0
Long-term debt, net	—		2,222.1		—		—		—			2,222.1
Deferred income tax liabilities, net	—		—		—		18.0		—			18.0
Asset retirement obligation	—		—		30.6		4.5		—			35.1
Operating lease liabilities	—		—		1,188.0		97.1		—			1,285.1
Deficit in excess of investment of subsidiaries	—		—		2,236.2		—		(2,236.2		)	—
Other liabilities	—		4.6		37.0		4.0		—			45.6
Intercompany	—		—		87.6		77.5		(165.1		)	—
Total liabilities	—		2,253.4		4,169.9		425.6		(2,593.0		)	4,255.9
Total stockholders’ equity	1,093.8		1,093.8		1,093.8		331.6		(2,519.2		)	1,093.8
Non-controlling interests	—		—		—		32.6		—			32.6
Total equity	1,093.8		1,093.8		1,093.8		364.2		(2,519.2		)	1,126.4
Total liabilities and equity	$	1,093.8	$	3,347.2	$	5,263.7	$	789.8	$	(5,112.2	)	$	5,382.3

99

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

	As of December 31, 2018
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	12.0	$	—	$	40.7	$	—		$	52.7
Receivables, less allowances	—		—		52.7		232.1		(19.9		)	264.9
Other current assets	—		1.0		176.3		81.5		(146.9		)	111.9
Total current assets	—		13.0		229.0		354.3		(166.8		)	429.5
Property and equipment, net	—		—		604.3		48.6		—			652.9
Goodwill	—		—		2,059.9		19.8		—			2,079.7
Intangible assets	—		—		478.4		58.8		—			537.2
Investment in subsidiaries	1,102.8		3,257.5		261.9		—		(4,622.2		)	—
Prepaid MTA equipment deployment costs	—		—		60.6		—		—			60.6
Other assets	—		2.3		63.4		3.1		—			68.8
Intercompany	—		—		81.0		100.7		(181.7		)	—
Total assets	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7
Total current liabilities	$	—	$	18.0	$	375.5	$	175.9	$	(166.8	)	$	402.6
Long-term debt, net	—		2,149.6		—		—		—			2,149.6
Deferred income tax liabilities, net	—		—		—		17.0		—			17.0
Asset retirement obligation	—		—		29.9		4.3		—			34.2
Deficit in excess of investment of subsidiaries	—		—		2,154.7		—		(2,154.7		)	—
Other liabilities	—		2.4		74.9		2.7		—			80.0
Intercompany	—		—		100.7		81.0		(181.7		)	—
Total liabilities	—		2,170.0		2,735.7		280.9		(2,503.2		)	2,683.4
Total stockholders’ equity	1,102.8		1,102.8		1,102.8		261.9		(2,467.5		)	1,102.8
Non-controlling interests	—		—		—		42.5		—			42.5
Total equity	1,102.8		1,102.8		1,102.8		304.4		(2,467.5		)	1,145.3
Total liabilities and stockholders’ equity	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7

100

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

	Year Ended December 31, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	1,109.9		$	80.0		$	—		$	1,189.9
Transit and other	—			—			579.5			12.8			—			592.3
Total revenues	—			—			1,689.4			92.8			—			1,782.2
Expenses:
Operating	—			—			906.3			52.3			—			958.6
Selling, general and administrative	1.6			0.5			311.2			10.2			—			323.5
Restructuring charges	—			—			0.3			—			—			0.3
Net gain on dispositions	—			—			(3.8		)	—			—			(3.8		)
Depreciation	—			—			76.8			10.5			—			87.3
Amortization	—			—			97.8			9.4			—			107.2
Total expenses	1.6			0.5			1,388.6			82.4			—			1,473.1
Operating income (loss)	(1.6		)	(0.5		)	300.8			10.4			—			309.1
Interest expense, net	—			(127.1		)	(2.5		)	(5.3		)	—			(134.9		)
Loss on extinguishment of debt	—			(28.5		)	—			—			—			(28.5		)
Other income, net	—			—			—			0.1			—			0.1
Income (loss) before provision for income taxes and equity in earnings of investee companies	(1.6		)	(156.1		)	298.3			5.2			—			145.8
Provision for income taxes	—			—			(8.8		)	(2.1		)	—			(10.9		)
Equity in earnings of investee companies, net of tax	141.7			297.8			(147.8		)	1.1			(287.1		)	5.7
Net income before allocation to non-controlling interests	$	140.1		$	141.7		$	141.7		$	4.2		$	(287.1	)	$	140.6
Net income attributable to non-controlling interests	—			—			—			0.5			—			0.5
Net income attributable to Outfront Media Inc.	140.1			141.7			141.7			3.7			(287.1		)	140.1
Net income attributable to Outfront Media Inc.	$	140.1		$	141.7		$	141.7		$	3.7		$	(287.1	)	$	140.1
Total other comprehensive income, net of tax	4.3			4.3			4.3			6.5			(15.1		)	4.3
Total comprehensive income	$	144.4		$	146.0		$	146.0		$	10.2		$	(302.2	)	$	144.4

101

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

	Year Ended December 31, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	1,040.1		$	72.3		$	—		$	1,112.4
Transit and other	—			—			480.8			13.0			—			493.8
Total revenues	—			—			1,520.9			85.3			—			1,606.2
Expenses:
Operating	—			—			808.3			51.6			—			859.9
Selling, general and administrative	1.6			0.2			276.6			8.6			—			287.0
Restructuring charges	—			—			2.1			—			—			2.1
Net gain on dispositions	—			—			(5.3		)	(0.2		)	—			(5.5		)
Impairment charge	—			—			—			42.9			—			42.9
Depreciation	—			—			73.3			12.6			—			85.9
Amortization	—			—			90.2			8.9			—			99.1
Total expenses	1.6			0.2			1,245.2			124.4			—			1,371.4
Operating income (loss)	(1.6		)	(0.2		)	275.7			(39.1		)	—			234.8
Interest expense, net	—			(118.4		)	(3.8		)	(3.5		)	—			(125.7		)
Other expenses, net	—			—			—			(0.4		)	—			(0.4		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.6		)	(118.6		)	271.9			(43.0		)	—			108.7
Benefit (provision) for income taxes	—			—			(6.1		)	1.2			—			(4.9		)
Equity in earnings of investee companies, net of tax	109.5			228.1			(156.3		)	1.1			(178.3		)	4.1
Net income (loss) attributable to OUTFRONT Media Inc.	$	107.9		$	109.5		$	109.5		$	(40.7	)	$	(178.3	)	$	107.9
Net income (loss) attributable to OUTFRONT Media Inc.	$	107.9		$	109.5		$	109.5		$	(40.7	)	$	(178.3	)	$	107.9
Total other comprehensive loss, net of tax	(14.3		)	(14.3		)	(14.3		)	(12.1		)	40.7			(14.3		)
Total comprehensive income (loss)	$	93.6		$	95.2		$	95.2		$	(52.8	)	$	(137.6	)	$	93.6

102

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

	Year Ended December 31, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	997.5		$	61.5		$	—		$	1,059.0
Transit and other	—			—			449.4			12.1			—			461.5
Total revenues	—			—			1,446.9			73.6			—			1,520.5
Expenses:
Operating	—			—			784.6			50.6			—			835.2
Selling, general and administrative	1.6			0.9			246.2			13.0			—			261.7
Restructuring charges	—			—			2.5			3.9			—			6.4
Net (gain) loss on dispositions	—			—			(14.4		)	0.1			—			(14.3		)
Depreciation	—			—			77.3			12.4			—			89.7
Amortization	—			—			94.0			6.1			—			100.1
Total expenses	1.6			0.9			1,190.2			86.1			—			1,278.8
Operating income (loss)	(1.6		)	(0.9		)	256.7			(12.5		)	—			241.7
Interest expense, net	—			(113.9		)	(2.3		)	(0.7		)	—			(116.9		)
Other income, net	—			—			—			0.3			—			0.3
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.6		)	(114.8		)	254.4			(12.9		)	—			125.1
Benefit (provision) for income taxes	—			—			(11.3		)	7.2			—			(4.1		)
Equity in earnings of investee companies, net of tax	127.4			242.2			(115.7		)	0.8			(249.9		)	4.8
Net income (loss) attributable to OUTFRONT Media Inc.	$	125.8		$	127.4		$	127.4		$	(4.9	)	$	(249.9	)	$	125.8
Net income (loss) attributable to OUTFRONT Media Inc.	$	125.8		$	127.4		$	127.4		$	(4.9	)	$	(249.9	)	$	125.8
Total other comprehensive income, net of tax	10.8			10.8			10.8			10.8			(32.4		)	10.8
Total comprehensive income	$	136.6		$	138.2		$	138.2		$	5.9		$	(282.3	)	$	136.6

103

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

	Year Ended December 31, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.6	)	$	(111.8	)	$	375.7		$	14.6		$	—	$	276.9
Investing activities:
Capital expenditures	—			—			(87.0		)	(2.9		)	—		(89.9		)
Acquisitions	—			—			(69.7		)	—			—		(69.7		)
MTA franchise rights	—			—			(24.0		)	—			—		(24.0		)
Proceeds from dispositions	—			—			5.8			—			—		5.8
Return of investment in investee companies	—			—			1.5			—			—		1.5
Net cash flow used for investing activities	—			—			(173.4		)	(2.9		)	—		(176.3		)
Financing activities:
Proceeds from long-term debt borrowings	—			1,270.0			—			—			—		1,270.0
Repayments of long-term debt borrowings	—			(1,191.5		)	—			—			—		(1,191.5		)
Proceeds from borrowings under short-term debt facilities	—			—			180.0			325.0			—		505.0
Repayments of borrowings under short-term debt facilities	—			—			(165.0		)	(305.0		)	—		(470.0		)
Payments of deferred financing costs	—			(21.9		)	(0.2		)	—			—		(22.1		)
Payments of debt extinguishment charges	—			(20.6		)	—			—			—		(20.6		)
Proceeds from shares issued under the ATM Program	50.9			—			—			—			—		50.9
Taxes withheld for stock-based compensation	—			—			(7.9		)	—			—		(7.9		)
Dividends	(206.2		)	—			—			(1.9		)	—		(208.1		)
Intercompany	156.9			76.5			(207.7		)	(25.7		)	—		—
Net cash flow provided by (used for) financing activities	1.6			112.5			(200.8		)	(7.6		)	—		(94.3		)
Effect of exchange rate on cash, cash equivalents and restricted cash	—			—			—			0.5			—		0.5
Net increase in cash, cash equivalents and restricted cash	—			0.7			1.5			4.6			—		6.8
Cash, cash equivalents and restricted cash at beginning of period	—			12.0			1.4			40.7			—		54.1
Cash, cash equivalents and restricted cash at end of period	$	—		$	12.7		$	2.9		$	45.3		$	—	$	60.9

104

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

	Year Ended December 31, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.6	)	$	(110.6	)	$	331.8		$	(5.3	)	$	—	$	214.3
Investing activities:
Capital expenditures	—			—			(70.0		)	(12.3		)	—		(82.3		)
Acquisitions	—			—			(7.0		)	—			—		(7.0		)
MTA franchise rights	—			—			(13.3		)	—			—		(13.3		)
Proceeds from dispositions	—			—			7.6			0.3			—		7.9
Return of investment in investee companies	—			—			4.3			—			—		4.3
Net cash flow used for investing activities	—			—			(78.4		)	(12.0		)	—		(90.4		)
Financing activities:
Proceeds from long-term debt borrowings	—			104.0			—			—			—		104.0
Repayments of long-term debt borrowings	—			(104.0		)	—			—			—		(104.0		)
Proceeds from borrowings under short-term debt facilities	—			—			75.0			170.0			—		245.0
Repayments of borrowings under short-term debt facilities	—			—			—			(165.0		)	—		(165.0		)
Payments of deferred financing costs	—			(0.2		)	—			(0.1		)	—		(0.3		)
Proceeds from shares issued under the ATM Program	15.3			—			—			—			—		15.3
Earnout payment related to prior acquisition	—			—			(0.4		)	—			—		(0.4		)
Taxes withheld for stock-based compensation	—			—			(8.4		)	—			—		(8.4		)
Dividends	(201.2		)	—			—			(2.7		)	—		(203.9		)
Intercompany	187.5			112.6			(321.9		)	21.8			—		—
Net cash flow provided by (used for) financing activities	1.6			112.4			(255.7		)	24.0			—		(117.7		)
Effect of exchange rate on cash, cash equivalents and restricted cash	—			—			—			(0.4		)	—		(0.4		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			1.8			(2.3		)	6.3			—		5.8
Cash, cash equivalents and restricted cash at beginning of period	—			10.2			3.7			34.4			—		48.3
Cash, cash equivalents and restricted cash at end of period	$	—		$	12.0		$	1.4		$	40.7		$	—	$	54.1

105

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

	Year Ended December 31, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.7	)	$	(108.5	)	$	329.5		$	30.0		$	—	$	249.3
Investing activities:
Capital expenditures	—			—			(63.6		)	(7.2		)	—		(70.8		)
Acquisitions	—			—			(17.6		)	(51.6		)	—		(69.2		)
MTA franchise rights	—			—			(0.9		)	—			—		(0.9		)
Proceeds from dispositions	—			—			5.5			0.1			—		5.6
Net cash flow used for investing activities	—			—			(76.6		)	(58.7		)	—		(135.3		)
Financing activities:
Proceeds from long-term debt borrowings	—			8.3			—			—			—		8.3
Proceeds from borrowings under short-term debt facilities	—			90.0			—			160.0			—		250.0
Repayments of borrowings under short-term debt facilities	—			(90.0		)	—			(80.0		)	—		(170.0		)
Payments of deferred financing costs	—			(8.0		)	—			(0.5		)	—		(8.5		)
Proceeds from stock option exercises	1.2			—			—			—			—		1.2
Earnout payment related to prior acquisition	—			—			(2.0		)	—			—		(2.0		)
Taxes withheld for stock-based compensation	—			—			(8.5		)	—			—		(8.5		)
Dividends	(200.4		)	—			—			(1.4		)	—		(201.8		)
Intercompany	200.9			107.0			(274.3		)	(33.6		)	—		—
Other	—			—			(0.2		)	—			—		(0.2		)
Net cash flow provided by (used for) financing activities	1.7			107.3			(285.0		)	44.5			—		(131.5		)
Effect of exchange rate on cash, cash equivalents and restricted cash	—			—			—			0.6			—		0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(1.2		)	(32.1		)	16.4			—		(16.9		)
Cash, cash equivalents and restricted cash at beginning of period	—			11.4			35.8			18.0			—		65.2
Cash, cash equivalents and restricted cash at end of period	$	—		$	10.2		$	3.7		$	34.4		$	—	$	48.3

106

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

Note 22. Quarterly Financial Data (Unaudited)

Our revenues and profits experience seasonality due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season.

	2019
(in millions)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues:
U.S. Media	$	338.4		$	419.6		$	422.7		$	448.0		$	1,628.7
Other	33.3			40.3			39.8			40.1			153.5
Total revenues	$	371.7		$	459.9		$	462.5		$	488.1		$	1,782.2
Adjusted OIBDA:
U.S. Media	$	94.6		$	145.8		$	147.3		$	158.6		$	546.3
Other	1.2			8.8			4.3			7.8			22.1
Corporate	(9.0		)	(11.0		)	(11.3		)	(14.7		)	(46.0		)
Total Adjusted OIBDA	86.8			143.6			140.3			151.7			522.4
Restructuring charges	(0.3		)	—			—			—			(0.3		)
Net gain (loss) on dispositions	1.5			(0.4		)	1.9			0.8			3.8
Depreciation	(21.1		)	(21.4		)	(22.4		)	(22.4		)	(87.3		)
Amortization	(24.7		)	(27.6		)	(28.7		)	(26.2		)	(107.2		)
Stock-based compensation	(5.3		)	(5.5		)	(5.6		)	(5.9		)	(22.3		)
Total operating income	$	36.9		$	88.7		$	85.5		$	98.0		$	309.1
Operating income (loss):
U.S. Media	$	55.5		$	101.9		$	103.1		$	115.8		$	376.3
Other	(4.0		)	3.3			(0.7		)	2.8			1.4
Corporate	(14.6		)	(16.5		)	(16.9		)	(20.6		)	(68.6		)
Total operating income	$	36.9		$	88.7		$	85.5		$	98.0		$	309.1
Net income attributable to OUTFRONT Media Inc.	$	6.1		$	50.3		$	38.7		$	45.0		$	140.1
Net income attributable to OUTFRONT Media Inc. per common share:
Basic	$	0.04		$	0.35		$	0.27		$	0.31		$	0.97
Diluted	$	0.04		$	0.35		$	0.27		$	0.31		$	0.97

107

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements (Continued)

	2018
(in millions)	First Quarter			Second Quarter				Third Quarter			Fourth Quarter			Total Year
Revenues:
U.S. Media	$	309.9		$	367.2			$	379.7		$	410.0		$	1,466.8
Other	28.0			34.5				34.5			42.4			139.4
Total revenues	$	337.9		$	401.7			$	414.2		$	452.4		$	1,606.2
Adjusted OIBDA:
U.S. Media	$	88.9		$	131.2			$	136.2		$	143.9		$	500.2
Other	(0.8		)	4.2				4.2			9.7			17.3
Corporate	(6.9		)	(10.2		)		(11.1		)	(9.8		)	(38.0		)
Total Adjusted OIBDA	81.2			125.2				129.3			143.8			479.5
Restructuring charges	(1.1		)	(0.2		)		(0.1		)	(0.7		)	(2.1		)
Net gain on dispositions	0.2			2.7				1.3			1.3			5.5
Impairment charge	—			(42.9		)	(a)	—			—			(42.9		)
Depreciation	(21.1		)	(21.3		)		(21.0		)	(22.5		)	(85.9		)
Amortization	(22.5		)	(25.0		)		(25.8		)	(25.8		)	(99.1		)
Stock-based compensation	(5.0		)	(5.6		)		(4.8		)	(4.8		)	(20.2		)
Total operating income	$	31.7		$	32.9			$	78.9		$	91.3		$	234.8
Operating income (loss):
U.S. Media	$	50.6		$	93.8			$	96.0		$	102.4		$	342.8
Other	(7.0		)	(45.1		)		(1.2		)	3.9			(49.4		)
Corporate	(11.9		)	(15.8		)		(15.9		)	(15.0		)	(58.6		)
Total operating income	$	31.7		$	32.9			$	78.9		$	91.3		$	234.8
Net income (loss) attributable to OUTFRONT Media Inc.	$	9.1		$	(5.2	)		$	46.8		$	57.2		$	107.9
Net income (loss) attributable to OUTFRONT Media Inc. per common share:
Basic	$	0.06		$	(0.04	)		$	0.33		$	0.40		$	0.76
Diluted	$	0.06		$	(0.04	)		$	0.33		$	0.40		$	0.75

(a) As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets: Goodwill to the Consolidated Financial Statements.

Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year.

108

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) of the Exchange Act, our management has carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act, as of the end of the period covered by this report. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report, were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act. Our management, including our Chief Executive Officer and Chief Financial Officer, conducted an assessment of the effectiveness of our internal control over financial reporting based on the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that assessment, our management has concluded that our internal control over financial reporting was effective as of December 31, 2019 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The effectiveness of our internal control over financial reporting as of December 31, 2019 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears in “Item 8. Financial Statements and Supplementary Data.”

Limitations on Effectiveness of Disclosure Controls and Procedures and Internal Control Over Financial Reporting

In designing and evaluating our disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Item 9B. Other Information.

None.

109

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The Company has adopted a Code of Conduct that applies to all executive officers, employees and directors of the Company. In addition, the Company has adopted a Supplemental Code of Ethics applicable to our principal executive officer, principal financial officer, principal accounting officer and controller or persons performing similar functions. Both the Code of Conduct and the Supplemental Code of Ethics are available in the Investor Relations section of our website at www.outfrontmedia.com. We intend to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding any amendment to, or waiver from, a provision of the Code of Conduct or the Supplemental Code of Ethics that applies to our principal executive officer, principal financial officer, principal accounting officer and controller or persons performing similar functions, and relates to any element of the definition of code of ethics set forth in Item 406(b) of Regulation S-K, by posting such information on our website at www.outfrontmedia.com.

All additional information required by this item is incorporated by reference to our Proxy Statement for the 2020 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2019.

Item 11. Executive Compensation.

The information required by this item is incorporated by reference to our Proxy Statement for the 2020 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2019.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information required by this item is incorporated by reference to our Proxy Statement for the 2020 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2019.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information required by this item is incorporated by reference to our Proxy Statement for the 2020 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2019.

Item 14. Principal Accounting Fees and Services.

The information required by this item is incorporated by reference to our Proxy Statement for the 2020 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2019.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a)(1) Financial Statements. The financial statements filed as part of this Annual Report on Form 10-K are listed in the index to the financial statements, which is included in “Item 8. Financial Statements and Supplementary Data.”

(a)(2) Financial Statement Schedules. The following financial statement schedules should be read in conjunction with the consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data.” All other schedules for which provision is made in the applicable accounting regulation of the SEC are not required under the related instructions or are inapplicable, and therefore have been omitted.

	Page No.
Schedule II - Valuation and Qualifying Accounts for the years ended December 31, 2019, 2018 and 2017.	111
Schedule III - Schedule of Real Estate and Accumulated Depreciation as of December 31, 2019	112

110

OUTFRONT Media Inc.

Schedule II—Valuation and Qualifying Accounts

(in millions)

Col. A	Col. B		Col. C							Col. D		Col. E
Description	Balance at Beginning of Period		Balance Acquired through Acquisitions		Charged to Costs and Expenses		Charged to Other Accounts			Deductions		Balance at End of Period
Allowance for doubtful accounts:
Year ended December 31, 2019	$	10.7	$	—	$	5.3	$	0.1		$	4.0	$	12.1
Year ended December 31, 2018	11.5		—		1.9		(0.1		)	2.6		10.7
Year ended December 31, 2017	9.2		—		4.4		0.1			2.2		11.5
Valuation allowance on deferred tax assets:
Year ended December 31, 2019	$	—	$	—	$	0.4	$	—		$	—	$	0.4
Year ended December 31, 2018	—		—		—		—			—		—
Year ended December 31, 2017	—		—		—		—			—		—

111

OUTFRONT Media Inc.

SCHEDULE III – Schedule of Real Estate and

Accumulated Depreciation

as of December 31, 2019

(in millions)

		Initial Cost				Cost Capitalized Subsequent to Acquisition			Gross Carrying Amount at December 31, 2019 (3)
Description (1)	Encumbrances	Land		Structures and Improvements					Land		Structures and Improvements		Total		Accumulated Depreciation			Construction Date	Acquisition Date	Useful Lives
Structures added prior to January 1, 2014
United States - 39,618 displays	—	(2)		(2)		(2)			$	81.1	$	1,405.7	1,486.8		$	(1,113.2	)	Various	Various	5 to 20 years
Canada - 4,808 displays	—	(2)		(2)		(2)			2.2		284.7		286.9		(271.5		)	Various	Various	5 to 20 years
									$	83.3	$	1,690.4	$	1,773.7	$	(1,384.7	)
Structures added subsequent to January 1, 2014
United States - 2,039 displays		$	15.5	$	165.4	$	(11.8	)	$	15.5	$	153.6	$	169.1	$	(7.7	)	Various	Various	5 to 20 years
Canada - 258 displays		—		22.1		—			—		22.1		22.1		(1.6		)	Various	Various	5 to 20 years
		$	15.5	$	187.5	$	(11.8	)	$	15.5	$	175.7	$	191.2	$	(9.3	)
Total
United States - 41,657 displays									$	96.6	$	1,559.3	$	1,655.9	$	(1,120.9	)	Various	Various	5 to 20 years
Canada - 5,066 displays									2.2		306.8		309.0		(273.1		)	Various	Various	5 to 20 years
									$	98.8	$	1,866.1	$	1,964.9	$	(1,394.0	)

______________________

(1) No single asset exceeded 5% of the total gross carrying amount as of December 31, 2019.

(2) This information is omitted as it would be impracticable to compile on a site-by-site basis.

(3) Includes sites under construction.

112

The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation.

	2019			2018			2017
Gross real estate assets:
Balance at the beginning of the year	$	1,886.9		$	1,845.2		$	1,787.3
New Investments	25.0			27.2			22.0
Redevelopments	35.6			29.0			23.4
Recurring capital expenditures	10.2			12.8			13.0
Land acquisitions	2.1			3.5			4.6
Additions for construction of / improvements to structures	72.9			72.5			63.0
Assets sold or written-off	(9.4		)	(2.9		)	(28.9		)
Foreign exchange	14.5			(27.9		)	23.8
Balance at the end of the year	$	1,964.9		$	1,886.9		$	1,845.2
Accumulated depreciation:
Balance at the beginning of the year	$	1,323.2		$	1,280.7		$	1,208.5
Depreciation	66.0			69.1			76.2
Assets sold or written-off	(8.0		)	(2.3		)	(24.5		)
Foreign exchange	12.8			(24.3		)	20.5
Balance at the end of the year	$	1,394.0		$	1,323.2		$	1,280.7

113

(a)(3) Exhibits. The exhibits filed as part of this Annual Report on Form 10-K are listed on the Exhibit Index immediately following “Item16. Form 10-K Summary,” which is incorporated herein by reference.

Item 16. Form 10-K Summary.

None.

114

EXHIBIT INDEX

Exhibit Number	Description
2.1	Agreement and Plan of Reorganization, dated as of January 15, 2014, by and among CBS Corporation, CBS Outdoor Americas Inc. and CBS Radio Media Corporation (incorporated herein by reference to Exhibit 2.1 to the Company’s Registration Statement on Form S-11 (File No. 333-189643), filed on January 31, 2014).
2.2	Master Separation Agreement, dated as of April 2, 2014, by and between CBS Outdoor Americas Inc. and CBS Corporation (incorporated herein by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on April 2, 2014).
2.3	Membership Interest Purchase Agreement, dated as of July 20, 2014, by and among CBS Outdoor Americas Inc., CBS Outdoor LLC, Van Wagner Communications, LLC, Van Wagner Twelve Holdings, LLC and Richard M. Schaps (incorporated herein by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 21, 2014).
3.1	Articles of Amendment and Restatement of OUTFRONT Media Inc. effective March 28, 2014, as amended by the Articles of Amendment of OUTFRONT Media Inc. effective November 20, 2014 and June 10, 2019 (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on June 10, 2019).
3.2	Amended and Restated Bylaws of OUTFRONT Media Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on February 26, 2019).
4.1	Indenture, dated as of January 31, 2014, by and among CBS Outdoor Americas Capital LLC, CBS Outdoor Americas Capital Corporation, the guarantors named therein and Deutsche Bank Trust Company Americas (including the Form of Senior Notes) (incorporated herein by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-11 (File No. 333-189643), filed on January 31, 2014).
4.2	Indenture, dated as of June 14, 2019, by and among Outfront Media Capital LLC, Outfront Media Capital Corporation, the guarantors named therein and Deutsche Bank Trust Company Americas (including the Form of Senior Notes) (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on June 14, 2019).
4.3	Indenture, dated as of November 18, 2019, by and among Outfront Media Capital LLC, Outfront Media Capital Corporation, the guarantors named therein and Deutsche Bank Trust Company Americas (including the Form of Senior Notes) (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on November 18, 2019).
4.4	Third Supplemental Indenture, dated as of March 30, 2015, by and among Outfront Media Capital LLC, Outfront Media Capital Corporation, the guarantors named therein and Deutsche Bank Trust Company Americas (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on March 30, 2015).
4.5	Description of OUTFRONT Media Inc. Common Stock.
10.1	Advertising License Agreement, entered into December 8, 2017, to be effective as of November 1, 2017, by and between the Metropolitan Transportation Authority and Outfront Media Group LLC (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on December 13, 2017).
10.2	Form of Director Indemnification Agreement (incorporated herein by reference to Exhibit 10.5 to the Company’s Registration Statement on Form S-11 (File No. 333-189643), filed on February 18, 2014).
10.3	Credit Agreement, dated as of January 31, 2014, by and among CBS Outdoor Americas Capital LLC, CBS Outdoor Americas Capital Corporation, the guarantors party thereto, Citibank, N.A. and the other lenders party thereto from time to time (incorporated herein by reference to Exhibit 10.9 to the Company’s Registration Statement on Form S-4 (File No. 333-201197), filed on December 22, 2014).
10.4	Amendment No. 2 to Credit Agreement and Amendment No. 1 to Security Agreement, dated as of March 16, 2017, by and among Outfront Media Capital LLC, Outfront Media Capital Corporation, the guarantors party thereto, Morgan Stanley Senior Funding, Inc. and the other lenders party thereto from time to time, to Credit Agreement and to Security Agreement, each dated as of January 31, 2014, as amended (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on March 20, 2017).

115

10.5	Amendment No. 4 to Credit Agreement, dated as of November 17, 2017, by and among Outfront Media Capital LLC, Outfront Media Capital Corporation, the guarantors party thereto, Morgan Stanley Senior Funding, Inc. and the other lenders party thereto from time to time, to Credit Agreement, dated as of January 31, 2014, as amended, (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on November 20, 2017).
10.6	Amendment No. 5 to Credit Agreement and Amendment No. 2 to Security Agreement, dated as of November 18, 2019, by and among Outfront Media Capital LLC, Outfront Media Capital Corporation, the guarantors party thereto, Morgan Stanley Senior Funding, Inc. and the other lenders party thereto from time to time, to Credit Agreement and to Security Agreement, each dated as of January 31, 2014, as amended (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on November 18, 2019).
10.7	Amended and Restated Receivables Purchase Agreement, dated as of July 19, 2019, by and among Outfront Media LLC, Outfront Media Receivables LLC, Outfront Media Receivables TRS, LLC, MUFG Bank, Ltd., the other parties thereto from time to time as purchasers and group agents, and Gotham Funding Corporation (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.8	Amended and Restated QRS Purchase and Sale Agreement, dated as of July 19, 2019, between Outfront Media LLC and Outfront Media Receivables LLC (including the Form of Subordinated Note) (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.9	Amended and Restated Performance Guaranty, dated as of July 19, 2019, between OUTFRONT Media Inc. and MUFG Bank, Ltd. (incorporated herein by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.10	TRS Purchase and Sale Agreement, dated as of July 19, 2019, by and among Outfront Media LLC, Outfront Media Receivables TRS, LLC and the originators party thereto (including the Form of Subordinated Note) (incorporated herein by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.11	Amended and Restated Master Framework Agreement, dated as of July 19, 2019, by and among Outfront Media LLC, Outfront Media Outernet Inc., MUFG Bank, Ltd. and the originators party thereto (incorporated herein by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.12	Master Repurchase Agreement, dated as of July 19, 2019, between Outfront Media Outernet Inc. and MUFG Bank, Ltd. (incorporated herein by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.13	Master Repurchase Agreement, dated as of September 6, 2018, between Outfront Media LLC and MUFG Bank, Ltd. (incorporated herein by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on September 7, 2018).
10.14	Amended and Restated Guaranty, dated as of July 19, 2019, between OUTFRONT Media Inc. and MUFG Bank, Ltd. (incorporated herein by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.15	OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on June 10, 2019).*
10.16	OUTFRONT Media Inc. Amended and Restated Executive Bonus Plan (incorporated herein by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015, File No. 001-36367).*
10.17	OUTFRONT Media Excess 401(k) Plan (incorporated herein by reference to Exhibit 10.9 to the Company’s Registration Statement on Form S-11 (File No. 333-189643), filed on February 18, 2014).*
10.18	Form of Certificate and Terms and Conditions for Performance-Based Restricted Share Units Awards with Time Vesting under the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (incorporated herein by reference to Exhibit 10.13 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, File No. 001-36367).*
10.19	Form of Certificate and Terms and Conditions for Restricted Share Units Awards with Time Vesting granted under the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (incorporated herein by reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, File No. 001-36367).*

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10.20	Form of Certificate and Terms and Conditions for Restricted Share Units Awards with Time Vesting for Directors granted under the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on June 11, 2015).*
10.21	Summary of Compensation for Outside Directors, effective June 9, 2015 and July 1, 2017 (incorporated herein by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2017, File No. 001-36367).*
10.22	CBS Corporation 2009 Long-Term Incentive Plan (effective February 21, 2008, as amended and restated May 23, 2013) (incorporated herein by reference to Exhibit 10(c) to CBS Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013, File No. 001-09553).*
10.23	Form of Certificate and Terms and Conditions for Converted Stock Options (incorporated herein by reference to Exhibit 10(c)(ii) to CBS Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, File No. 001-09553).*
10.24	Employment Agreement with Jodi Senese, dated as of June 6, 2016 (incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016, File No. 001-36367).*
10.25	OUTFRONT Media Inc. Executive Change in Control Severance Plan (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on December 14, 2015).*
10.26	Form of Participation Agreement under the OUTFRONT Media Inc. Executive Change in Control Severance Plan (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on December 14, 2015).*
10.27	Employment Agreement with Richard Sauer, dated as of February 24, 2017 (incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017, File No. 001-36367).*
10.28	Employment Agreement with Nancy Tostanoski, dated as of May 5, 2017 (incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2017, File No. 001-36367).*
10.29	Employment Agreement with Andrew R. Sriubas, dated as of July 28, 2017 (incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017, File No. 001-36367).*
10.30	Employment Agreement with Jeremy J. Male, dated as of September 18, 2017 (incorporated herein by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017, File No. 001-36367).*
10.31	Employment Agreement with Clive Punter, dated as of December 8, 2017 (incorporated herein by reference to Exhibit 10.32 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, File No. 001-36367).*
10.32	Employment agreement with Matthew Siegel, dated as of May 24, 2018 (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on May 24, 2018).*
21.1	List of Subsidiaries of OUTFRONT Media Inc.
23.1	Consent of PricewaterhouseCoopers LLP.
24.1	Power of Attorney (included on the signature page of this Annual Report on Form 10-K and incorporated herein by reference).
31.1	Certification of the Chief Executive Officer of OUTFRONT Media Inc. pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of the Chief Financial Officer of OUTFRONT Media Inc. pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of the Chief Executive Officer of OUTFRONT Media Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.
32.2	Certification of the Chief Financial Officer of OUTFRONT Media Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.

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101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema
101.CAL	Inline XBRL Taxonomy Calculation Linkbase
101.DEF	Inline XBRL Taxonomy Definition Document
101.LAB	Inline XBRL Taxonomy Label Linkbase
101.PRE	Inline XBRL Taxonomy Presentation Linkbase
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

_______________________

* Management contracts and compensatory plans and arrangements.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

OUTFRONT MEDIA INC.
By:	/s/ Matthew Siegel
	Name:	Matthew Siegel
	Title:	Executive Vice President and Chief Financial Officer

Date: February 26, 2020

POWER OF ATTORNEY

Each person whose signature appears below constitutes and appoints Matthew Siegel, Richard H. Sauer and Louis J. Capocasale, and each of them, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Jeremy J. Male	Chairman and Chief Executive Officer	February 26, 2020
Jeremy J. Male	(Principal Executive Officer)
/s/ Matthew Siegel	Executive Vice President and Chief Financial Officer	February 26, 2020
Matthew Siegel	(Principal Financial Officer)
/s/ George Wood	Senior Vice President and Controller	February 26, 2020
George Wood	(Principal Accounting Officer)
/s/ Nicolas Brien	Director	February 26, 2020
Nicolas Brien
/s/ Angela Courtin	Director	February 26, 2020
Angela Courtin
/s/ Manuel A. Diaz	Director	February 26, 2020
Manuel A. Diaz
/s/ Peter Mathes	Director	February 26, 2020
Peter Mathes
/s/ Susan M. Tolson	Director	February 26, 2020
Susan M. Tolson
/s/ Joseph H. Wender	Director	February 26, 2020
Joseph H. Wender

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EX-4.5

Exhibit 4.5

DESCRIPTION OF COMMON STOCK

The following summary of the terms of our common stock does not purport to be complete and is subject to and qualified in its entirety by reference to the Maryland General Corporation Law (the “MGCL”), the charter (“charter”) of OUTFRONT Media Inc. (“the Company,” “we,” “our,” “us” and “our company”) and the Company’s Amended and Restated Bylaws (“bylaws”). Copies of the charter and the bylaws are filed as exhibits to the Company’s most recent Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”), and are incorporated herein by reference.

General

Our common stock, $0.01 par value per share, is listed on the New York Stock Exchange under the symbol “OUT.”

Our charter provides that we may issue up to 500,000,000 shares of stock, consisting of 450,000,000 shares of common stock, $0.01 par value per share, and 50,000,000 shares of preferred stock, $0.01 par value per share. Under Maryland law, our stockholders generally are not liable for our debts or obligations solely as a result of their status as stockholders.

Shares of Common Stock

Subject to the preferential rights, if any, of holders of any other class or series of our stock and to the provisions of our charter relating to the restrictions on ownership and transfer of shares of our stock, holders of our common stock are entitled to receive distributions when authorized by our board of directors and declared by us out of assets legally available for distribution to our stockholders and are entitled to share ratably in our assets legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding-up, after payment of or adequate provision for all of our known debts and liabilities.

Subject to the provisions of our charter regarding the restrictions on ownership and transfer of shares of our stock and except as is otherwise specified in the terms of any class or series of our stock, each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors, and, except as may be provided with respect to any other class or series of our stock, the holders of shares of our common stock possess the exclusive voting power. Under our bylaws, directors in uncontested elections are elected upon the affirmative vote of a majority of the total votes cast for and against such nominee at a duly called meeting of stockholders, and directors in contested elections are elected by a plurality of all of the votes cast. Under our current Corporate Governance Guidelines, if an incumbent director fails to receive a majority of the votes cast in an uncontested election, he or she is required to offer to resign from the board of directors and the nominating and governance committee of the board of directors will consider such offer to resign and recommend to the board of directors whether to accept or reject the resignation offer. The Company will then promptly disclose the decision of the board of directors in a periodic or

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current report filed with or furnished to the SEC. In both uncontested and contested elections, holders of shares of our common stock have no right to cumulative voting in the election of directors. Consequently, the holders of a majority of the outstanding shares of our common stock can elect all of the directors then standing for election, and the holders of the remaining shares may cast their votes but will be unable to influence the election of directors.

Holders of shares of our common stock generally have no appraisal, preference, conversion, exchange, sinking fund or redemption rights and have no preemptive rights to subscribe for any of our securities. Subject to the provisions of our charter regarding the restrictions on ownership and transfer of shares of our stock, shares of our common stock have equal distribution, liquidation and other rights.

Power to Increase or Decrease Authorized Shares of Stock, Reclassify Unissued Shares of Stock and Issue Additional Shares of Common Stock

Our charter authorizes our board of directors, with the approval of a majority of the entire board and without stockholder approval, to amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of any class or series of stock that we are authorized to issue. Our charter authorizes our board of directors to authorize the issuance from time to time of shares of our common stock.

Our charter authorizes our board of directors to classify and reclassify any unissued shares of our common stock into other classes or series of stock, including one or more classes or series of stock that may have preferences over our common stock with respect to distributions or upon liquidation, and to authorize us to issue the newly classified shares. Prior to the issuance of shares of each new class or series, our board of directors is required by Maryland law and by our charter to set the number of shares in such class or series and, subject to the provisions of our charter regarding the restrictions on ownership and transfer of shares of our stock and subject to the express terms of any class or series of stock then outstanding, the preferences, conversion and other rights, voting powers (including exclusive voting rights), restrictions, limitations as to distributions, qualifications and terms and conditions of redemption for each class or series. Therefore, although our board of directors does not currently have any plans to do so, it could authorize the issuance of shares of common stock or preferred stock with terms and conditions that could have the effect of delaying, deferring or preventing a change in control or other transaction that might involve a premium price for shares of our common stock or otherwise be in the best interests of our stockholders.

We believe that the power of our board of directors to approve amendments to our charter to increase or decrease the number of authorized shares of stock, to authorize us to issue additional authorized but unissued shares of common stock and to classify or reclassify unissued shares of common stock and thereafter to authorize us to issue such classified or reclassified shares of stock will provide us with increased flexibility in structuring possible future financings and acquisitions and in meeting other needs that might arise.

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Restrictions on Ownership and Transfer

In order for us to qualify to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), shares of our stock must be owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year (other than the first year for which an election to qualify to be taxed as a REIT has been made). Also, not more than 50% of the value of the outstanding shares of our stock (after taking into account options to acquire shares of stock) may be owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities such as private foundations) during the last half of a taxable year (other than the first year for which an election to be a REIT has been made). To qualify to be taxed as a REIT, we must satisfy other requirements as well.

Our charter contains restrictions on the ownership and transfer of shares of our stock that are intended to assist us in complying with these requirements, among other purposes. The relevant sections of our charter provide that, subject to the exceptions described below, no person or entity may own, or be deemed to own, beneficially or by virtue of the applicable constructive ownership provisions of the Code, more than 9.8%, in value or in number of shares, whichever is more restrictive, of the outstanding shares of our common stock (the “common stock ownership limit”) or 9.8% in value of the aggregate outstanding shares of all classes or series of our stock (the “aggregate stock ownership limit”). We refer to the common stock ownership limit and the aggregate stock ownership limit collectively as the “ownership limits.” We refer to the person or entity that, but for operation of the ownership limits or another restriction on ownership and transfer of shares of our stock as described below, would beneficially own or constructively own shares of our stock in violation of such limits or restrictions and, if appropriate in the context, a person or entity that would have been the record owner of such shares of our stock as a “prohibited owner.”

The constructive ownership rules under the Code are complex and may cause shares of stock owned beneficially or constructively by a group of related individuals and/or entities to be owned beneficially or constructively by one individual or entity. As a result, the acquisition of less than 9.8%, in value or in number of shares, whichever is more restrictive, of the outstanding shares of our common stock, or less than 9.8% in value of the aggregate outstanding shares of all classes and series of our stock (or the acquisition by an individual or entity of an interest in an entity that owns, beneficially or constructively, shares of our stock), could, nevertheless, cause that individual or entity, or another individual or entity, to own beneficially or constructively shares of our stock in excess of the ownership limits.

Our board of directors, in its sole discretion, may exempt, prospectively or retroactively, a particular stockholder from the ownership limits or establish a different limit on ownership (the “excepted holder limit”) if we obtain such representations and undertakings from such stockholders as are reasonably necessary for the board of directors to determine that:

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• no individual’s beneficial or constructive ownership of our stock will result in our being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise failing to qualify to be taxed as a REIT; and

• such stockholder does not and will not own, actually or constructively, an interest in a customer (i.e., a lessee of real property for purposes of the REIT requirements) of ours (or a customer of any entity owned or controlled by us) that would cause us to own, actually or constructively, more than a 9.9% interest (as set forth in Section 856(d)(2)(B) of the Code) in such customer (or our board of directors determines that revenue derived from such customer will not, individually or in the aggregate with our other revenues, affect our ability to qualify to be taxed as a REIT).

Any violation or attempted violation of any such representations or undertakings will result in such stockholder’s shares of stock being automatically transferred to a charitable trust. As a condition of granting the waiver or establishing an excepted holder limit, our board of directors may require an opinion of counsel or a ruling from the IRS, in either case in form and substance satisfactory to our board of directors, in its sole discretion, in order to determine or ensure our status as a REIT. Notwithstanding any ruling or opinion, our board of directors may impose such conditions or restrictions as it deems appropriate in connection with granting such a waiver or establishing an excepted holder limit.

In connection with granting a waiver of the ownership limits or creating an excepted holder limit or at any other time, our board of directors may from time to time increase or decrease the common stock ownership limit, the aggregate stock ownership limit or both, for all other persons, unless, after giving effect to such increase, five or fewer individuals could beneficially own, in the aggregate, more than 49.9% in value of our outstanding stock or we would otherwise fail to qualify to be taxed as a REIT. A reduced ownership limit will not apply to any person or entity whose percentage ownership of our common stock or our stock of all classes and series, as applicable, is, at the effective time of such reduction, in excess of such decreased ownership limit until such time as such person’s or entity’s percentage ownership of our common stock or our stock of all classes and series, as applicable, equals or falls below the decreased ownership limit, but any further acquisition of shares of our common stock or stock of all other classes or series, as applicable, will violate the decreased ownership limit.

Our charter further prohibits:

• any person from beneficially or constructively owning, applying certain attribution rules of the Code, shares of our stock that would result in our being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise cause us to fail to qualify to be taxed as a REIT;

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• any person from transferring shares of our stock if the transfer would result in shares of our stock being beneficially owned by fewer than 100 persons (determined under the principles of Section 856(a)(5) of the Code); and

• any person from beneficially or constructively owning shares of our stock to the extent such ownership would result in us failing to qualify as a “domestically controlled qualified investment entity” within the meaning of Section 897(h)(4)(B) of the Code.

Any person who acquires or attempts or intends to acquire beneficial or constructive ownership of shares of our stock that will or may violate the ownership limits or any of the other restrictions on ownership and transfer of shares of our stock described above, or who would have owned shares of our stock transferred to the trust as described below, must immediately give written notice to us of such event or, in the case of an attempted or proposed transaction, give us at least 15 days’ prior written notice and provide us with such other information as we may request in order to determine the effect, if any, of such transfer on our status as a REIT. The foregoing restrictions on ownership and transfer of shares of our stock will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, to be taxed as a REIT or that compliance with the restrictions and limits on ownership and transfer of shares of our stock described above is no longer required.

If any transfer of shares of our stock would result in shares of our stock being beneficially owned by fewer than 100 persons, the transfer will be null and void and the intended transferee will acquire no rights in the shares. In addition, if any purported transfer of shares of our stock or any other event would otherwise result (i) in any person violating the ownership limits or an excepted holder limit established by our board of directors, (ii) in us being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise failing to qualify to be taxed as a REIT or (iii) in us failing to qualify as a “domestically controlled qualified investment entity” within the meaning of Section 897(h)(4)(B) of the Code, then that number of shares (rounded up to the nearest whole share) that would cause the violation will be automatically transferred to, and held by, a trust for the exclusive benefit of one or more charitable organizations selected by us, and the intended transferee or other prohibited owner will acquire no rights in the shares. The automatic transfer will be effective as of the close of business on the business day prior to the date of the violative transfer or other event that results in a transfer to the trust. If the transfer to the trust as described above is not automatically effective, for any reason, to prevent a violation of the applicable ownership limits or our being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or our otherwise failing to qualify to be taxed as a REIT or as a “domestically controlled qualified investment entity,” then our charter provides that the transfer of the shares will be null and void and the intended transferee will acquire no rights in such shares.

Shares of our stock held in the trust will be issued and outstanding shares. The prohibited owner will not benefit economically from ownership of any shares of our stock held in the trust and will have no rights to dividends or other distributions and no rights to vote or other rights attributable to the shares of our stock held in the trust. The trustee of the trust will exercise all voting rights

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and receive all dividends or other distributions with respect to shares held in the trust for the exclusive benefit of the charitable beneficiary of the trust. Any dividend or other distribution made before we discover that the shares have been transferred to a trust as described above must be repaid by the recipient to the trustee upon demand by us. Subject to Maryland law, effective as of the date that the shares have been transferred to the trust, the trustee will have the authority (at the trustee’s sole discretion) to rescind as void any vote cast by a prohibited owner before our discovery that the shares have been transferred to the trust and to recast the vote in accordance with the desires of the trustee acting for the benefit of the charitable beneficiary. However, if we have already taken irreversible corporate action, then the trustee may not rescind and recast the vote.

Shares of our stock transferred to the trustee are deemed offered for sale to us, or our designee, at a price per share equal to the lesser of (i) the price paid by the prohibited owner for the shares (or, in the case of a devise or gift, the market price (as such term is defined in our charter) at the time of such devise or gift) and (ii) the market price on the date we, or our designee, accept such offer. We may reduce the amount payable to the prohibited owner by the amount of any dividends or other distributions that we made to the prohibited owner before we discovered that the shares had been automatically transferred to the trust and that are then owed by the prohibited owner to the trustee as described above, and we may pay the amount of any such reduction to the trustee for the benefit of the charitable beneficiary. We have the right to accept such offer until the trustee has sold the shares of our stock held in the trust as discussed below. Upon a sale to us, the interest of the charitable beneficiary in the shares sold terminates, and the trustee must distribute the net proceeds of the sale to the prohibited owner and must distribute any distributions held by the trustee with respect to such shares to the charitable beneficiary.

If we do not buy the shares, the trustee must, within 20 days of receiving notice from us of the transfer of shares to the trust, sell the shares to a person designated by the trustee who could own the shares without violating the ownership limits or the other restrictions on ownership and transfer of shares of our stock. After the sale of the shares, the interest of the charitable beneficiary in the shares sold will terminate and the trustee must distribute to the prohibited owner an amount equal to the lesser of (i) the price paid by the prohibited owner for the shares (or, if the prohibited owner did not give value for the shares in connection with the event causing the shares to be held in the trust (for example, in the case of a gift, devise or other such transaction), the market price of the shares on the day of the event causing the shares to be held in the trust) and (ii) the sales proceeds (net of any commissions and other expenses of sale) received by the trust for the shares. The trustee may reduce the amount payable to the prohibited owner by the amount of any dividends or other distribution that we paid to the prohibited owner before we discovered that the shares had been automatically transferred to the trust and that are then owed by the prohibited owner to the trustee as described above. Any net sales proceeds in excess of the amount payable to the prohibited owner must be paid immediately to the charitable beneficiary, together with any distributions thereon. In addition, if, prior to the discovery by us that shares of stock have been transferred to a trust, such shares of stock are sold by a prohibited owner, then such shares will be deemed to have been sold on behalf of the trust and, to the extent that the prohibited owner received an amount for or in respect of such shares that exceeds the

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amount that such prohibited owner was entitled to receive, such excess amount will be paid to the trustee upon demand.

In addition, if our board of directors at any time determines that a transfer or other event has occurred that would violate the restrictions on ownership and transfer of shares of our stock described above or that a person intends to acquire beneficial or constructive ownership of shares that would cause such person to violate the restrictions on ownership and transfer of shares described above (whether or not such violation is intended), our board of directors may take such action as it deems advisable to refuse to give effect to or to prevent such transfer or other event, including, but not limited to, causing us to redeem shares of our stock, refusing to give effect to the transfer on our books or instituting proceedings to enjoin the transfer.

Every owner of 5% or more (or such lower percentage as required by the Code or the regulations promulgated thereunder) of our stock, within 30 days after the end of each taxable year, must give us written notice stating the stockholder’s name and address, the number of shares of each class and series of our stock that the stockholder beneficially owns and a description of the manner in which the shares are held. Each such owner must provide to us such additional information as we may request in order to determine the effect, if any, of the stockholder’s beneficial ownership on our status as a REIT and to ensure compliance with the ownership limits. In addition, any person or entity that is a beneficial owner or constructive owner of shares of our stock and any person or entity (including the stockholder of record) who is holding shares of our stock for a beneficial owner or constructive owner must, on request, provide to us such information as we may request in order to determine our status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance and to ensure compliance with the ownership limits. These restrictions on ownership and transfer of shares of our stock took effect upon completion of our initial public offering and will not apply if our board of directors determines, even without approval from our stockholders, that it is no longer in our best interests to attempt to qualify, or to continue to qualify, to be taxed as a REIT or that compliance with any restriction or limitation on ownership and transfer of shares of our stock is no longer required.

The restrictions on ownership and transfer of shares of our stock described above could delay, defer or prevent a transaction or a change in control, including one that might involve a premium price for our common stock or otherwise be in the best interests of our stockholders.

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is EQ Shareowner Services.

Our Board of Directors

Our board of directors currently consists of seven directors. In accordance with the terms of our charter, our board of directors becomes fully declassified after our 2021 Annual Meeting of Stockholders. Our charter provides that the number of directors on our board of directors is fixed exclusively by our board of directors pursuant to the bylaws, but may not be fewer than the

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minimum required by the MGCL, which is one. Our bylaws provide that our board of directors must consist of not less than one and not more than 15 directors.

Election of Directors; Removals; Vacancies

Our bylaws provide that directors in uncontested elections are elected upon the affirmative vote of a majority of the total votes cast for and against such nominee at a duly called meeting of stockholders, and directors in contested elections are elected by a plurality of all of the votes cast.

Our charter provides that, subject to the rights, if any, of holders of any class or series of preferred stock to elect or remove one or more directors, our directors may be removed at any time, but only for cause, as defined in our charter, and then only by the affirmative vote of a majority of all of the votes entitled to be cast generally in the election of directors.

Our charter provides that vacancies on our board of directors may be filled only by a majority of the remaining directors, even if the remaining directors do not constitute a quorum, subject to the rights, if any, of holders of any class or series of preferred stock to fill vacancies. Any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until his or her successor is duly elected and qualifies.

Meetings of Stockholders

Our bylaws provide that a meeting of our stockholders for the election of directors and the transaction of any business will be held annually on a date and at the time and place set by our board of directors. Our chairman, our chief executive officer, our president or our board of directors may call a special meeting of our stockholders. Subject to the provisions of our bylaws, a special meeting of our stockholders to act on any matter that may properly be brought before a meeting of our stockholders must also be called by our corporate secretary upon the written request of the stockholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at the meeting and containing the information required by our bylaws. Our corporate secretary will inform the requesting stockholders of the reasonably estimated cost of preparing and delivering the notice of meeting (including our proxy materials), and the requesting stockholder must pay such estimated cost before our corporate secretary is required to prepare and deliver the notice of the special meeting.

Stockholder Actions by Written Consent

Under the MGCL, stockholder action may be taken only at an annual or special meeting of stockholders or by unanimous written consent in lieu of a meeting unless the charter provides for a lesser percentage. Our charter permits stockholder action by consent in lieu of a meeting to the extent permitted by our bylaws. Our bylaws provide that any action required or permitted to be taken at any meeting of stockholders may be taken without a meeting if a unanimous consent setting forth the action is given in writing or by electronic transmission by each stockholder entitled to vote on the matter and filed with the minutes of proceedings of the stockholders.

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Effects of Certain Provisions of Maryland Law and of Our Charter and Bylaws

The MGCL contains, and our charter and bylaws contain, provisions that may delay, defer or prevent a change in control or other transaction that might involve a premium price for shares of our common stock or otherwise be in the best interests of our stockholders, including cause requirements for removal of directors, advance notice requirements for director nominations and other stockholder proposals, and our classified board of directors until our board of directors becomes fully declassified after our 2021 Annual Meeting of Stockholders in accordance with the terms of our charter, each as described below. Likewise, if the provision in our bylaws opting out of the control share acquisition provisions of the MGCL or the resolution exempting certain business combinations from the business combination provisions of the MGCL were repealed or rescinded, these provisions of the MGCL could have similar antitakeover effects.

Advance Notice of Director Nominations, Proxy Access and New Business

Our bylaws provide that, with respect to an annual meeting of our stockholders, nominations of individuals for election to our board of directors and the proposal of other business to be considered by our stockholders may be made only (i) pursuant to our notice of the meeting, (ii) by or at the direction of our board of directors or (iii) by any stockholder who was a stockholder of record at the record date set by the board of directors for the purpose of determining stockholders entitled to vote at the meeting, at the time of giving the notice required by our bylaws and at the time of the meeting (and any postponement or adjournment thereof), who is entitled to vote at the meeting on such business or in the election of such nominee and who has provided notice to us within the time period and containing the information and other materials specified in the advance notice provisions of our bylaws.

With respect to special meetings of stockholders, only the business specified in our notice of meeting may be brought before the meeting. Nominations of individuals for election to our board of directors may be made only (i) by or at the direction of our board of directors or (ii) if the meeting has been called for the purpose of electing directors, by any stockholder who was a stockholder of record at the record date set by the board of directors for the purposes of determining stockholders entitled to vote at the meeting, at the time of giving the notice required by our bylaws and at the time of the meeting (and any postponement or adjournment thereof), who is entitled to vote at the meeting in the election of each such nominee and who has provided notice to us within the time period and containing the information and other materials specified in the advance notice provisions of our bylaws.

The advance notice procedures of our bylaws provide that, to be timely, a stockholder’s notice with respect to director nominations or other proposals for an annual meeting must be delivered to our corporate secretary at our principal executive office not earlier than the 150th day nor later than 5:00 p.m., Eastern Time, on the 120th day prior to the first anniversary of the date of the proxy statement for the prior year’s annual meeting. In the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year’s annual meeting, to be timely, a stockholder’s notice must be delivered not earlier than the 150th day prior to the date of such annual meeting nor later than 5:00 p.m., Eastern Time, on the later of the 120th day prior to the date of such annual meeting, as originally convened, or the tenth day following the day on which public announcement of the date of such

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meeting is first made. With respect to a special meeting, stockholders generally must provide notice to our corporate secretary at our principal executive office not earlier than the 120th day before such special meeting nor later than 5:00 p.m., Eastern Time, on the later of the 90th day before the special meeting or the tenth day after the first public announcement of the date of the special meeting and the nominees of our board of directors to be elected at the meeting.

In addition to advance notice procedures, the bylaws also include provisions permitting, subject to certain eligibility, procedural and disclosure requirements, stockholders who have maintained continuous qualifying ownership of at least 3% of our outstanding shares of common stock for at least three years to use our annual meeting proxy statement to nominate a number of director candidates not to exceed the greater of two candidates or 20% of the number of directors then up for election.

Amendment of Charter and Bylaws

Under the MGCL, a Maryland corporation generally may not amend its charter unless declared advisable by the board of directors and approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter, unless a lesser percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is specified in the corporation’s charter. Our charter provides that we generally may amend our charter if such action is declared advisable by our board of directors and approved by the affirmative vote of stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter.

Our bylaws provide that our board of directors has the exclusive power to adopt, alter or repeal any provision of our bylaws and to make new bylaws.

Transactions Outside the Ordinary Course of Business

Under the MGCL, a Maryland corporation generally may not dissolve, merge or consolidate with, or convert into, another entity, sell all or substantially all of its assets or engage in a statutory share exchange unless the action is declared advisable by the board of directors and approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter, unless a lesser percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is specified in the corporation’s charter. Our charter provides that we generally may not dissolve, merge or consolidate with, or convert into, another entity, sell all or substantially all of our assets or engage in a statutory share exchange unless the action is declared advisable by our board of directors and approved by the affirmative vote of stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter.

Business Combinations

Under the MGCL, certain “business combinations” (including a merger, consolidation, statutory share exchange and, in certain circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities) between a Maryland corporation and an “interested stockholder” (defined generally as any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation’s outstanding voting stock or an affiliate or associate of the corporation who, at any time during the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding stock of the corporation) or an affiliate of such an interested stockholder are

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prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. Thereafter, any such business combination must generally be recommended by the board of directors of the corporation and approved by the affirmative vote of at least (i) 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation and (ii) two-thirds of the votes entitled to be cast by holders of voting stock of the corporation, other than shares held by the interested stockholder with whom (or with whose affiliate) the business combination is to be effected or held by an affiliate or associate of the interested stockholder, unless, among other conditions, the corporation’s common stockholders receive a minimum price (as described in the MGCL) for their shares and the consideration is received in cash or in the same form as previously paid by the interested stockholder for its shares. A person is not an interested stockholder under the statute if the board of directors approved in advance the transaction by which the person otherwise would have become an interested stockholder. A corporation’s board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors prior to the time the interested stockholder becomes an interested stockholder. Our board of directors has by resolution exempted from the provisions of the Maryland business combination act all business combinations between us and any other person, provided that such business combination is first approved by our board of directors (including a majority of our directors who are not affiliates or associates of such person). Consequently, the five-year prohibition and the supermajority vote requirements will not apply to a business combination between us and any other person if our board of directors has first approved the combination. As a result, a person may be able to enter into a business combination with us that may not be in the best interests of our stockholders, without compliance with the supermajority vote requirements and other provisions of the statute. We cannot assure you that our board of directors will not amend or repeal this resolution in the future.

Control Share Acquisitions

The MGCL provides that holders of “control shares” of a Maryland corporation (defined as voting shares of stock that, if aggregated with all other shares of stock owned or controlled by the acquirer, would entitle the acquirer to exercise voting power (except solely by virtue of a revocable proxy) in the election of directors within one of three increasing ranges) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of issued and outstanding “control shares,” subject to certain exceptions) have no voting rights with respect to such shares except to the extent approved by the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. The control share statute does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the Maryland corporation. Shares owned by the acquirer, officers of the corporation or employees of the corporation who are also directors of the corporation are excluded from shares entitled to vote on the matter.

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Our bylaws contain a provision opting out of the control share acquisition statute. This provision may be amended or eliminated at any time in the future by our board of directors.

Subtitle 8

Subtitle 8 of Title 3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the Securities Exchange Act of 1934, as amended, and at least three independent directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the charter or bylaws, to any or all of five provisions of the MGCL that provide for:

• a classified board;

• a two-thirds vote requirement for removing a director;

• a requirement that the number of directors be fixed only by vote of the board of directors;

• a requirement that a vacancy on the board be filled only by a vote of a majority of the remaining directors in office and for the remainder of the full term of the class of directors in which the vacancy occurred; and

• a majority requirement for the calling of a stockholder-requested special meeting of stockholders.

We have opted into the Subtitle 8 provision relating to director vacancies, and, as a result, vacancies on our board may be filled only by a majority of the remaining directors and directors elected by the board to fill vacancies will serve for the remainder of the full term of the directorship in which the vacancy occurred. Through provisions in our charter and bylaws unrelated to Subtitle 8, we (i) have a classified board until our board of directors becomes fully declassified after our 2021 Annual Meeting of Stockholders in accordance with the terms of our charter, (ii) vest in the board of directors the exclusive power to fix the number of directorships and (iii) require, unless called by our chairman, our chief executive officer, our president or our board of directors, the written request of stockholders entitled to cast not less than a majority of all of the votes entitled to be cast at such a meeting to call a special meeting.

Forum Selection Clause

Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (a) any derivative action or proceeding brought on our behalf, (b) any action asserting a claim of breach of any duty owed by any of our directors or officers or other employees to us or to our stockholders, (c) any action asserting a claim against us or any of our directors or officers or other employees arising pursuant to any provision of the MGCL or our charter or bylaws or (d) any action asserting a claim against us or any of our directors or officers or other employees that is governed by the internal affairs doctrine shall be, in each case, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division.

REIT Qualification

Our charter provides that our board of directors may authorize us to revoke or otherwise terminate our REIT election without approval of our stockholders, if it determines that it is no longer in our best interests to continue to qualify to be taxed as a REIT.

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Indemnification and Limitation of Directors’ and Officers’ Liability

Maryland law permits a Maryland corporation to include in its charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders for money damages, except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty that is established by a final judgment and that is material to the cause of action. Our charter contains a provision that eliminates the liability of our directors and officers to the maximum extent permitted by Maryland law.

The MGCL requires us (unless our charter provides otherwise, which it does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity. The MGCL permits us to indemnify any present or former director or officer, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by him or her in connection with any proceeding to or in which he or she may be made or threatened to be made a party or witness by reason of his or her service in those or other capacities unless it is established that:

• the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty;

• the director or officer actually received an improper personal benefit in money, property or services; or

• in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.

Under the MGCL, we may not indemnify a director or officer in a suit by us or in our right in which the director or officer was adjudged liable to us or in a suit in which the director or officer was adjudged liable on the basis that a personal benefit was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that a personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by us or in our right, or for a judgment of liability on the basis that a personal benefit was improperly received, is limited to expenses.

In addition, the MGCL permits us to advance reasonable expenses to a director or officer upon our receipt of:

• a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by us; and

• a written undertaking by or on behalf of the director or officer to repay the amount paid or reimbursed by us if it is ultimately determined that the director or officer did not meet the standard of conduct.

Our charter authorizes us, and our bylaws obligate us, to the fullest extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination

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of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:

• any present or former director or officer of the Company who is made or threatened to be made a party to, or witness in, a proceeding by reason of his or her service in that capacity; and

• any individual who, while a director or officer of the Company and at our request, serves or has served as a director, officer, trustee or manager of another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or any other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity.

Our charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of the Company in any of the capacities described above and to any employee of the Company or a predecessor of the Company.

The indemnification and payment or reimbursement of expenses provided by the indemnification provisions of our charter and bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking indemnification or payment or reimbursement of expenses may be or may become entitled under any statute, bylaw, resolution, insurance, agreement, vote of stockholders or disinterested directors or otherwise.

In addition, we have entered into separate indemnification agreements with each of our directors. Each indemnification agreement provides, among other things, for indemnification as provided in the agreement and otherwise to the fullest extent permitted by law and our charter and bylaws against judgments, fines, penalties, amounts paid in settlement and reasonable expenses, including attorneys’ fees. The indemnification agreements provide for the advancement or payment of expenses to the indemnitee and for reimbursement to us if it is found that such indemnitee is not entitled to such advancement.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the “Securities Act”), may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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EX-21.1

Exhibit 21.1

Subsidiaries of Registrant

DOMESTIC

Subsidiary Name	Jurisdiction of Organization
Anastasia Advertising Art, Inc.	Florida
Atlantic Prospect, Inc.	New York
Bustop Shelters of Nevada, Inc.	Nevada
Century Prince Street, Inc.	New York
Design-Graphics Inc.	Florida
Fuel Outdoor LLC	New York
Fuel Outdoor Holdings LLC	Delaware
Fuel Outdoor San Francisco LLC	Delaware
Metro Fuel LLC	Delaware
Millennium Billboards L.L.C.	New York
Mizey Realty Co., Inc.	New York
Motion Picture Promotions, LLC	New York
New York Subways Advertising Co., Inc.	Arizona
Outdoor Inc.	Maryland
Outdoor Management Network, Inc.	California
Outdoor Systems Americas 2 (Delaware), LLC	Delaware
Outdoor Systems Americas 3 (Delaware), LLC	Delaware
Outdoor Systems Electrical Corp.	New York
Outfront Allvision LLC	Delaware
Outfront/Branded Cities Colorado, LLC	Delaware
Outfront Canada Holdco LLC	Delaware
Outfront Foster Interstate LLC	Delaware
Outfront Foster Interstate Oakland LLC	Delaware
Outfront Media Boston LLC	New York
Outfront Media Bus Advertising LLC	New York
Outfront Media Capital Corporation	Delaware
Outfront Media Capital LLC	Delaware
Outfront Media Chicago LLC	New York
Outfront Media Citylites LLC	New York
OUTFRONT Media Downtown Advertising LLC	New York
Outfront Media Electrical & Maintenance LLC	New York
Outfront Media Group LLC	Delaware
Outfront Media Kiosk Advertising LLC	New York
Outfront Media L.A. Inc.	Delaware
Outfront Media LLC	Delaware
Outfront Media Miami LLC	Delaware
Outfront Media Miami Holdings LLC	New York
Outfront Media Minnesota LLC	New York
Outfront Media Outernet Inc.	Delaware
Outfront Media Receivables LLC	Delaware
Outfront Media Receivables TRS, LLC	Delaware
Outfront Media San Francisco LLC	New York
Outfront Media Sign Erectors LLC	New York
Outfront Media Sports Inc.	Delaware
Outfront Media Texas Inc.	Texas
Outfront Media Transportation Advertising LLC	New York
Outfront Media VW Communications LLC	New York
Outfront Media Wall to Wall LLC	Delaware
Raven Media LLC	Delaware
Rockbridge Sports, Media and Entertainment, LLC	Virginia
Salm Enterprises, Inc.	California
SDI Raven LLC	Delaware
TDI Northwest, Inc.	Washington
Wilson-Curtis, Inc.	Missouri

FOREIGN

Subsidiary Name	Jurisdiction of Organization
3261823 Nova Scotia Company	Canada
559733 British Columbia Ltd.	Canada
Advertising Systems HoldCo C.V.	The Netherlands
North American Display Sarl	Luxembourg
Outfront Media Canada LP	Canada
Outfront Media Canada GP Co.	Canada
Outdoor Systems Americas ULC	Canada (Alberta)
Outfront Media Canada Services Ltd.	Canada
Outdoor Systems Americas Holdco Sub Coöperatief U.A.	The Netherlands

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-230366) and Form S‑8 (Nos. 333-232054, 333-195598, and 333-195596) of OUTFRONT Media Inc. of our reportdated February 26, 2020 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 26, 2020

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jeremy J. Male, certify that:

1. I have reviewed this Annual Report on Form 10-K of OUTFRONT Media Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 26, 2020

By:	/s/ Jeremy J. Male
	Name:	Jeremy J. Male
	Title:	Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Matthew Siegel, certify that:

1. I have reviewed this Annual Report on Form 10-K of OUTFRONT Media Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 26, 2020

By:	/s/ Matthew Siegel
	Name:	Matthew Siegel
	Title:	Executive Vice President and
		Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

In connection with the Annual Report of OUTFRONT Media Inc. (the “Company”) on Form 10-K for the year ended December 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeremy J. Male, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 26, 2020

By:	/s/ Jeremy J. Male
	Name:	Jeremy J. Male
	Title:	Chairman and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

In connection with the Annual Report of OUTFRONT Media Inc. (the “Company”) on Form 10-K for the year ended December 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Matthew Siegel, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 26, 2020

By:	/s/ Matthew Siegel
	Name:	Matthew Siegel
	Title:	Executive Vice President and
		Chief Financial Officer

XML

Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Change in benefit obligation

The following table sets forth the change in benefit obligation for our pension plans.

	As of December 31,
(in millions)	2019			2018			2017
Benefit obligation, beginning of year	$	49.9		$	57.8		$	48.3
Service cost	1.7			1.8			1.6
Interest cost	2.1			2.0			2.0
Actuarial (gain) loss	8.8			(5.6		)	3.7
Benefits paid	(2.6		)	(2.0		)	(1.4		)
Cumulative translation adjustments	2.2			(4.1		)	3.6
Benefit obligation, end of year	$	62.1		$	49.9		$	57.8

Change in plan assets

The following table sets forth the change in plan assets for our pension plans.

	As of December 31,
(in millions)	2019			2018
Fair value of plan assets, beginning of year	$	47.5		$	52.3
Actual return on plan assets	8.8			(0.9		)
Employer contributions	1.5			2.0
Benefits paid	(2.6		)	(2.0		)
Cumulative translation adjustments	2.1			(3.9		)
Fair value of plan assets, end of year	$	57.3		$	47.5

Funded status and amounts recognized in consolidated statement of financial position

The unfunded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows:

	As of December 31,
(in millions)	2019			2018
Unfunded status, end of year	$	(4.7	)	$	(2.4	)
Amounts recognized on the Consolidated Statement of Financial Position:
Other noncurrent liabilities	(4.7		)	(2.4		)
Net amounts recognized	(4.7		)	(2.4		)

Amounts recognized in accumulated other comprehensive income (loss)

The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position.

	As of December 31,
(in millions)	2019			2018
Net actuarial loss	$	(11.6	)	$	(9.3	)
Deferred income taxes	2.9			2.3
Net amount recognized in accumulated other comprehensive loss	$	(8.7	)	$	(7.0	)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.

	As of December 31,
(in millions)	2019		2018
Projected benefit obligation	$	62.1	$	49.9
Accumulated benefit obligation	57.6		46.9
Fair value of plan assets	57.3		47.5

Schedule of Net Benefit Costs

The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss).

	As of December 31,
(in millions)	2019			2018			2017
Service cost	$	1.7		$	1.8		$	1.6
Interest cost	2.1			2.0			2.0
Expected return on plan assets	(2.4		)	(2.6		)	(2.3		)
Amortization of actuarial losses(a)	0.4			0.7			0.6
Amortization of transitional obligation	—			—			(0.1		)
Settlement cost	—			0.1			—
Net periodic pension cost	$	1.8		$	2.0		$	1.8

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

(in millions)	Year Ended December 31, 2019
Actuarial gains	$	(2.3	)
Amortization of actuarial losses(a)	0.4
Cumulative translation adjustments	(0.4		)
	(2.3		)
Deferred income taxes	0.6
Recognized in other comprehensive income, net of tax	$	(1.7	)

(a)

Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income.

Weighted average assumptions used to determine benefit obligations and net periodic cost

	As of and for the Year Ended December 31,
	2019		2018
Weighted average assumptions used to determine benefit obligations:
Discount rate	3.0	%	4.0	%
Rate of compensation increase	3.0		3.0
Weighted average assumptions used to determine net periodic cost:
Discount rate	4.0		3.5
Expected long-term return on plan assets	5.0		5.1
Rate of compensation increase	3.0		3.0

Pension plan assets categorized according to the FASB fair value hierarchy

The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2019 and 2018. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset.

	As of December 31, 2019
(in millions)	Level 1		Level 2		Level 3		Total
Fixed income securities:
Corporate bonds(a)	$	0.8	$	—	$	—	$	0.8
Equity securities:
U.S. equity	0.8		—		—		0.8
International equity	0.3		—		—		0.3
Insurance contracts	—		—		3.7		3.7
Total assets in fair value hierarchy	$	1.9	$	—	$	3.7	$	5.6
Common collective funds measured at net asset value							51.7
Total assets							$	57.3

	As of December 31, 2018
(in millions)	Level 1		Level 2		Level 3		Total
Fixed income securities:
Corporate bonds(a)	$	0.7	$	—	$	—	$	0.7
Equity securities:
U.S. equity	0.6		—		—		0.6
International equity	0.3		—		—		0.3
Insurance contracts	—		—		3.6		3.6
Total assets in fair value hierarchy	$	1.6	$	—	$	3.6	$	5.2
Common collective funds measured at net asset value							42.3
Total assets							$	47.5

(a) Securities of diverse industries, substantially all investment grade.

Significant changes in Level 3 plan assets

Significant changes in Level 3 plan assets are as follows:

	Year Ended December 31,
(in millions)	2019			2018
Insurance contracts:
Beginning of year	$	3.6		$	4.4
Payments	(0.4		)	(0.5		)
Actuarial loss	0.2			(0.1		)
Interest income	0.1			0.1
Cumulative translation adjustments	0.2			(0.3		)
End of year	$	3.7		$	3.6

Schedule of Expected Benefit Payments

(in millions)	2020	2021	2022	2023	2024	2025-2029
Estimated future benefit payments for pension plans	1.9	2.0	2.1	2.2	2.4	14.0

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Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional paid-in capital	Distribution in excess of earnings	Accumulated Other Comprehensive Loss	Non-controlling interests	Acquired business	Acquired business Non-controlling interests	At-the-market equity offering program	At-the-market equity offering program Additional paid-in capital
Shares of common stock (shares) at Dec. 31, 2016		138,000,000.0
Total stockholders equity at Dec. 31, 2016	$ 1,232.9	$ 1.4	$ 1,949.5	$ (699.5)	$ (18.5)
Non-controlling interests at Dec. 31, 2016						$ 0.1
Total equity at Dec. 31, 2016	1,233.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to OUTFRONT Media Inc.	125.8			125.8
Net income attributable to non-controlling interests	0.0
Net income before allocation to non-controlling interests	125.8
Other comprehensive income (loss)	10.8				10.8
Other comprehensive income (loss) - total equity	10.8
Stock-based payments: Vested (shares)		700,000
Exercise of stock options (dollars)	1.2		1.2
Exercise of stock options (shares)		200,000
Stock-based payments: Amortization	20.5		20.5
Stock-based payments: Amortization | Adjustments for new accounting pronouncement			0.5	(0.5)
Shares paid for tax withholding for stock-based payments (shares)		(300,000)
Shares paid for tax withholding for stock-based payments (dollars)	(8.7)		(8.7)
Dividends	(201.4)			(201.4)
Shares of common stock (shares) at Dec. 31, 2017		138,600,000
Total stockholders’ equity at Dec. 31, 2017	1,181.1	$ 1.4	1,963.0	(775.6)	(7.7)
Non-controlling interests at Dec. 31, 2017						45.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	0.8					0.8	$ 44.6	$ 44.6
Total equity at Dec. 31, 2017	1,226.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to OUTFRONT Media Inc.	107.9			107.9
Net income attributable to non-controlling interests	0.0
Net income before allocation to non-controlling interests	107.9
Other comprehensive income (loss)	(14.3)				(14.3)
Other comprehensive income (loss) - total equity	(14.3)
Stock-based payments: Vested (shares)		1,000,000.0
Stock-based payments: Amortization	20.2		20.2
Shares paid for tax withholding for stock-based payments (shares)		(300,000)
Shares paid for tax withholding for stock-based payments (dollars)	(8.4)		(8.4)
Class A equity interest redemptions (shares)		200,000
Class A equity interest redemptions (dollars)	4.8		4.8
Non-controlling interests: Class A equity interest redemptions (dollars)						(4.8)
Shares issued under the ATM Program (shares)		700,000
Shares issued under the ATM Program (dollars)									$ 15.3	$ 15.3
Dividends	(203.9)			(203.9)
Other	$ 0.1	$ 0.1
Shares of common stock (shares) at Dec. 31, 2018	140,239,977	140,200,000
Total stockholders’ equity at Dec. 31, 2018	$ 1,102.8	$ 1.4	1,995.0	(871.6)	(22.0)
Non-controlling interests at Dec. 31, 2018	42.5					42.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners						1.8
Stockholders' Equity, Other	1.9
Total equity at Dec. 31, 2018	1,145.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of a new accounting standard	(24.8)			(24.8)
Net income attributable to OUTFRONT Media Inc.	140.1			140.1
Net income attributable to non-controlling interests	0.5
Net income before allocation to non-controlling interests	140.6
Other comprehensive income (loss)	4.3				4.3
Other comprehensive income (loss) - total equity	4.3
Stock-based payments: Vested (shares)		1,000,000.0
Stock-based payments: Amortization	22.3		22.3
Shares paid for tax withholding for stock-based payments (shares)		(400,000)
Shares paid for tax withholding for stock-based payments (dollars)	(7.9)		(7.9)
Class A equity interest redemptions (shares)		600,000
Class A equity interest redemptions (dollars)	$ 14.3		14.3
Non-controlling interests: Class A equity interest redemptions (dollars)						(14.3)
Shares issued under the ATM Program (shares)	8,526	2,200,000							2,150,000
Shares issued under the ATM Program (dollars)									$ 50.8	$ 50.8
Dividends	$ (208.3)			(208.3)
Other	$ 0.2		0.2
Shares of common stock (shares) at Dec. 31, 2019	143,594,117	143,600,000
Total stockholders’ equity at Dec. 31, 2019	$ 1,093.8	$ 1.4	$ 2,074.7	$ (964.6)	$ (17.7)
Non-controlling interests at Dec. 31, 2019	32.6					32.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners						$ 3.9
Stockholders' Equity, Other	4.1
Total equity at Dec. 31, 2019	$ 1,126.4

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Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt, net, consists of the following:

	As of
(in millions, except percentages)	December 31, 2019			December 31, 2018
Short-term debt:
AR Facility	$	105.0		$	85.0
Repurchase Facility	90.0			75.0
Total short-term debt	195.0			160.0
Long-term debt:
Term loan	597.5			668.1
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	—			549.7
5.625% senior unsecured notes, due 2024	501.7			502.2
5.875% senior unsecured notes, due 2025	—			450.0
5.000% senior unsecured notes, due 2027	650.0			—
4.625% senior unsecured notes, due 2030	500.0			—
Total senior unsecured notes	1,651.7			1,501.9
Debt issuance costs	(27.1		)	(20.4		)
Total long-term debt, net	2,222.1			2,149.6
Total debt, net	$	2,417.1		$	2,309.6
Weighted average cost of debt	4.5		%	5.1		%

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Consolidated Statements of Financial Position - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets, Current [Abstract]
Cash and cash equivalents	$ 59.1	$ 52.7
Restricted cash	1.8	1.4
Receivables, less allowances of $12.1 in 2019 and $10.7 in 2018	290.0	264.9
Prepaid lease and franchise costs	8.6	69.3
Prepaid MTA equipment deployment costs	55.4	18.9
Other prepaid expenses	15.8	13.9
Other current assets	5.1	8.4
Total current assets	435.8	429.5
Assets, Noncurrent [Abstract]
Property and equipment, net	666.2	652.9
Goodwill	2,083.1	2,079.7
Intangible assets	550.9	537.2
Operating lease assets	1,457.0	0.0
Prepaid MTA equipment deployment costs	116.1	60.6
Other assets	73.2	68.8
Total assets	5,382.3	3,828.7
Liabilities, Current [Abstract]
Accounts payable	67.9	56.5
Accrued compensation	56.1	47.1
Accrued interest	26.4	19.1
Accrued lease and franchise costs	55.3	44.2
Other accrued expenses	34.2	31.2
Deferred revenues	29.0	29.8
Short-term debt	195.0	160.0
Short-term operating lease liabilities	168.3	0.0
Other current liabilities	17.8	14.7
Total current liabilities	650.0	402.6
Liabilities, Noncurrent [Abstract]
Long-term debt, net	2,222.1	2,149.6
Deferred income tax liabilities, net	18.0	17.0
Asset retirement obligation	35.1	34.2
Operating lease liabilities	1,285.1	0.0
Other liabilities	45.6	80.0
Total liabilities	4,255.9	2,683.4
Commitments and contingencies
Equity [Abstract]
Common stock (2019 - 450.0 shares authorized, and 143.6 shares issued and outstanding; 2018 - 450.0 shares authorized, and 140.2 shares authorized, issued or outstanding)	1.4	1.4
Additional paid-in capital	2,074.7	1,995.0
Distribution in excess of earnings	(964.6)	(871.6)
Accumulated other comprehensive loss	(17.7)	(22.0)
Total stockholders’ equity	1,093.8	1,102.8
Non-controlling interests	32.6	42.5
Total equity	1,126.4	1,145.3
Total liabilities and equity	$ 5,382.3	$ 3,828.7

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Leases Minimum rental payments under operating leases (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
2020	$ 248.9
2021	251.4
2022	232.6
2023	209.6
2024	175.6
2025 and thereafter	910.5
Total operating lease payments	2,028.6
Less: Interest	575.2
Present value of lease liabilities	$ 1,453.4	$ 1,200.0

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Retirement Benefits - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) plan	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of Defined Benefit Pension Plans | plan	2
Defined Benefit Plan Benefit Calculation Condition Period	5 years
Defined Benefit Plan Vesting Condition Period	2 years
Accumulated benefit obligation	$ 57.6	$ 46.9
Estimated amortization from AOCI of net actuarial losses	0.4
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	4.1
Multiemployer Plan, Contributions by Employer	4.0	3.8	$ 3.3
Defined Contribution Plan, employer contributions	$ 5.9	$ 5.5	$ 4.8
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Plan Asset Allocations	32.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan Asset Allocations	60.00%

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Retirement Benefits - Schedule of Net Period Benefit Cost Not yet Recognized (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	$ (11.6)	$ (9.3)
Deferred income taxes	2.9	2.3
Accumulated other comprehensive loss	(17.7)	(22.0)	$ (7.7)	$ (18.5)
Net Actuarial Gain (Loss)
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss	$ (8.7)	$ (7.0)	$ (9.6)	$ (8.6)

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Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation	$ 22.4	$ 22.4	$ 21.4	$ 21.1	$ 22.5	$ 21.0	$ 21.3	$ 21.1	$ 87.3	$ 85.9	$ 89.7

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Goodwill and Other Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Millions	Dec. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 58.7
2021	56.8
2022	51.5
2023	49.7
2024	$ 47.4

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Retirement Benefits - Schedule of Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract]
Discount rate	3.00%	4.00%
Rate of compensation increase	3.00%	3.00%
Defined Benefit Plan, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost [Abstract]
Discount rate	4.00%	3.50%
Expected long-term return on plan assets	5.00%	5.10%
Rate of compensation increase	3.00%	3.00%

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Condensed Consolidating Financial Information -Condensed Cash Flow Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	$ 276.9	$ 214.3	$ 249.3
Capital expenditures	(89.9)	(82.3)	(70.8)
Acquisitions	(69.7)	(7.0)	(69.2)
MTA franchise rights	(24.0)	(13.3)	(0.9)
Proceeds from dispositions	5.8	7.9	5.6
Return of investment in investee companies	1.5	4.3	0.0
Net cash flow used for investing activities	(176.3)	(90.4)	(135.3)
Proceeds from long-term debt borrowings	1,270.0	104.0	8.3
Repayments of long-term debt borrowings	(1,191.5)	(104.0)	0.0
Proceeds from borrowings under short-term debt facilities	505.0	245.0	250.0
Repayments of borrowings under short-term debt facilities	(470.0)	(165.0)	(170.0)
Payments of deferred financing costs	(22.1)	(0.3)	(8.5)
Payments of debt extinguishment charges	(20.6)	0.0	0.0
Proceeds from shares issued under the ATM Program	50.9	15.3	0.0
Proceeds from stock option exercises	0.0	0.0	1.2
Earnout payment related to prior acquisition	0.0	(0.4)	(2.0)
Taxes withheld for stock-based compensation	(7.9)	(8.4)	(8.5)
Dividends	(208.1)	(203.9)	(201.8)
Intercompany	0.0	0.0	0.0
Other	0.0	0.0	(0.2)
Cash provided by (used for) financing activities	(94.3)	(117.7)	(131.5)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.5	(0.4)	0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	6.8	5.8	(16.9)
Cash, cash equivalents and restricted cash at beginning of year	54.1	48.3	65.2
Cash, cash equivalents and restricted cash at end of year	60.9	54.1	48.3
Parent Company
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	(1.6)	(1.6)	(1.7)
Capital expenditures	0.0	0.0	0.0
Acquisitions	0.0	0.0	0.0
MTA franchise rights	0.0	0.0	0.0
Proceeds from dispositions	0.0	0.0	0.0
Return of investment in investee companies	0.0	0.0
Net cash flow used for investing activities	0.0	0.0	0.0
Proceeds from long-term debt borrowings	0.0	0.0	0.0
Repayments of long-term debt borrowings	0.0	0.0
Proceeds from borrowings under short-term debt facilities	0.0	0.0	0.0
Repayments of borrowings under short-term debt facilities	0.0	0.0	0.0
Payments of deferred financing costs	0.0	0.0	0.0
Payments of debt extinguishment charges	0.0
Proceeds from shares issued under the ATM Program	50.9	15.3
Proceeds from stock option exercises			1.2
Earnout payment related to prior acquisition		0.0	0.0
Taxes withheld for stock-based compensation	0.0	0.0	0.0
Dividends	(206.2)	(201.2)	(200.4)
Intercompany	156.9	187.5	200.9
Other			0.0
Cash provided by (used for) financing activities	1.6	1.6	1.7
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.0	0.0	0.0
Net increase (decrease) in cash, cash equivalents and restricted cash	0.0	0.0	0.0
Cash, cash equivalents and restricted cash at beginning of year	0.0	0.0	0.0
Cash, cash equivalents and restricted cash at end of year	0.0	0.0	0.0
Subsidiary Issuer
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	(111.8)	(110.6)	(108.5)
Capital expenditures	0.0	0.0	0.0
Acquisitions	0.0	0.0	0.0
MTA franchise rights	0.0	0.0	0.0
Proceeds from dispositions	0.0	0.0	0.0
Return of investment in investee companies	0.0	0.0
Net cash flow used for investing activities	0.0	0.0	0.0
Proceeds from long-term debt borrowings	1,270.0	104.0	8.3
Repayments of long-term debt borrowings	(1,191.5)	(104.0)
Proceeds from borrowings under short-term debt facilities	0.0	0.0	90.0
Repayments of borrowings under short-term debt facilities	0.0	0.0	(90.0)
Payments of deferred financing costs	(21.9)	(0.2)	(8.0)
Payments of debt extinguishment charges	(20.6)
Proceeds from shares issued under the ATM Program	0.0	0.0
Proceeds from stock option exercises			0.0
Earnout payment related to prior acquisition		0.0	0.0
Taxes withheld for stock-based compensation	0.0	0.0	0.0
Dividends	0.0	0.0	0.0
Intercompany	76.5	112.6	107.0
Other			0.0
Cash provided by (used for) financing activities	112.5	112.4	107.3
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.0	0.0	0.0
Net increase (decrease) in cash, cash equivalents and restricted cash	0.7	1.8	(1.2)
Cash, cash equivalents and restricted cash at beginning of year	12.0	10.2	11.4
Cash, cash equivalents and restricted cash at end of year	12.7	12.0	10.2
Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	375.7	331.8	329.5
Capital expenditures	(87.0)	(70.0)	(63.6)
Acquisitions	(69.7)	(7.0)	(17.6)
MTA franchise rights	(24.0)	(13.3)	(0.9)
Proceeds from dispositions	5.8	7.6	5.5
Return of investment in investee companies	1.5	4.3
Net cash flow used for investing activities	(173.4)	(78.4)	(76.6)
Proceeds from long-term debt borrowings	0.0	0.0	0.0
Repayments of long-term debt borrowings	0.0	0.0
Proceeds from borrowings under short-term debt facilities	180.0	75.0	0.0
Repayments of borrowings under short-term debt facilities	(165.0)	0.0	0.0
Payments of deferred financing costs	(0.2)	0.0	0.0
Payments of debt extinguishment charges	0.0
Proceeds from shares issued under the ATM Program	0.0	0.0
Proceeds from stock option exercises			0.0
Earnout payment related to prior acquisition		(0.4)	(2.0)
Taxes withheld for stock-based compensation	(7.9)	(8.4)	(8.5)
Dividends	0.0	0.0	0.0
Intercompany	(207.7)	(321.9)	(274.3)
Other			(0.2)
Cash provided by (used for) financing activities	(200.8)	(255.7)	(285.0)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.0	0.0	0.0
Net increase (decrease) in cash, cash equivalents and restricted cash	1.5	(2.3)	(32.1)
Cash, cash equivalents and restricted cash at beginning of year	1.4	3.7	35.8
Cash, cash equivalents and restricted cash at end of year	2.9	1.4	3.7
Non-Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	14.6	(5.3)	30.0
Capital expenditures	(2.9)	(12.3)	(7.2)
Acquisitions	0.0	0.0	(51.6)
MTA franchise rights	0.0	0.0	0.0
Proceeds from dispositions	0.0	0.3	0.1
Return of investment in investee companies	0.0	0.0
Net cash flow used for investing activities	(2.9)	(12.0)	(58.7)
Proceeds from long-term debt borrowings	0.0	0.0	0.0
Repayments of long-term debt borrowings	0.0	0.0
Proceeds from borrowings under short-term debt facilities	325.0	170.0	160.0
Repayments of borrowings under short-term debt facilities	(305.0)	(165.0)	80.0
Payments of deferred financing costs	0.0	(0.1)	(0.5)
Payments of debt extinguishment charges	0.0
Proceeds from shares issued under the ATM Program	0.0	0.0
Proceeds from stock option exercises			0.0
Earnout payment related to prior acquisition		0.0	0.0
Taxes withheld for stock-based compensation	0.0	0.0	0.0
Dividends	(1.9)	(2.7)	(1.4)
Intercompany	(25.7)	21.8	(33.6)
Other			0.0
Cash provided by (used for) financing activities	(7.6)	24.0	44.5
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.5	(0.4)	0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	4.6	6.3	16.4
Cash, cash equivalents and restricted cash at beginning of year	40.7	34.4	18.0
Cash, cash equivalents and restricted cash at end of year	45.3	40.7	34.4
Eliminations
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	0.0	0.0	0.0
Capital expenditures	0.0	0.0	0.0
Acquisitions	0.0	0.0	0.0
MTA franchise rights	0.0	0.0	0.0
Proceeds from dispositions	0.0	0.0	0.0
Return of investment in investee companies	0.0	0.0
Net cash flow used for investing activities	0.0	0.0	0.0
Proceeds from long-term debt borrowings	0.0	0.0	0.0
Repayments of long-term debt borrowings	0.0	0.0
Proceeds from borrowings under short-term debt facilities	0.0	0.0	0.0
Repayments of borrowings under short-term debt facilities	0.0	0.0	0.0
Payments of deferred financing costs	0.0	0.0	0.0
Payments of debt extinguishment charges	0.0
Proceeds from shares issued under the ATM Program	0.0	0.0
Proceeds from stock option exercises			0.0
Earnout payment related to prior acquisition		0.0	0.0
Taxes withheld for stock-based compensation	0.0	0.0	0.0
Dividends	0.0	0.0	0.0
Intercompany	0.0	0.0	0.0
Other			0.0
Cash provided by (used for) financing activities	0.0	0.0	0.0
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.0	0.0	0.0
Net increase (decrease) in cash, cash equivalents and restricted cash	0.0	0.0	0.0
Cash, cash equivalents and restricted cash at beginning of year	0.0	0.0	0.0
Cash, cash equivalents and restricted cash at end of year	$ 0.0	$ 0.0	$ 0.0

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Earnings Per Share ("EPS") (Details) - USD ($) $ in Millions			3 Months Ended								12 Months Ended
		Jun. 13, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to OUTFRONT Media Inc.			$ 45.0	$ 38.7	$ 50.3	$ 6.1	$ 57.2	$ 46.8	$ (5.2)	$ 9.1	$ 140.1	$ 107.9	$ 125.8
Payments of Dividends											(208.1)	(203.9)	(201.8)
Net income available for common shareholders, basic and diluted											$ 138.2	$ 105.2	$ 124.4
Basic (shares)											142,500,000	139,300,000	138,500,000
Dilutive potential shares from grants of RSUs, PRSUs and stock options	[1]										700,000	300,000	400,000
Diluted (shares)	[1],[2]										143,200,000	139,600,000	138,900,000
Non-controlling interests
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Payments of Dividends	[2]										$ 1.9	$ 2.7	$ 1.4
Equity issued for acquisition (shares)		1,953,407										1,953,407	1,953,407
Stock Compensation Plan
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS calculation (shares)											100,000	400,000	100,000
Non-controlling interests
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS calculation (shares)											1,400,000	1,900,000	1,100,000

[1] The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2019, 0.4 million granted RSUs, PRSUs and stock options for 2018 and 0.1 million granted RSUs, PRSUs and stock options for 2017 was antidilutive.

[2] On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 11. Equity to the Consolidated Financial Statements.) The potential impact of 1.4 million shares of Class A equity interests of Outfront Canada was antidilutive for 2019, 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017.

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Effective as of June 10, 2019, we amended the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (the “Stock Plan”) to, among other things, increase the number of shares of our common stock reserved for issuance under our prior plan by 5,100,000 shares, so that the aggregate number of shares reserved for issuance under the Stock Plan is 13,100,000 shares of our common stock. Under the Stock Plan, the board of directors is authorized to grant awards of options to purchase shares of our common stock, stock appreciation rights, restricted and unrestricted stock, restricted share units (“RSUs”), dividend equivalents, performance awards, including performance-based restricted share units (“PRSUs”), and other equity-related awards and cash payments to all of our employees and non-employee directors and employees of our subsidiaries. In addition, consultants and advisors who perform services for us and our subsidiaries may, under certain conditions, receive grants under the Stock Plan.

RSUs and PRSUs accrue dividend equivalents in amounts equal to the regular cash dividends paid on our common stock and will be paid in either cash or stock. Accrued dividend equivalents payable in stock shall convert to shares of our common stock on the date of vesting.

Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a three-year service period. For PRSU awards, the number of shares an employee earns may range from 0% to 120% based on the outcome of a one year performance condition. Compensation expense is recorded based on the probable outcome of the performance condition. On an annual basis, our board of directors will review actual performance and certify the degree to which performance goals applicable to the award have

been met. Forfeitures of RSUs are recorded as incurred. On an annual basis, adjustments are made to compensation expense based on actual forfeitures and the forfeiture rates are revised as necessary.

The following table summarizes our stock-based compensation expense for 2019, 2018 and 2017.

	Year Ended December 31,
(in millions)	2019			2018			2017
RSUs and PRSUs	$	22.3		$	20.2		$	20.3
Stock options	—			—			0.2
Stock-based compensation expense, before income taxes	22.3			20.2			20.5
Tax benefit	(1.5		)	(1.3		)	(2.0		)
Stock-based compensation expense, net of tax	$	20.8		$	18.9		$	18.5

As of December 31, 2019, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $23.6 million, which is expected to be recognized over a weighted average period of 1.8 years.

RSUs and PRSUs

The following table summarizes the 2019 activity of the RSUs and PRSUs issued to our employees.

	Activity		Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2018	1,723,980		$	22.39
Granted:
RSUs	853,965		21.73
PRSUs	376,418		21.41
Vested:
RSUs	(602,181	)	22.05
PRSUs	(246,542	)	21.99
Forfeitures:
RSUs	(69,122	)	22.00
PRSUs	(11,750	)	21.77
Non-vested as of December 31, 2019	2,024,768		22.09

The total fair value of RSUs and PRSUs that vested was $18.3 million during 2019, $19.2 million during 2018 and $20.0 million during 2017.

Stock Options

Stock options vest over a four-year service period and expire eight or ten years from the date of grant. Forfeitures of stock options are recorded as incurred.

The following table summarizes the activity of stock options issued to our employees.

	Activity		Weighted Average Exercise Price
Outstanding as of December 31, 2018	141,847		$	23.08
Exercised	(15,319	)	10.78
Outstanding as of December 31, 2019	126,528		24.57
Exercisable as of December 31, 2019	126,528		24.57

The following table summarizes other information relating to stock option exercises.

	Year Ended December 31,
(in millions)	2019		2018		2017
Tax benefit of stock option exercises	$	—	$	—	$	0.1
Intrinsic value of stock option exercises	0.1		0.4		2.1

The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2019.

	Outstanding				Exercisable
Range of Exercise Price	Number of Options	Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number of Options	Weighted Average Exercise Price
$10 to 14.99	13,169	0.15	$	13.68	13,169	$	13.68
$20 to 24.99	9,946	1.12	20.07		9,946	20.07
$25 to 29.99	103,413	1.72	26.39		103,413	26.39
	126,528				126,528

Stock options outstanding as of December 31, 2019, have a weighted average remaining contractual life of 1.46 years and the total intrinsic value for “in-the-money” options, based on the closing stock price of our common stock of $26.82, was $0.3 million. Stock options exercisable as of December 31, 2019, have a weighted average remaining contractual life of 1.46 years and the total intrinsic value for “in-the-money” exercisable options was $0.3 million.

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Retirement Benefits - Schedule of Significant Changes in Level 3 Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of plan assets, beginning of year	$ 47.5	$ 52.3
Payments	(2.6)	(2.0)
Actuarial (gain) loss	8.8	(5.6)	$ 3.7
Interest income	8.8	(0.9)
Cumulative translation adjustments	2.1	(3.9)
Fair value of plan assets, end of year	57.3	47.5	52.3
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of plan assets, beginning of year	3.6
Fair value of plan assets, end of year	3.7	3.6
Insurance contracts
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of plan assets, beginning of year	3.6
Fair value of plan assets, end of year	3.7	3.6
Insurance contracts | Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of plan assets, beginning of year	3.6	4.4
Payments	(0.4)	(0.5)
Actuarial (gain) loss	0.2	(0.1)
Interest income	0.1	0.1
Cumulative translation adjustments	0.2	(0.3)
Fair value of plan assets, end of year	$ 3.7	$ 3.6	$ 4.4

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Income Taxes - Book Income to REIT Taxable Income Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Book Income to REIT Taxable Income Reconciliation [Line Items]
Income before provision for income taxes and equity in earnings of investee companies	$ 145.8	$ 108.7		$ 125.1
Book depreciation in excess of tax depreciation	21.5	24.4		29.5
Book amortization in excess of tax amortization	(6.8)	(10.6)		(1.8)
Tax dividend from foreign subsidiary	0.5	2.1	[1]	5.6
Book/tax differences - stock-based compensation	1.5	(1.4)		(2.2)
Book/tax differences - deferred gain for tax	(3.2)	(1.4)		(13.1)
Book/tax differences - capitalized costs	5.0	6.4		5.7
Book/tax differences - executive compensation	7.8	7.5		1.1
Book/tax differences - leases	6.2	1.5		2.8
Book/tax differences - other	9.4	2.1		(4.1)
REIT taxable income (estimated)	171.3	177.7		146.2
Taxable REIT Subsidiaries
Book Income to REIT Taxable Income Reconciliation [Line Items]
Income before provision for income taxes and equity in earnings of investee companies	(16.4)	38.4		(2.4)
Qualified REIT Subsidiaries
Book Income to REIT Taxable Income Reconciliation [Line Items]
Income before provision for income taxes and equity in earnings of investee companies	$ 129.4	$ 147.1		$ 122.7

[1] In 2017, the tax dividend from foreign subsidiary consists of a $12.6 million one-time deemed repatriation of foreign unremitted earnings under the Tax Act, net of a $7.0 million deduction for dividends received.

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Commitment and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years.

Contractual Obligations

We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment.

We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. Under most of these agreements, the school is entitled to receive the greater of a percentage of the relevant revenue, net of agency commissions, or a specified guaranteed minimum annual payment.

As of December 31, 2019, guaranteed minimum annual payments are as follows:

(in millions)	Guaranteed Minimum Annual Payments
2020	$	227.9
2021	227.3
2022	222.6
2023	225.0
2024	226.6
2025 and thereafter	774.4
Total minimum payments	$	1,903.8

Under the MTA agreement, we are obligated to deploy, over a number of years, (i) 8,565 digital advertising screens on subway and train platforms and entrances, (ii) 37,716 smaller-format digital advertising screens on rolling stock, and (iii) 7,829 MTA communications displays, with such deployment amounts being subject to modification as agreed-upon by us and the MTA. In addition, we are obligated to pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Incremental revenues that exceed an annual base revenue amount will be retained by us for the cost of deploying advertising and communications displays throughout the transit system. As presented in the table below, MTA equipment deployment costs are being recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operation. As of December 31, 2019, 4,577 digital displays had been installed, of which 837 installations occurred in the fourth quarter of 2019, for a total of 3,348 installations in 2019. For the full year of 2020, we expect our MTA equipment deployment costs to be approximately $175.0 million.

(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment			Amortization			Ending Balance
Year Ended December 31, 2019:
Prepaid MTA equipment deployment costs	$	79.5	$	124.2	$	(32.2	)	$	—		$	171.5
Intangible assets (franchise agreements)	14.8		26.6		—			(3.1		)	38.3
Total	$	94.3	$	150.8	$	(32.2	)	$	(3.1	)	$	209.8
Year Ended December 31, 2018:
Prepaid MTA equipment deployment costs	$	4.7	$	76.5	$	(1.7	)	$	—		$	79.5
Intangible assets (franchise agreements)	0.9		14.7		—			(0.8		)	14.8
Total	$	5.6	$	91.2	$	(1.7	)	$	(0.8	)	$	94.3

Letters of Credit

We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of December 31, 2019, the outstanding letters of credit were approximately $72.5 million and outstanding surety bonds were approximately $162.1 million, and were not recorded on the Consolidated Statements of Financial Position.

Legal Matters

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

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Restricted Cash

12 Months Ended

Dec. 31, 2019

Restricted Cash [Abstract]

Restricted Cash

Restricted Cash

In 2018, we entered into an escrow agreement in connection with one of our transit franchise contracts, which requires us to deposit funds into an escrow account to fund capital expenditures over the term of the transit franchise contract.

As of December 31, 2019, we have $1.8 million of restricted cash deposited in the escrow account.

	As of
(in millions)	December 31, 2019		December 31, 2018		December 31, 2017
Cash and cash equivalents	$	59.1	$	52.7	$	48.3
Restricted cash	1.8		1.4		—
Cash, cash equivalents and restricted cash	$	60.9	$	54.1	$	48.3

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Asset Retirement Obligation

12 Months Ended

Dec. 31, 2019

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation

Asset Retirement Obligation

The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.

	Year Ended December 31,
(in millions)	2019			2018
Balance, at beginning of period	$	34.2		$	34.7
Accretion expense	2.5			2.4
Additions	0.3			0.2
Liabilities settled	(2.1		)	(2.7		)
Foreign currency translation adjustments	0.2			(0.4		)
Balance, at end of period	$	35.1		$	34.2

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Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Equity

Equity

As of December 31, 2019, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 143,594,117 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with no shares issued and outstanding.

On June 13, 2017, certain subsidiaries of OUTFRONT Media Inc. acquired the equity interests of certain subsidiaries of All Vision LLC (“All Vision”), which hold substantially all of All Vision’s outdoor advertising assets in Canada, and effectuated an amalgamation of All Vision’s Canadian business with our Canadian business (the “Transaction”) (see Note 14. Acquisitions to the Consolidated Financial Statements). In connection with the Transaction, the Company issued 1,953,407 shares of Class A equity interests of a subsidiary of the Company that controls its Canadian business (“Outfront Canada”).

The Class A equity interests are entitled to receive priority cash distributions from Outfront Canada at the same time and in the same per share amount as the dividends paid on shares of the Company’s common stock. The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability.

During 2019, we made distributions of $1.9 million to holders of the Class A equity interests, which are recorded in Dividends on our Consolidated Statements of Equity and Consolidated Statements of Cash Flows. As of December 31, 2019, 834,727 Class A equity interests have been redeemed for shares of the Company’s common stock.

In 2019, we issued 8,526 shares of our common stock under the Outfront Media Inc. Amended and Restated Omnibus Stock Incentive Plan, valued at $0.2 million, to a consultant for services rendered.

We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. In 2019, 2,150,000 shares of our common stock were sold under the ATM Program for gross proceeds of $52.0 million with commissions of $0.8 million, for total net proceeds of $51.2 million. As of December 31, 2019, we had $232.5 million of capacity remaining under the ATM Program.

On February 25, 2020, we announced that our board of directors approved a quarterly cash dividend of $0.38 per share on our common stock, payable on March 31, 2020, to stockholders of record at the close of business on March 6, 2020.

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Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 488.1	$ 462.5	$ 459.9	$ 371.7	$ 452.4	$ 414.2	$ 401.7	$ 337.9	$ 1,782.2	$ 1,606.2	$ 1,520.5
U.S. Media
Segment Reporting Information [Line Items]
Revenues	448.0	422.7	419.6	338.4	410.0	379.7	367.2	309.9	1,628.7	1,466.8
Other
Segment Reporting Information [Line Items]
Revenues	$ 40.1	$ 39.8	$ 40.3	$ 33.3	$ 42.4	$ 34.5	$ 34.5	$ 28.0	153.5	139.4
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Revenues									1,628.7	1,466.8	1,406.5
Operating segments | Other
Segment Reporting Information [Line Items]
Revenues									$ 153.5	$ 139.4	$ 114.0

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Property and Equipment, Net

Depreciation is computed using the straight-line method over the estimated useful lives as follows:

Buildings and improvements	20 to 40 years
Advertising structures	5 to 20 years
Furniture, equipment and other	3 to 10 years

The table below presents the balances of major classes of assets and accumulated depreciation.

	As of December 31,
(in millions)	2019		2018
Land	$	98.8	$	97.5
Buildings and improvements	50.4		48.7
Advertising structures	1,866.1		1,789.4
Furniture, equipment and other	153.1		134.3
Construction in progress	25.4		19.3
	2,193.8		2,089.2
Less accumulated depreciation	1,527.6		1,436.3
Property and equipment, net	$	666.2	$	652.9

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III - Schedule of Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation

		Initial Cost				Cost Capitalized Subsequent to Acquisition			Gross Carrying Amount at December 31, 2019 (3)
Description (1)	Encumbrances	Land		Structures and Improvements					Land		Structures and Improvements		Total		Accumulated Depreciation			Construction Date	Acquisition Date	Useful Lives
Structures added prior to January 1, 2014
United States - 39,618 displays	—	(2)		(2)		(2)			$	81.1	$	1,405.7	1,486.8		$	(1,113.2	)	Various	Various	5 to 20 years
Canada - 4,808 displays	—	(2)		(2)		(2)			2.2		284.7		286.9		(271.5		)	Various	Various	5 to 20 years
									$	83.3	$	1,690.4	$	1,773.7	$	(1,384.7	)
Structures added subsequent to January 1, 2014
United States - 2,039 displays		$	15.5	$	165.4	$	(11.8	)	$	15.5	$	153.6	$	169.1	$	(7.7	)	Various	Various	5 to 20 years
Canada - 258 displays		—		22.1		—			—		22.1		22.1		(1.6		)	Various	Various	5 to 20 years
		$	15.5	$	187.5	$	(11.8	)	$	15.5	$	175.7	$	191.2	$	(9.3	)
Total
United States - 41,657 displays									$	96.6	$	1,559.3	$	1,655.9	$	(1,120.9	)	Various	Various	5 to 20 years
Canada - 5,066 displays									2.2		306.8		309.0		(273.1		)	Various	Various	5 to 20 years
									$	98.8	$	1,866.1	$	1,964.9	$	(1,394.0	)

______________________

(1) No single asset exceeded 5% of the total gross carrying amount as of December 31, 2019.

(2) This information is omitted as it would be impracticable to compile on a site-by-site basis.

(3) Includes sites under construction.

The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation.

	2019			2018			2017
Gross real estate assets:
Balance at the beginning of the year	$	1,886.9		$	1,845.2		$	1,787.3
New Investments	25.0			27.2			22.0
Redevelopments	35.6			29.0			23.4
Recurring capital expenditures	10.2			12.8			13.0
Land acquisitions	2.1			3.5			4.6
Additions for construction of / improvements to structures	72.9			72.5			63.0
Assets sold or written-off	(9.4		)	(2.9		)	(28.9		)
Foreign exchange	14.5			(27.9		)	23.8
Balance at the end of the year	$	1,964.9		$	1,886.9		$	1,845.2
Accumulated depreciation:
Balance at the beginning of the year	$	1,323.2		$	1,280.7		$	1,208.5
Depreciation	66.0			69.1			76.2
Assets sold or written-off	(8.0		)	(2.3		)	(24.5		)
Foreign exchange	12.8			(24.3		)	20.5
Balance at the end of the year	$	1,394.0		$	1,323.2		$	1,280.7

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Commitment and Contingencies - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($) Displays	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) Displays	Dec. 31, 2018 USD ($)
Other Commitments [Line Items]
MTA Equipment Development Cost Additions | $			$ 150.8	$ 91.2
MTA digital advertising screens on subway and train platforms and entrances
Other Commitments [Line Items]
Number Of Displays | Displays	8,565		8,565
MTA smaller-format digital advertising screens rolling stock
Other Commitments [Line Items]
Number Of Displays | Displays	37,716		37,716
MTA communication displays
Other Commitments [Line Items]
Number Of Displays | Displays	7,829		7,829
MTA displays installed
Other Commitments [Line Items]
Number Of Displays | Displays	4,577		4,577
Number Of Display Additions | Displays	837		3,348
Letter of Credit
Other Commitments [Line Items]
Letters of credit outstanding | $	$ 70.9		$ 70.9
Standalone letters of credit and sublimit to revolving credit facility
Other Commitments [Line Items]
Letters of credit outstanding | $	72.5		72.5
Surety Bond
Other Commitments [Line Items]
Surety Bonds Outstanding | $	$ 162.1		$ 162.1
Subsequent event
Other Commitments [Line Items]
MTA Equipment Development Cost Additions | $		$ 175.0

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Segment Information - Long Lived Assets by Geographic Areas (Details) - USD ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Long-Lived Assets	[1]	$ 4,925.1	$ 3,377.5	$ 3,405.5
United States
Segment Reporting Information [Line Items]
Long-Lived Assets	[1]	4,722.1	3,255.0	3,216.4
Canada
Segment Reporting Information [Line Items]
Long-Lived Assets	[1]	$ 203.0	$ 122.5	$ 189.1

[1] Reflects total assets less current assets, investments and non-current deferred tax assets.

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II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts

Col. A	Col. B		Col. C							Col. D		Col. E
Description	Balance at Beginning of Period		Balance Acquired through Acquisitions		Charged to Costs and Expenses		Charged to Other Accounts			Deductions		Balance at End of Period
Allowance for doubtful accounts:
Year ended December 31, 2019	$	10.7	$	—	$	5.3	$	0.1		$	4.0	$	12.1
Year ended December 31, 2018	11.5		—		1.9		(0.1		)	2.6		10.7
Year ended December 31, 2017	9.2		—		4.4		0.1			2.2		11.5
Valuation allowance on deferred tax assets:
Year ended December 31, 2019	$	—	$	—	$	0.4	$	—		$	—	$	0.4
Year ended December 31, 2018	—		—		—		—			—		—
Year ended December 31, 2017	—		—		—		—			—		—

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Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)	Mar. 31, 2019 leases	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)
Summary of Accounting Policies [Line Items]
Equity method investment ownership percentage	50.00%
Customer Billing Term	30 days
Number of leases | leases		23,600
Operating lease liability	$ 1,453.4		$ 1,200.0
Operating lease asset	$ 1,457.0		1,200.0	$ 0.0
Net asset			1,300.0
Cumulative effect of a new accounting standard			$ 24.8	$ (24.8)
Minimum
Summary of Accounting Policies [Line Items]
Equity method investment ownership percentage	20.00%
Intangible asset, useful life	5 years
Customer contract term	28 days
Operating lease term	1 month
Prepaid lease term	1 month
Maximum
Summary of Accounting Policies [Line Items]
Equity method investment ownership percentage	50.00%
Cost method investment ownership percentage	20.00%
Intangible asset, useful life	40 years
Customer contract term	12 months
Prepaid lease term	12 months
Direct Lease Acquisition Cost | Minimum
Summary of Accounting Policies [Line Items]
Intangible asset, useful life	28 days
Direct Lease Acquisition Cost | Maximum
Summary of Accounting Policies [Line Items]
Intangible asset, useful life	1 year

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Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Omnibus Stock Incentive Plan - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options outstanding (shares)	126,528	141,847
Exercise of stock options (shares)	(15,319)
Number of options exercisable (shares)	126,528
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, options outstanding ($ per share)	$ 24.57	$ 23.08
Weighted average exercise price, options exercised ($ per share)	10.78
Weighted average exercise price, options exercisable ($ per share)	$ 24.57

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Accumulated Other Comprehensive Loss -Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income [Abstract]
Tax benefit (expense) related to actuarial gain (loss) included in other comprehensive income (loss)	$ 0.6	$ (1.0)	$ 0.3

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Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions			12 Months Ended
	Nov. 18, 2019	Nov. 17, 2019	Dec. 31, 2019	Dec. 31, 2018	Jul. 15, 2019
Debt Instrument [Line Items]
Short-term debt			$ 195.0	$ 160.0
Long-term debt, net			2,222.1	2,149.6
Debt issuance costs			(27.1)	(20.4)
Total debt, net			$ 2,417.1	$ 2,309.6
Weighted average cost of debt			4.50%	5.10%
Term loan, due 2026
Debt Instrument [Line Items]
Maturity date	Nov. 18, 2026
Term loan, due 2024
Debt Instrument [Line Items]
Maturity date		Mar. 16, 2024
Secured debt | Term loan, due 2026
Debt Instrument [Line Items]
Maturity date			Nov. 18, 2026
Long-term debt, net			$ 597.5
Secured debt | Term loan, due 2024
Debt Instrument [Line Items]
Maturity date				Mar. 16, 2024
Long-term debt, net				$ 668.1
Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net			$ 1,651.7	$ 1,501.9
Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Maturity date			Jan. 31, 2022	Jan. 31, 2022
Debt interest rate percentage			5.25%	5.25%	5.25%
Long-term debt, net			$ 0.0	$ 549.7
Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Maturity date			Jan. 31, 2024	Jan. 31, 2024
Debt interest rate percentage			5.625%	5.625%
Long-term debt, net			$ 501.7	$ 502.2
Senior unsecured notes | 5.875% senior unsecured notes, due 2025
Debt Instrument [Line Items]
Maturity date			Mar. 15, 2025	Mar. 15, 2025
Debt interest rate percentage			5.875%	5.875%
Long-term debt, net			$ 0.0	$ 450.0
Senior unsecured notes | 5.000% senior unsecured notes, due 2027
Debt Instrument [Line Items]
Maturity date			Aug. 15, 2027
Debt interest rate percentage			5.00%		5.00%
Long-term debt, net					$ 650.0
Senior unsecured notes | 4.625% senior unsecured notes, due 2030
Debt Instrument [Line Items]
Maturity date			Mar. 15, 2030
Debt interest rate percentage	4.625%		4.625%
Long-term debt, net	$ 500.0
Short-term debt | AR Facility
Debt Instrument [Line Items]
Credit facility borrowings			$ 105.0	85.0
Short-term debt | Repurchase Facility
Debt Instrument [Line Items]
Credit facility borrowings			90.0	75.0
Long-term debt | Senior unsecured notes | 5.000% senior unsecured notes, due 2027
Debt Instrument [Line Items]
Long-term debt, net			650.0	$ 0.0
Long-term debt | Senior unsecured notes | 4.625% senior unsecured notes, due 2030
Debt Instrument [Line Items]
Long-term debt, net			$ 500.0

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Acquisitions -Narrative (Details) $ in Millions		3 Months Ended			12 Months Ended
	Jun. 13, 2017 shares	Mar. 31, 2020 USD ($) Displays	Sep. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) Displays	Dec. 31, 2019 USD ($) Displays	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares
Business Acquisitions and Dispositions [Line Items]
Total purchase price of acquisitions						$ 69.7	$ 7.0	$ 113.8
Cash portion of purchase price of acquisitions						69.7	7.0	69.2
Issuance of shares of a subsidiary for an acquisition						0.0	0.0	44.6
Finite-lived Intangible Assets Acquired								68.0
Deferred tax liabilities acquired								17.0
Other assets and liabilities acquired								9.1
Proceeds from exchange of assets						5.8	$ 7.9	5.6
Disposal of assets in an exchange						14.1
Acquired business
Business Acquisitions and Dispositions [Line Items]
Total purchase price of acquisitions						35.4		94.4
Cash portion of purchase price of acquisitions								50.0
Acquired Business 2 [Member]
Business Acquisitions and Dispositions [Line Items]
Payments for Deposits on Real Estate Acquisitions			$ 14.0	$ 5.0
Non-controlling interests
Business Acquisitions and Dispositions [Line Items]
Issuance of shares of a subsidiary for an acquisition								$ 44.4
Equity issued for acquisition (shares) | shares	1,953,407						1,953,407	1,953,407
Other
Business Acquisitions and Dispositions [Line Items]
Goodwill acquired								$ 34.3
Exchange of Productive Assets
Business Acquisitions and Dispositions [Line Items]
Proceeds from exchange of assets						$ 3.2
Subsequent event | Acquired business
Business Acquisitions and Dispositions [Line Items]
Total purchase price of acquisitions					$ 9.2
Subsequent event | Acquired Business 2 [Member]
Business Acquisitions and Dispositions [Line Items]
Total purchase price of acquisitions		$ 24.0
Digital displays | Acquired business
Business Acquisitions and Dispositions [Line Items]
Number Of Displays | Displays						14
Digital displays | Subsequent event | Acquired business
Business Acquisitions and Dispositions [Line Items]
Number Of Displays | Displays					4
Digital displays | Subsequent event | Acquired Business 2 [Member]
Business Acquisitions and Dispositions [Line Items]
Number Of Displays | Displays		8
Static displays | Acquired business
Business Acquisitions and Dispositions [Line Items]
Number Of Displays | Displays						7

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Revenues -Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 86.9
Remaining performance obligation, expected timing of satisfaction	5 years
Rental income	$ 1,149.8	$ 1,076.9	$ 1,001.8

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Goodwill and Other Intangible Assets - Narrative (Details) - Intangible Assets - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 26.2	$ 28.7	$ 27.6	$ 24.7	$ 25.8	$ 25.8	$ 25.0	$ 22.5	$ 107.2	$ 99.1	$ 100.1
Amortization of direct lease acquisition costs									$ 48.2	$ 43.2	$ 40.0
Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life									5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life									40 years
Direct Lease Acquisition Cost | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life									28 days
Direct Lease Acquisition Cost | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life									1 year

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Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2019

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive loss.

(in millions)	Cumulative Translation Adjustments			Net Actuarial Gain (Loss)			Loss on Interest Rate Cash Flow Swaps			Accumulated Other Comprehensive Loss
As of December 31, 2016	$	(9.9	)	$	(8.6	)	$	—		$	(18.5	)
Other comprehensive income (loss) before reclassifications	11.8			(1.4		)	—			10.4
Amortization of actuarial losses reclassified to net income(a)	—			0.4			—			0.4
Total other comprehensive income (loss), net of tax	11.8			(1.0		)	—			10.8
As of December 31, 2017	1.9			(9.6		)	—			(7.7		)
Other comprehensive income (loss) before reclassifications	(14.5		)	1.9			(2.4		)	(15.0		)
Amortization of actuarial losses reclassified to net income(a)	—			0.7			—			0.7
Total other comprehensive income, net of tax	(14.5		)	2.6			(2.4		)	(14.3		)
As of December 31, 2018	(12.6		)	(7.0		)	(2.4		)	(22.0		)
Other comprehensive income (loss) before reclassifications	8.2			(2.0		)	(2.2		)	4.0
Amortization of actuarial losses reclassified to net income(a)	—			0.3			—			0.3
Total other comprehensive income (loss), net of tax	8.2			(1.7		)	(2.2		)	4.3
As of December 31, 2019	$	(4.4	)	$	(8.7	)	$	(4.6	)	$	(17.7	)

(a) See Note 16. Retirement Benefits to the Consolidated Financial Statements for additional details of items reclassified from accumulated other comprehensive loss to net income.

Net actuarial gain (loss) included in other comprehensive income (loss) is net of a tax benefit of $0.6 million in 2019, a tax provision of $1.0 million in 2018 and a tax benefit of $0.3 million in 2017.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Principles of Consolidation—The consolidated financial statements include the accounts of OUTFRONT Media Inc. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights. Investments over which we have a significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which we have no significant influence, that do not have a readily determinable fair value, are measured at cost less impairment, if any. Intercompany transactions have been eliminated.

Cash and Cash Equivalents and Restricted Cash—Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. We classify cash balances that are legally restricted pursuant to contractual arrangements as restricted cash.

Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers.

New York Metropolitan Transportation Authority (the “MTA”) Agreement—Under the MTA Agreement, as title of the various digital displays we are obligated to deploy transfers to the MTA on installation, the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover

from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight line basis over the contract period.

Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows:

Buildings and improvements	20 to 40 years
Advertising structures	5 to 20 years
Furniture, equipment and other	3 to 10 years

For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized.

Construction in progress includes all costs capitalized related to projects, primarily related to in-process digital conversion and development, which have yet to be placed in service.

Business Combinations and Asset Acquisitions—We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values.

Impairment of Long-Lived Assets—Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell.

Goodwill and Intangible Assets—Goodwill is allocated to various reporting units. Goodwill is not amortized but is tested qualitatively and/or quantitatively at the reporting-unit level annually for impairment as of October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment by adding the present value of the estimated annual cash flows over a discrete projection period to the residual value of the business at the end of the projection period. This technique requires us to use significant estimates and assumptions such as growth rates, operating margins, capital expenditures and discount rates. The estimated growth rates, operating margins and capital expenditures for the projection period are based on our internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates are determined based on the weighted average cost of capital of comparable entities. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded as a non-cash charge for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Intangible assets, which primarily consist of acquired permits and leasehold

agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years.

Hedging Activities—We utilize interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate. These interest rate swaps have been designated and qualify as cash flow hedges and, as a result, changes in the fair value of these swaps are recorded in Other comprehensive income (loss) before taxes on the Consolidated Statements of Comprehensive Income.

Revenue Recognition—We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other.

Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues and installation services are recognized on a combined basis under the lease accounting standard as rental income on a straight-line basis over the customer lease term.

Transit display revenues are derived from agreements with municipalities and transit operators, which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks and transit platforms. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period.

Other revenues are derived primarily from (i) providing print production services for advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems, and (ii) revenues from marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. Print production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration. Revenues from our Sports Marketing operating segment are principally derived from advertising and marketing arrangements and are recognized over the contract period.

Our billboard display and transit display contracts with customers range from four weeks to one year and billing commences at the beginning of the contract term, with payment generally due within 30 days of billing. For the majority of our contracts, transaction prices are explicitly stated. Any contracts with transaction prices that contain multiple performance obligations, are allocated primarily based on a relative standalone selling price basis.

Deferred revenues primarily consist of revenues paid in advance of being earned.

Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate.

Billboard Property Lease and Transit Franchise Expenses—Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months.

The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized.

Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs

which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term.

Direct Lease Acquisition Costs—Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations.

Foreign Currency Translation and Transactions—The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (expense), net, on the Consolidated Statements of Operations.

Income Taxes—As of July 17, 2014, we began operating as a REIT. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and certain of our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates.

Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized.

We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset.

Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award.

Adoption of New Accounting Standards

Leases

In the first quarter of 2019, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the modified retrospective transition method to adopt the new lease standard. The modified retrospective transition method allows entities to apply the new lease standard at the adoption date rather than adjusting each period presented at the date of adoption. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases regardless of their classification.

We elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed us to carry forward our historical lease classification. We also elected the practical expedient related to land easements, which allowed us to carry forward our accounting treatment for land easements on existing leases. In addition we elected the hindsight practical expedient which resulted in increasing the length of our lease term for existing leases with cancellation provisions.

At adoption, we had approximately 23,600 lease agreements as lessee, all of which were classified as operating leases. On January 1, 2019, the adoption of this standard resulted in the recognition of an operating lease liability of $1.2 billion and a right-of-use operating lease asset of the same amount. Existing prepaid and accrued lease costs were reclassified to the right-of-use operating lease asset, resulting in a net asset of $1.3 billion on the Consolidated Statement of Financial Position. As a result of the adoption of this standard, we also recorded a cumulative-effect adjustment of $24.8 million to beginning Distribution in excess of earnings on the Consolidated Statement of Equity for lease costs which would have been recognized in prior periods as a result of the change in the lease term.

Under the new guidance, lessors account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms. Adoption of this guidance did not have a material effect on our consolidated financial statements.

Recent Pronouncements

In April 2015 (updated in August 2018), the FASB updated their guidance for evaluating and determining when a cloud computing arrangement (hosting arrangement) includes a software license. The new guidance is effective for annual and interim periods beginning after December 15, 2019. We do not expect this guidance to have a material effect on our consolidated financial statements.

In June 2016 (updated in May 2019 and November 2019), the FASB issued guidance which requires a reporting entity to estimate credit losses on certain types of financial instruments, and present assets held at amortized cost and available-for-sale debt securities at the amount expected to be collected. The new guidance is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. We do not expect this guidance to have a material effect on our consolidated financial statements.

In December 2019, the FASB issued guidance simplifying the accounting for income taxes by removing certain exceptions to the general principles of Accounting Standards Codification Topic 740, Income Taxes. The new guidance is effective for annual and interim periods beginning after December 15, 2020. We do not expect this guidance to have a material effect on our consolidated financial statements.

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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

Goodwill and Other Intangible Assets

Goodwill

For the years ended December 31, 2019 and 2018, the changes in the book value of goodwill by segment were as follows:

(in millions)	U.S. Media		Other			Total
As of December 31, 2017	$	2,054.0	$	74.0		$	2,128.0
Currency translation adjustments	—		(5.4		)	(5.4		)
Impairment	—		(42.9		)	(42.9		)
As of December 31, 2018	2,054.0		25.7			2,079.7
Currency translation adjustments	—		3.4			3.4
As of December 31, 2019	$	2,054.0	$	29.1		$	2,083.1

In the fourth quarter of 2019, we performed a qualitative assessment of our reporting units for possible goodwill impairment. Upon assessment, no goodwill impairment was identified.

In the second quarter of 2018, our Canadian reporting unit did not meet revenue expectations and pacing reflected a decline as compared to the 2018 forecast due to the underperformance of our static poster assets and digital displays. As a result, we determined that there was a decline in the outlook for our Canadian reporting unit. This determination constituted a triggering event, requiring an interim goodwill impairment analysis of our Canadian reporting unit.

As a result of the impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statements of Operations.

Other Intangible Assets

Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals.

Our identifiable intangible assets consist of the following:

(in millions)	Gross		Accumulated Amortization			Net
As of December 31, 2019:
Permits and leasehold agreements	$	1,153.3	$	(735.7	)	$	417.6
Franchise agreements	497.4		(371.1		)	126.3
Other intangible assets	47.1		(40.1		)	7.0
Total intangible assets	$	1,697.8	$	(1,146.9	)	$	550.9
As of December 31, 2018:
Permits and leasehold agreements(a)	$	1,107.4	$	(697.6	)	$	409.8
Franchise agreements	470.7		(357.1		)	113.6
Other intangible assets(a)	46.9		(33.1		)	13.8
Total intangible assets	$	1,625.0	$	(1,087.8	)	$	537.2

(a) Includes additions associated with the Transaction (as defined below, see Note 11. Equity and Note 14. Acquisitions to the Consolidated Financial Statements).

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $107.2 million in 2019, $99.1 million in 2018 and $100.1 million in 2017, which includes the amortization of direct lease acquisition costs of $48.2 million in 2019, $43.2 million in 2018 and $40.0 million in 2017. Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year.

We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2020 through 2024, to be as follows:

(in millions)	2020		2021		2022		2023		2024
Amortization expense	$	58.7	$	56.8	$	51.5	$	49.7	$	47.4

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Condensed Consolidating Financial Information -Narrative (Details)	Dec. 31, 2019
Wholly Owned Domestic Subsidiaries [Line Items]
Equity method investment ownership percentage	50.00%
Subsidiary Issuer
Wholly Owned Domestic Subsidiaries [Line Items]
Equity method investment ownership percentage	100.00%

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Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2019

Restricted Cash [Abstract]

Restricted Cash

	As of
(in millions)	December 31, 2019		December 31, 2018		December 31, 2017
Cash and cash equivalents	$	59.1	$	52.7	$	48.3
Restricted cash	1.8		1.4		—
Cash, cash equivalents and restricted cash	$	60.9	$	54.1	$	48.3

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Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions	3 Months Ended									12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018		Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net income before allocation to non-controlling interests										$ 140.6	$ 107.9	$ 125.8
Provision for income taxes										10.9	4.9	4.1
Equity in earnings of investee companies, net of tax										(5.7)	(4.1)	(4.8)
Interest expense, net										134.9	125.7	116.9
Loss on extinguishment of debt										(28.5)	0.0	0.0
Other income (expense), net										(0.1)	0.4	(0.3)
Operating income (loss)	$ 98.0	$ 85.5	$ 88.7	$ 36.9	$ 91.3	$ 78.9	$ 32.9		$ 31.7	309.1	234.8	241.7
Restructuring charges										0.3	2.1	6.4
Net gain on dispositions	(0.8)	(1.9)	0.4	(1.5)	(1.3)	(1.3)	(2.7)		(0.2)	(3.8)	(5.5)	(14.3)
Impairment charge					0.0	0.0	42.9	[1]	0.0	0.0	42.9	0.0
Depreciation and amortization										194.5	185.0	189.8
Stock-based compensation	5.9	5.6	5.5	5.3	4.8	4.8	5.6		5.0	22.3	20.2	20.5
Adjusted OIBDA	151.7	140.3	143.6	86.8	143.8	129.3	125.2		81.2	522.4	479.5	444.1
Capital expenditures										89.9	82.3	70.8
U.S. Media
Segment Reporting Information [Line Items]
Operating income (loss)	115.8	103.1	101.9	55.5	102.4	96.0	93.8		50.6	376.3	342.8
Impairment charge											0.0
Adjusted OIBDA	158.6	147.3	145.8	94.6	143.9	136.2	131.2		88.9	546.3	500.2
Other
Segment Reporting Information [Line Items]
Operating income (loss)	2.8	(0.7)	3.3	(4.0)	3.9	(1.2)	(45.1)		(7.0)	1.4	(49.4)
Impairment charge											42.9
Adjusted OIBDA	7.8	4.3	8.8	1.2	9.7	4.2	4.2		(0.8)	22.1	17.3
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Operating income (loss)										376.3	342.8	320.6
Restructuring charges											0.9	2.3
Net gain on dispositions										(3.9)	(5.3)	(14.4)
Depreciation and amortization										173.9	161.8	169.6
Adjusted OIBDA										546.3	500.2	478.1
Capital expenditures										86.7	73.0	63.9
Operating segments | Other
Segment Reporting Information [Line Items]
Operating income (loss)										1.4	(49.4)	(16.0)
Restructuring charges											0.8	4.1
Net gain on dispositions										0.1	(0.2)	0.1
Depreciation and amortization										20.6	23.2	20.2
Adjusted OIBDA										22.1	17.3	8.4
Capital expenditures										3.2	9.3	6.9
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)	(20.6)	(16.9)	(16.5)	(14.6)	(15.0)	(15.9)	(15.8)		(11.9)	(68.6)	(58.6)	(62.9)
Restructuring charges										0.3	0.4
Adjusted OIBDA	$ (14.7)	$ (11.3)	$ (11.0)	$ (9.0)	$ (9.8)	$ (11.1)	$ (10.2)		$ (6.9)	$ (46.0)	$ (38.0)	$ (42.4)

[1] As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets: Goodwill to the Consolidated Financial Statements

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Commitment and Contingencies - Contractual Obligation, Fiscal Year Maturity Schedule (Details) - Guaranteed Minimum Annual Payments $ in Millions	Dec. 31, 2019 USD ($)
Other Commitment, Fiscal Year Maturity [Abstract]
2020	$ 227.9
2021	227.3
2022	222.6
2023	225.0
2024	226.6
2025 and thereafter	774.4
Guaranteed minimum annual payments	$ 1,903.8

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Description of Business and Basis of Presentation Accounting (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Use of Estimates

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

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Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information (Unaudited)

	2019
(in millions)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues:
U.S. Media	$	338.4		$	419.6		$	422.7		$	448.0		$	1,628.7
Other	33.3			40.3			39.8			40.1			153.5
Total revenues	$	371.7		$	459.9		$	462.5		$	488.1		$	1,782.2
Adjusted OIBDA:
U.S. Media	$	94.6		$	145.8		$	147.3		$	158.6		$	546.3
Other	1.2			8.8			4.3			7.8			22.1
Corporate	(9.0		)	(11.0		)	(11.3		)	(14.7		)	(46.0		)
Total Adjusted OIBDA	86.8			143.6			140.3			151.7			522.4
Restructuring charges	(0.3		)	—			—			—			(0.3		)
Net gain (loss) on dispositions	1.5			(0.4		)	1.9			0.8			3.8
Depreciation	(21.1		)	(21.4		)	(22.4		)	(22.4		)	(87.3		)
Amortization	(24.7		)	(27.6		)	(28.7		)	(26.2		)	(107.2		)
Stock-based compensation	(5.3		)	(5.5		)	(5.6		)	(5.9		)	(22.3		)
Total operating income	$	36.9		$	88.7		$	85.5		$	98.0		$	309.1
Operating income (loss):
U.S. Media	$	55.5		$	101.9		$	103.1		$	115.8		$	376.3
Other	(4.0		)	3.3			(0.7		)	2.8			1.4
Corporate	(14.6		)	(16.5		)	(16.9		)	(20.6		)	(68.6		)
Total operating income	$	36.9		$	88.7		$	85.5		$	98.0		$	309.1
Net income attributable to OUTFRONT Media Inc.	$	6.1		$	50.3		$	38.7		$	45.0		$	140.1
Net income attributable to OUTFRONT Media Inc. per common share:
Basic	$	0.04		$	0.35		$	0.27		$	0.31		$	0.97
Diluted	$	0.04		$	0.35		$	0.27		$	0.31		$	0.97

	2018
(in millions)	First Quarter			Second Quarter				Third Quarter			Fourth Quarter			Total Year
Revenues:
U.S. Media	$	309.9		$	367.2			$	379.7		$	410.0		$	1,466.8
Other	28.0			34.5				34.5			42.4			139.4
Total revenues	$	337.9		$	401.7			$	414.2		$	452.4		$	1,606.2
Adjusted OIBDA:
U.S. Media	$	88.9		$	131.2			$	136.2		$	143.9		$	500.2
Other	(0.8		)	4.2				4.2			9.7			17.3
Corporate	(6.9		)	(10.2		)		(11.1		)	(9.8		)	(38.0		)
Total Adjusted OIBDA	81.2			125.2				129.3			143.8			479.5
Restructuring charges	(1.1		)	(0.2		)		(0.1		)	(0.7		)	(2.1		)
Net gain on dispositions	0.2			2.7				1.3			1.3			5.5
Impairment charge	—			(42.9		)	(a)	—			—			(42.9		)
Depreciation	(21.1		)	(21.3		)		(21.0		)	(22.5		)	(85.9		)
Amortization	(22.5		)	(25.0		)		(25.8		)	(25.8		)	(99.1		)
Stock-based compensation	(5.0		)	(5.6		)		(4.8		)	(4.8		)	(20.2		)
Total operating income	$	31.7		$	32.9			$	78.9		$	91.3		$	234.8
Operating income (loss):
U.S. Media	$	50.6		$	93.8			$	96.0		$	102.4		$	342.8
Other	(7.0		)	(45.1		)		(1.2		)	3.9			(49.4		)
Corporate	(11.9		)	(15.8		)		(15.9		)	(15.0		)	(58.6		)
Total operating income	$	31.7		$	32.9			$	78.9		$	91.3		$	234.8
Net income (loss) attributable to OUTFRONT Media Inc.	$	9.1		$	(5.2	)		$	46.8		$	57.2		$	107.9
Net income (loss) attributable to OUTFRONT Media Inc. per common share:
Basic	$	0.06		$	(0.04	)		$	0.33		$	0.40		$	0.76
Diluted	$	0.06		$	(0.04	)		$	0.33		$	0.40		$	0.75

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Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Building and building improvements | Minimum
Property and Equipment [Line Items]
Property and Equipment, Useful Life	20 years
Building and building improvements | Maximum
Property and Equipment [Line Items]
Property and Equipment, Useful Life	40 years
Advertising structures | Minimum
Property and Equipment [Line Items]
Property and Equipment, Useful Life	5 years
Advertising structures | Maximum
Property and Equipment [Line Items]
Property and Equipment, Useful Life	20 years
Furniture, equipment and other | Minimum
Property and Equipment [Line Items]
Property and Equipment, Useful Life	3 years
Furniture, equipment and other | Maximum
Property and Equipment [Line Items]
Property and Equipment, Useful Life	10 years

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Debt - Narrative (Details) - Debt Instruments $ in Millions					3 Months Ended		12 Months Ended
	Dec. 18, 2019	Nov. 18, 2019 USD ($)	Nov. 17, 2019	Jul. 15, 2019 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Feb. 25, 2020 USD ($)
Debt Instrument [Line Items]
Long-term debt, net					$ 2,222.1		$ 2,222.1	$ 2,149.6
Loss on extinguishment of debt							$ (28.5)	0.0	$ 0.0
Covenant description							The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0.
Maximum consolidated total leverage ratio							6.0
Consolidated total leverage ratio							4.4
Deferred financing costs					36.2		$ 36.2
Level 2
Debt Instrument [Line Items]
Long-term Debt, Fair Value					$ 2,500.0		$ 2,500.0	$ 2,300.0
Term loan, due 2024
Debt Instrument [Line Items]
Maturity date			Mar. 16, 2024
Term loan, due 2026
Debt Instrument [Line Items]
Maturity date		Nov. 18, 2026
4.625% senior unsecured notes, due 2030 | Minimum
Debt Instrument [Line Items]
Percentage of debt outstanding		50.00%
4.625% senior unsecured notes, due 2030 | Maximum
Debt Instrument [Line Items]
Percentage of redeemable debt		40.00%
Secured debt | Term loan, due 2024
Debt Instrument [Line Items]
Maturity date								Mar. 16, 2024
Interest rate margins			1.00%
Long-term debt, net								$ 668.1
Secured debt | Term loan, due 2024 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate margins			2.00%
Secured debt | Term loan, due 2026
Debt Instrument [Line Items]
Maturity date							Nov. 18, 2026
Debt face amount		$ 600.0
Interest rate margins		0.75%
Interest rate at period end					3.50%		3.50%
Debt discount					$ 2.5		$ 2.5
Long-term debt, net					597.5		597.5
Secured debt | Term loan, due 2026 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate margins		1.75%
Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net					1,651.7		$ 1,651.7	$ 1,501.9
Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Maturity date							Jan. 31, 2022	Jan. 31, 2022
Repurchase date				Jul. 15, 2019
Long-term debt, net					$ 0.0		$ 0.0	$ 549.7
Debt interest rate percentage				5.25%	5.25%		5.25%	5.25%
Loss on extinguishment of debt						$ 11.0
Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Maturity date							Jan. 31, 2024	Jan. 31, 2024
Debt face amount					$ 100.0		$ 100.0
Long-term debt, net					$ 501.7		$ 501.7	$ 502.2
Debt interest rate percentage					5.625%		5.625%	5.625%
Debt Instrument, Unamortized Premium					$ 1.7		$ 1.7
Senior unsecured notes | 5.000% senior unsecured notes, due 2027
Debt Instrument [Line Items]
Maturity date							Aug. 15, 2027
Long-term debt, net				$ 650.0
Debt interest rate percentage				5.00%	5.00%		5.00%
Senior unsecured notes | 4.625% senior unsecured notes, due 2030
Debt Instrument [Line Items]
Maturity date							Mar. 15, 2030
Long-term debt, net		$ 500.0
Debt interest rate percentage		4.625%			4.625%		4.625%
Debt of first required payment		Mar. 15, 2020
Senior unsecured notes | 5.875% senior unsecured notes, due 2025
Debt Instrument [Line Items]
Maturity date							Mar. 15, 2025	Mar. 15, 2025
Repurchase date	Dec. 18, 2019
Long-term debt, net					$ 0.0		$ 0.0	$ 450.0
Debt interest rate percentage					5.875%		5.875%	5.875%
Loss on extinguishment of debt					$ 17.5
Revolving credit facility
Debt Instrument [Line Items]
Maturity date		Nov. 18, 2024	Mar. 16, 2022
Debt Covenant, Maximum Consolidated Net Secured Coverage Ratio, REIT Election							4.5
Increase in borrowing capacity		$ 70.0
Maximum borrowing capacity					500.0		$ 500.0
Covenant description							The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Securitization Facilities) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0
Net secured leverage ratio							1.2
Expiration date							Nov. 18, 2024	Mar. 16, 2022
Revolving credit facility | Minimum
Debt Instrument [Line Items]
Interest rate margins		0.25%	1.00%
Revolving credit facility | Maximum
Debt Instrument [Line Items]
Interest rate margins		0.75%	1.25%
Restricted cash limit					150.0		$ 150.0
Revolving credit facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Interest rate margins		1.25%	2.00%
Revolving credit facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Interest rate margins		1.75%	2.25%
Long-term debt | Senior unsecured notes | 5.000% senior unsecured notes, due 2027
Debt Instrument [Line Items]
Long-term debt, net					650.0		650.0	$ 0.0
Long-term debt | Senior unsecured notes | 4.625% senior unsecured notes, due 2030
Debt Instrument [Line Items]
Long-term debt, net					500.0		500.0
Long-term debt | Revolving credit facility
Debt Instrument [Line Items]
Credit facility borrowings					$ 0.0		$ 0.0
Subsequent event | Revolving credit facility
Debt Instrument [Line Items]
Credit facility borrowings										$ 25.0
Credit facility interest rate at period end										3.40%

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Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 10, 2019	Jun. 09, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested RSUs and PSUs	$ 23.6
Remaining Contractual Life	1 year 5 months 15 days
Share price ($ per share)	$ 26.82
Options Outstanding, Intrinsic Value	$ 0.3
Options Exercisable, Weighted Average Remaining Contractual Term	1 year 5 months 15 days
Options Exercisable, Intrinsic Value	$ 0.3
Restricted Stock Units and Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected recognition period for non-vested RSUs and PSUs	1 year 9 months 18 days
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Vesting Period	3 years
Performance Shares (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Condition Period	1 year
Performance Shares (PRSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout on stock-based compensation awards	0.00%
Performance Shares (PRSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout on stock-based compensation awards	120.00%
Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (shares)				13,100,000	5,100,000
Omnibus Stock Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs and PSUs, Vested in Period, Fair Value	$ 18.3	$ 19.2	$ 20.0
Omnibus Stock Incentive Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Vesting Period	4 years
Omnibus Stock Incentive Plan | Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Expiration Period	8 years
Omnibus Stock Incentive Plan | Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Expiration Period	10 years

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Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Billboard									$ 1,189.9	$ 1,112.4	$ 1,059.0
Transit and other									592.3	493.8	461.5
Revenues	$ 488.1	$ 462.5	$ 459.9	$ 371.7	$ 452.4	$ 414.2	$ 401.7	$ 337.9	1,782.2	1,606.2	1,520.5
Static displays
Disaggregation of Revenue [Line Items]
Billboard									894.1	858.1	839.7
Transit and other									370.7	339.9	339.5
Digital displays
Disaggregation of Revenue [Line Items]
Billboard									252.7	216.1	173.7
Transit and other									112.4	59.6	45.3
Other
Disaggregation of Revenue [Line Items]
Billboard									43.1	38.2	45.6
Transit and other									43.5	39.5	35.9
Transit franchise contract
Disaggregation of Revenue [Line Items]
Transit and other									526.6	439.0	420.7
Sports marketing and other
Disaggregation of Revenue [Line Items]
Transit and other									$ 65.7	$ 54.8	$ 40.8

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Asset Retirement Obligation - Narrative (Details)	12 Months Ended
	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation, Expected Term	50 years
Asset Retirement Obligations, Description	The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years

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Stock-Based Compensation - Schedule of Additional Stock Option Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit of stock option exercises	$ 0.0	$ 0.0	$ 0.1
Intrinsic value of stock option exercises	$ 0.1	$ 0.4	$ 2.1

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Equity (Details) $ / shares in Units, $ in Millions						12 Months Ended
		Mar. 31, 2020	Mar. 06, 2020	Feb. 25, 2020 $ / shares	Jun. 13, 2017 shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Nov. 21, 2017 USD ($)
Class of Stock [Line Items]
Common Stock, Shares Authorized (shares)						450,000,000	450,000,000
Common Stock, Shares, Issued (shares)						143,594,117	140,239,977
Common Stock, Outstanding (shares)						143,594,117	140,239,977
Common stock, par value per share ($ per share) | $ / shares						$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (shares)						50,000,000
Preferred Stock, Shares Issued (shares)						0
Preferred Stock, Shares Outstanding (shares)						0
Preferred Stock, Par or Stated Value Per Share ($ per share) | $ / shares						$ 0.01
Temporary Equity, Contract Terms						The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability.
Dividends | $						$ (208.1)	$ (203.9)	$ (201.8)
Exchange Ratio Class A Equity Interests For Common Stock					1
Restriction For Disposition of Assets Acquired					5 years
Common stock issued during the period (shares)						8,526
Value of shares issued for services rendered | $						$ 0.2	$ 0.1
At-The-Market Equity Offering Program, Authorized Amount Outstanding (shares) | $						$ 232.5			$ 300.0
Dividends declared per common share ($ per share) | $ / shares						$ 1.44	$ 1.44	$ 1.44
Subsequent event
Class of Stock [Line Items]
Dividends declared per common share ($ per share) | $ / shares				$ 0.38
Ordinary dividend | Subsequent event
Class of Stock [Line Items]
Dividends Payable, Date to be Paid		Mar. 31, 2020
Dividends Payable, Date of Record			Mar. 06, 2020
At-the-market equity offering program
Class of Stock [Line Items]
Commissions paid on issuance of common stock | $						$ 0.8
Common stock issued during the period (shares)						2,150,000
Common stock issued during the period, gross proceeds | $						$ 52.0
Common stock issued during the period, net proceeds | $						51.2
Additional paid-in capital
Class of Stock [Line Items]
Value of shares issued for services rendered | $						0.2
Non-controlling interests
Class of Stock [Line Items]
Equity issued for acquisition (shares)					1,953,407		1,953,407	1,953,407
Dividends | $	[1]					$ 1.9	$ 2.7	$ 1.4
Shares converted (shares)						(834,727)

[1] On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 11. Equity to the Consolidated Financial Statements.) The potential impact of 1.4 million shares of Class A equity interests of Outfront Canada was antidilutive for 2019, 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017.

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Tax, Domestic and Foreign

The U.S. and foreign components of Income before provision for income taxes and equity in earnings of investee companies were as follows:

	Year Ended December 31,
(in millions)	2019		2018			2017
United States	$	144.3	$	157.3		$	139.2
Foreign	1.5		(48.6		)	(14.1		)
Income before provision for income taxes and equity in earnings of investee companies	$	145.8	$	108.7		$	125.1

Book Income (Loss) To REIT Taxable Income Reconciliation

The following table reconciles Income before provision for income taxes and equity in earnings of investee companies to REIT taxable income.

	Year Ended December 31,
(in millions)	2019			2018			2017
Income before provision for income taxes and equity in earnings of investee companies	$	145.8		$	108.7		$	125.1
Net (income) loss of TRSs	(16.4		)	38.4			(2.4		)
Income from REIT operations	129.4			147.1			122.7
Book depreciation in excess of tax depreciation	21.5			24.4			29.5
Book amortization in excess of tax amortization	(6.8		)	(10.6		)	(1.8		)
Tax dividend from foreign subsidiary(a)	0.5			2.1			5.6
Book/tax differences - stock-based compensation	1.5			(1.4		)	(2.2		)
Book/tax differences - deferred gain for tax	(3.2		)	(1.4		)	(13.1		)
Book/tax differences - capitalized costs	5.0			6.4			5.7
Book/tax differences - executive compensation	7.8			7.5			1.1
Book/tax differences - leases	6.2			1.5			2.8
Book/tax differences - other	9.4			2.1			(4.1		)
REIT taxable income (estimated)	$	171.3		$	177.7		$	146.2

Schedule of Components of Income Tax Expense (Benefit)

The components of the Provision for income taxes are as follows:

	Year Ended December 31,
(in millions)	2019			2018			2017
Current:
Federal	$	(5.3	)	$	(2.4	)	$	(6.9	)
State and local	(4.0		)	(2.3		)	(2.2		)
Foreign	(1.4		)	(0.6		)	0.1
	(10.7		)	(5.3		)	(9.0		)
Deferred tax benefit (liability):
Federal	0.3			(1.0		)	(2.2		)
State and local	0.2			(0.4		)	(0.1		)
Foreign	(0.7		)	1.8			7.2
	(0.2		)	0.4			4.9
Provision for income taxes	$	(10.9	)	$	(4.9	)	$	(4.1	)

Schedule of Effective Income Tax Rate Reconciliation

The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017, and the Provision for income taxes is summarized as follows:

	Year Ended December 31,
(in millions)	2019			2018			2017
Provision for income taxes on income at U.S. statutory rate	$	(31.6	)	$	(22.8	)	$	(43.8	)
REIT dividends paid deduction	27.9			30.9			42.9
State and local taxes, net of federal tax benefit	(2.7		)	(2.3		)	(1.6		)
Effect of foreign operations	(1.5		)	(9.3		)	2.4
Resolution of prior year tax	(3.0		)	—			—
Effect of the Tax Act on net deferred tax assets(a)	—			—			(2.1		)
Gain on dispositions	(0.3		)	(0.5		)	(0.9		)
Other, net	0.3			(0.9		)	(1.0		)
Provision for income taxes	$	(10.9	)	$	(4.9	)	$	(4.1	)

(a)

Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% for tax years beginning after December 31, 2017.

Schedule of Deferred Tax Assets and Liabilities

The following table is a summary of the components of deferred income tax assets and liabilities.

	As of December 31,
(in millions)	2019			2018
Deferred income tax assets:
Provision for expenses and losses	$	0.3		$	1.1
Postretirement and other employee benefits	2.4			3.6
Tax credit and loss carryforwards	0.4			0.8
Total deferred income tax assets	3.1			5.5
Valuation allowance	(0.4		)	—
Deferred income tax assets, net	2.7			5.5
Deferred income tax liabilities:
Property, equipment and intangible assets	(18.3		)	(19.5		)
Total deferred income tax liabilities	(18.3		)	(19.5		)
Deferred income tax liabilities, net	$	(15.6	)	$	(14.0	)

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Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Common stock, par value per share ($ per share)	$ 0.01	$ 0.01	$ 0.01
Dividends declared per common share ($ per share)	$ 1.44	$ 1.44	$ 1.44

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Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2019

Accumulated Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive loss.

(in millions)	Cumulative Translation Adjustments			Net Actuarial Gain (Loss)			Loss on Interest Rate Cash Flow Swaps			Accumulated Other Comprehensive Loss
As of December 31, 2016	$	(9.9	)	$	(8.6	)	$	—		$	(18.5	)
Other comprehensive income (loss) before reclassifications	11.8			(1.4		)	—			10.4
Amortization of actuarial losses reclassified to net income(a)	—			0.4			—			0.4
Total other comprehensive income (loss), net of tax	11.8			(1.0		)	—			10.8
As of December 31, 2017	1.9			(9.6		)	—			(7.7		)
Other comprehensive income (loss) before reclassifications	(14.5		)	1.9			(2.4		)	(15.0		)
Amortization of actuarial losses reclassified to net income(a)	—			0.7			—			0.7
Total other comprehensive income, net of tax	(14.5		)	2.6			(2.4		)	(14.3		)
As of December 31, 2018	(12.6		)	(7.0		)	(2.4		)	(22.0		)
Other comprehensive income (loss) before reclassifications	8.2			(2.0		)	(2.2		)	4.0
Amortization of actuarial losses reclassified to net income(a)	—			0.3			—			0.3
Total other comprehensive income (loss), net of tax	8.2			(1.7		)	(2.2		)	4.3
As of December 31, 2019	$	(4.4	)	$	(8.7	)	$	(4.6	)	$	(17.7	)

(a)

See Note 16. Retirement Benefits to the Consolidated Financial Statements for additional details of items reclassified from accumulated other comprehensive loss to net income.

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Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for Receivables	$ 12.1	$ 10.7
Common Stock, Shares Authorized (shares)	450,000,000	450,000,000
Common Stock, Shares, Issued (shares)	143,594,117	140,239,977
Common Stock, Outstanding (shares)	143,594,117	140,239,977

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Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,697.8	$ 1,625.0
Accumulated Amortization	(1,146.9)	(1,087.8)
Intangible assets	550.9	537.2
Permits and leasehold agreements
Finite-Lived Intangible Assets [Line Items]
Gross	1,153.3	1,107.4	[1]
Accumulated Amortization	(735.7)	(697.6)
Intangible assets	417.6	409.8
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross	497.4	470.7
Accumulated Amortization	(371.1)	(357.1)
Intangible assets	126.3	113.6
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	47.1	46.9	[1]
Accumulated Amortization	(40.1)	(33.1)
Intangible assets	$ 7.0	$ 13.8

[1] Includes additions associated with the Transaction (as defined below, see Note 11. Equity and Note 14. Acquisitions to the Consolidated Financial Statements).

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Retirement Benefits - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Actuarial gains		$ (2.3)
Amortization of actuarial losses	[1]	0.4
Cumulative translation adjustments		(0.4)
Total other comprehensive income (loss), before tax		(2.3)
Deferred income taxes		0.6
Total other comprehensive income (loss), net of tax		4.3	$ (14.3)	$ 10.8
Net Actuarial Gain (Loss)
Defined Benefit Plan Disclosure [Line Items]
Total other comprehensive income (loss), net of tax		$ (1.7)	$ 2.6	$ (1.0)

[1] Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income.

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Leases - Narrative Lessor (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lessor, Lease, Description [Line Items]
Rental income	$ 1,149.8	$ 1,076.9	$ 1,001.8
Minimum
Lessor, Lease, Description [Line Items]
Customer lease term	28 days
Maximum
Lessor, Lease, Description [Line Items]
Customer lease term	1 year

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Stock-Based Compensation - Schedule of Options by Exercise Price (Details) - Omnibus Stock Incentive Plan	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Options, Outstanding (shares) | shares	126,528
Number of Options, Exercisable (shares) | shares	126,528
$10 to 14.99
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 10
Exercise Price Range, Upper Range Limit	$ 14.99
Number of Options, Outstanding (shares) | shares	13,169
Options Outstanding Remaining Contractual Life (Years)	4 days
Options Outstanding, Weighted Average Exercise Price ($ per share)	$ 13.68
Number of Options, Exercisable (shares) | shares	13,169
Options Exercisable, Weighted Average Exercise Price ($ per share)	$ 13.68
$20 to 24.99
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	20
Exercise Price Range, Upper Range Limit	$ 24.99
Number of Options, Outstanding (shares) | shares	9,946
Options Outstanding Remaining Contractual Life (Years)	1 year 1 month 13 days
Options Outstanding, Weighted Average Exercise Price ($ per share)	$ 20.07
Number of Options, Exercisable (shares) | shares	9,946
Options Exercisable, Weighted Average Exercise Price ($ per share)	$ 20.07
$25 to 29.99
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	25
Exercise Price Range, Upper Range Limit	$ 29.99
Number of Options, Outstanding (shares) | shares	103,413
Options Outstanding Remaining Contractual Life (Years)	1 year 8 months 19 days
Options Outstanding, Weighted Average Exercise Price ($ per share)	$ 26.39
Number of Options, Exercisable (shares) | shares	103,413
Options Exercisable, Weighted Average Exercise Price ($ per share)	$ 26.39

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Retirement Benefits - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Unfunded status, end of year	$ (4.7)	$ (2.4)
Other noncurrent liabilities	(4.7)	(2.4)
Net amounts recognized	$ (4.7)	$ (2.4)

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Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Property and Equipment [Line Items]
Property and equipment	$ 2,193.8	$ 2,089.2
Less: accumulated depreciation	1,527.6	1,436.3
Property and equipment, net	666.2	652.9
Land
Property and Equipment [Line Items]
Property and equipment	98.8	97.5
Building and building improvements
Property and Equipment [Line Items]
Property and equipment	50.4	48.7
Advertising structures
Property and Equipment [Line Items]
Property and equipment	1,866.1	1,789.4
Furniture, equipment and other
Property and Equipment [Line Items]
Property and equipment	153.1	134.3
Construction in progress
Property and Equipment [Line Items]
Property and equipment	$ 25.4	$ 19.3

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Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended									12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018		Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 488.1	$ 462.5	$ 459.9	$ 371.7	$ 452.4	$ 414.2	$ 401.7		$ 337.9	$ 1,782.2	$ 1,606.2	$ 1,520.5
Adjusted OIBDA	151.7	140.3	143.6	86.8	143.8	129.3	125.2		81.2	522.4	479.5	444.1
Restructuring charges	0.0	0.0	0.0	(0.3)	(0.7)	(0.1)	(0.2)		(1.1)	(0.3)	(2.1)
Net gain (loss) on dispositions	0.8	1.9	(0.4)	1.5	1.3	1.3	2.7		0.2	3.8	5.5	14.3
Impairment charge					0.0	0.0	(42.9)	[1]	0.0	0.0	(42.9)	0.0
Depreciation	(22.4)	(22.4)	(21.4)	(21.1)	(22.5)	(21.0)	(21.3)		(21.1)	(87.3)	(85.9)	(89.7)
Amortization	(26.2)	(28.7)	(27.6)	(24.7)	(25.8)	(25.8)	(25.0)		(22.5)	(107.2)	(99.1)	(100.1)
Stock-based compensation	(5.9)	(5.6)	(5.5)	(5.3)	(4.8)	(4.8)	(5.6)		(5.0)	(22.3)	(20.2)	(20.5)
Operating income (loss)	98.0	85.5	88.7	36.9	91.3	78.9	32.9		31.7	309.1	234.8	241.7
Net income (loss) attributable to OUTFRONT Media Inc.	$ 45.0	$ 38.7	$ 50.3	$ 6.1	$ 57.2	$ 46.8	$ (5.2)		$ 9.1	$ 140.1	$ 107.9	$ 125.8
Basic ($ per share)	$ 0.31	$ 0.27	$ 0.35	$ 0.04	$ 0.40	$ 0.33	$ (0.04)		$ 0.06	$ 0.97	$ 0.76	$ 0.90
Diluted ($ per share)	$ 0.31	$ 0.27	$ 0.35	$ 0.04	$ 0.40	$ 0.33	$ (0.04)		$ 0.06	$ 0.97	$ 0.75	$ 0.90
U.S. Media
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 448.0	$ 422.7	$ 419.6	$ 338.4	$ 410.0	$ 379.7	$ 367.2		$ 309.9	$ 1,628.7	$ 1,466.8
Adjusted OIBDA	158.6	147.3	145.8	94.6	143.9	136.2	131.2		88.9	546.3	500.2
Impairment charge											0.0
Operating income (loss)	115.8	103.1	101.9	55.5	102.4	96.0	93.8		50.6	376.3	342.8
Other
Condensed Financial Statements, Captions [Line Items]
Revenues	40.1	39.8	40.3	33.3	42.4	34.5	34.5		28.0	153.5	139.4
Adjusted OIBDA	7.8	4.3	8.8	1.2	9.7	4.2	4.2		(0.8)	22.1	17.3
Impairment charge											(42.9)
Operating income (loss)	2.8	(0.7)	3.3	(4.0)	3.9	(1.2)	(45.1)		(7.0)	1.4	(49.4)
Corporate
Condensed Financial Statements, Captions [Line Items]
Adjusted OIBDA	(14.7)	(11.3)	(11.0)	(9.0)	(9.8)	(11.1)	(10.2)		(6.9)	(46.0)	(38.0)	$ (42.4)
Operating income (loss)	$ (20.6)	$ (16.9)	$ (16.5)	$ (14.6)	$ (15.0)	$ (15.9)	$ (15.8)		$ (11.9)	$ (68.6)	$ (58.6)	$ (62.9)

[1] As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets: Goodwill to the Consolidated Financial Statements

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Retirement Benefits - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		$ 57.3	$ 47.5	$ 52.3
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		1.9	1.6
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.0	0.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		3.7	3.6
Total assets in fair value hierarchy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		5.6	5.2
Common collective funds measured at net asset value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		51.7	42.3
Corporate bonds | Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets	[1]	0.8	0.7
Corporate bonds | Level 1 | Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets	[1]	0.8	0.7
Corporate bonds | Level 2 | Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.0	0.0
Corporate bonds | Level 3 | Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.0	0.0
U.S. equity | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.8	0.6
U.S. equity | Level 1 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.8	0.6
U.S. equity | Level 2 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.0	0.0
U.S. equity | Level 3 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.0	0.0
International equity | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.3	0.3
International equity | Level 1 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.3	0.3
International equity | Level 2 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.0	0.0
International equity | Level 3 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.0	0.0
Insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		3.7	3.6
Insurance contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.0	0.0
Insurance contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		0.0	0.0
Insurance contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of plan assets		$ 3.7	$ 3.6	$ 4.4

[1] Securities of diverse industries, substantially all investment grade.

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Acquisitions

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions

Acquisitions

Acquisitions

In connection with the Transaction, in 2017, the Company paid approximately $94.4 million for the assets, comprised of $50.0 million in cash and $44.4 million, or 1,953,407 shares, of Class A equity interests of Outfront Canada. The issued Class A equity interests of Outfront Canada are redeemable non-controlling interests and are included in Non-controlling interests on our Consolidated Statement of Financial Position based on actual foreign currency exchange rates on the closing date of the Transaction compared to the negotiated foreign currency exchange rate used in the valuation described above.

The allocation of the purchase price of approximately $94.4 million is based on management’s estimate of the fair value of the assets acquired and liabilities assumed on the closing date of the Transaction, which was $68.0 million of identified intangible assets, $34.3 million of goodwill, $17.0 million of deferred tax liabilities and $9.1 million of other assets and liabilities (primarily property and equipment). 

We completed several acquisitions for a total purchase price of approximately $69.7 million in 2019, $7.0 million in 2018 and $113.8 million in 2017 (including the Transaction).

In the second quarter of 2018, we entered into an agreement to acquire 14 digital and seven static billboard displays in California for a total estimated purchase price of $35.4 million. As of December 31, 2019, we have completed this acquisition except with respect to four digital displays, which we expect to acquire in 2020 for an estimated purchase price of $9.2 million, subject to customary closing conditions and the timing of site development.

In the first quarter of 2019, we entered into an agreement to acquire eight digital billboard displays in Atlanta, Georgia, for an aggregate purchase price of $24.0 million. In connection with the execution of the agreement and a subsequent amendment, we paid a deposit of $5.0 million to an escrow agent, which is included in Other assets on our Consolidated Statement of Financial Position, and in the third quarter of 2019, we paid a deposit of $14.0 million to an escrow account, which is also included in Other assets on our Consolidated Statement of Financial Position. We completed this transaction in the first quarter of 2020.

Asset Swap

On July 1, 2017, in exchange for static billboards in four non-metropolitan market clusters, we acquired digital billboards in the Boston, Massachusetts, DMA and $3.2 million in cash, which resulted in a pre-tax gain of $14.1 million.

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Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share (“EPS”)

Earnings Per Share (“EPS”)

	Year Ended December 31,
(in millions)	2019		2018		2017
Net income available for common stockholders	$	140.1	$	107.9	$	125.8
Less: Distributions to holders of Class A equity interests of a subsidiary(b)	1.9		2.7		1.4
Net income available for common stockholders, basic and diluted	$	138.2	$	105.2	$	124.4
Weighted average shares for basic EPS	142.5		139.3		138.5
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a)	0.7		0.3		0.4
Weighted average shares for diluted EPS(a)(b)	143.2		139.6		138.9

(a) The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2019, 0.4 million granted RSUs, PRSUs and stock options for 2018 and 0.1 million granted RSUs, PRSUs and stock options for 2017 was antidilutive.

(b)

On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 11. Equity to the Consolidated Financial Statements.) The potential impact of 1.4 million shares of Class A equity interests of Outfront Canada was antidilutive for 2019, 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017.

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Income Taxes - Schedule of Income (Loss) before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
United States	$ 144.3	$ 157.3	$ 139.2
Foreign	1.5	(48.6)	(14.1)
Income before provision for income taxes and equity in earnings of investee companies	$ 145.8	$ 108.7	$ 125.1

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Income Taxes - Schedule of Deferred Tax Asset and Liability (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred Income Tax Assets:
Provision for expenses and losses	$ 0.3	$ 1.1
Postretirement and other employee benefits	2.4	3.6
Tax credit and loss carryforwards	0.4	0.8
Total deferred income tax assets	3.1	5.5
Valuation allowance	(0.4)	0.0
Deferred income tax assets, net	2.7	5.5
Deferred Income Tax Liabilities:
Property, equipment and intangible assets	(18.3)	(19.5)
Total deferred income tax liabilities	(18.3)	(19.5)
Deferred income tax liabilities, net	$ (15.6)	$ (14.0)

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Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Depreciation is computed using the straight-line method over the estimated useful lives as follows:

Buildings and improvements	20 to 40 years
Advertising structures	5 to 20 years
Furniture, equipment and other	3 to 10 years

The table below presents the balances of major classes of assets and accumulated depreciation.

	As of December 31,
(in millions)	2019		2018
Land	$	98.8	$	97.5
Buildings and improvements	50.4		48.7
Advertising structures	1,866.1		1,789.4
Furniture, equipment and other	153.1		134.3
Construction in progress	25.4		19.3
	2,193.8		2,089.2
Less accumulated depreciation	1,527.6		1,436.3
Property and equipment, net	$	666.2	$	652.9

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Segment Information - Schedule of Revenue from External Customers by Geographic Location (Details) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenues		$ 488.1	$ 462.5	$ 459.9	$ 371.7	$ 452.4	$ 414.2	$ 401.7	$ 337.9	$ 1,782.2	$ 1,606.2	$ 1,520.5
United States
Segment Reporting Information [Line Items]
Revenues	[1]									1,694.4	1,521.6	1,447.3
Canada
Segment Reporting Information [Line Items]
Revenues										$ 87.8	$ 84.6	$ 73.2

[1] Revenues classifications are based on the geography of the advertising.

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Leases (Policies)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases - Lessee

We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts.

Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location.

Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement or amendment.

We rent or sublease certain real estate to third parties.

Leases - Lessor

Billboard Property Lease and Transit Franchise Expenses—Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months.

The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized.

Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs

which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term.

Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 5. Property and Equipment, Net) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard.

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II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts

Col. A	Col. B		Col. C							Col. D		Col. E
Description	Balance at Beginning of Period		Balance Acquired through Acquisitions		Charged to Costs and Expenses		Charged to Other Accounts			Deductions		Balance at End of Period
Allowance for doubtful accounts:
Year ended December 31, 2019	$	10.7	$	—	$	5.3	$	0.1		$	4.0	$	12.1
Year ended December 31, 2018	11.5		—		1.9		(0.1		)	2.6		10.7
Year ended December 31, 2017	9.2		—		4.4		0.1			2.2		11.5
Valuation allowance on deferred tax assets:
Year ended December 31, 2019	$	—	$	—	$	0.4	$	—		$	—	$	0.4
Year ended December 31, 2018	—		—		—		—			—		—
Year ended December 31, 2017	—		—		—		—			—		—

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Segment Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2019 segment
Segment Reporting [Abstract]
Number of Operating Segments	3

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Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Leases

Effective January 1, 2019, we adopted the FASB’s guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the transition method to adopt the new lease standard. See Note 2. Summary of Significant Accounting Policies: Adoption of New Accounting Standards.

Lessee

We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts.

Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location.

Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement or amendment.

We rent or sublease certain real estate to third parties.

As of December 31, 2019, we have operating lease assets of $1.5 billion, short-term operating lease liabilities of $168.3 million and non-current operating lease liabilities of $1.3 billion.

In 2019, we recorded operating lease costs of $406.8 million in Operating expenses and $8.6 million in Selling, general and administrative expenses. In 2019, these costs include $93.0 million of variable operating lease costs. In 2019, sublease income was immaterial.

As of December 31, 2019, minimum rental payments under operating leases are as follows:

(in millions)	Operating  Leases
2020	$	248.9
2021	251.4
2022	232.6
2023	209.6
2024	175.6
2025 and thereafter	910.5
Total operating lease payments	2,028.6
Less: Interest	575.2
Present value of lease liabilities	$	1,453.4

As of December 31, 2018, minimum rental payments under non-cancellable operating leases with original terms in excess of one year are as follows:

(in millions)	Non-Cancellable Operating Leases
2019	$	154.8
2020	151.8
2021	139.1
2022	126.2
2023	109.8
2024 and thereafter	574.6
Total minimum payments	$	1,256.3

Rent expense was $393.6 million in 2018 and $377.7 million in 2017, including contingent rent amounts of $91.0 million in 2018 and $84.7 million in 2017.

As of December 31, 2019, the weighted-average remaining lease term was 10.3 years and the weighted-average discount rate was 6.0%.

In 2019, cash paid for operating leases was $402.9 million. Leased assets obtained in exchange for new operating lease liabilities was $421.0 million.

Lessor

Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 5. Property and Equipment, Net) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard.

We recorded rental income of $1,149.8 million in 2019 in Revenues on our Consolidated Statement of Operations.

As of December 31, 2019, rental payments to be received under non-cancellable operating leases are as follows:

(in millions)	Rental Income
2020	$	495.5
2021	31.5
2022	8.6
2023	4.3
2024	3.0
2025 and thereafter	0.9
Total minimum payments	$	543.8

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Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Joint Ventures

We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and five joint ventures which operate a total of 11 billboard displays in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $15.4 million as of December 31, 2019, and $16.1 million as of December 31, 2018, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $8.4 million in 2019, $7.8 million in 2018 and $7.4 million in 2017.

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Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		$ (22.0)	$ (7.7)	$ (18.5)
Other comprehensive income (loss) before reclassifications		4.0	(15.0)	10.4
Amortization of actuarial losses reclassified to net income		0.3	0.7	0.4
Total other comprehensive income (loss), net of tax		4.3	(14.3)	10.8
Ending balance		(17.7)	(22.0)	(7.7)
Cumulative Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		(12.6)	1.9	(9.9)
Other comprehensive income (loss) before reclassifications		8.2	(14.5)	11.8
Amortization of actuarial losses reclassified to net income		0.0	0.0	0.0
Total other comprehensive income (loss), net of tax		8.2	(14.5)	11.8
Ending balance		(4.4)	(12.6)	1.9
Net Actuarial Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		(7.0)	(9.6)	(8.6)
Other comprehensive income (loss) before reclassifications		(2.0)	1.9	(1.4)
Amortization of actuarial losses reclassified to net income	[1]	0.3	0.7	0.4
Total other comprehensive income (loss), net of tax		(1.7)	2.6	(1.0)
Ending balance		(8.7)	(7.0)	(9.6)
Loss on Interest Rate Cash Flow Swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		(2.4)	0.0	0.0
Other comprehensive income (loss) before reclassifications		(2.2)	(2.4)	0.0
Amortization of actuarial losses reclassified to net income		0.0	0.0	0.0
Total other comprehensive income (loss), net of tax		(2.2)	(2.4)	0.0
Ending balance		$ (4.6)	$ (2.4)	$ 0.0

[1] See Note 16. Retirement Benefits to the Consolidated Financial Statements for additional details of items reclassified from accumulated other comprehensive loss to net income.

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Stock-Based Compensation - Schedule of Unvested Restricted Stock Units and Performance Restricted Share Units Roll Forward (Details) - Omnibus Stock Incentive Plan	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Restricted Stock Units and Performance Restricted Stock Units
RSUs and PRSUs, Nonvested, Number of Shares
Non-vested RSUs and PRSUs, beginning balance (shares) | shares	1,723,980
Non-vested RSUs and PRSUs, ending balance (shares) | shares	2,024,768
Weighted Average Per Share Grant Date Fair Market Value
Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance ($ per share) | $ / shares	$ 22.39
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance ($ per share) | $ / shares	$ 22.09
Restricted Stock Units (RSUs)
RSUs and PRSUs, Nonvested, Number of Shares
Grants (shares) | shares	853,965
Vested (shares) | shares	(602,181)
Forfeited (shares) | shares	(69,122)
Weighted Average Per Share Grant Date Fair Market Value
Weighted Average Grant Date Fair Value, Grants in Period ($ per share) | $ / shares	$ 21.73
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares	22.05
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares	$ 22.00
Performance Shares (PRSUs)
RSUs and PRSUs, Nonvested, Number of Shares
Grants (shares) | shares	376,418
Vested (shares) | shares	(246,542)
Forfeited (shares) | shares	(11,750)
Weighted Average Per Share Grant Date Fair Market Value
Weighted Average Grant Date Fair Value, Grants in Period ($ per share) | $ / shares	$ 21.41
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares	21.99
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares	$ 21.77

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Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.3	$ 2.1	$ 6.4
Restructuring Reserve	0.4
Operating segments | U.S. Media
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0.9	2.3
Operating segments | Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0.8	$ 4.1
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.3	$ 0.4

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Related Party Transactions - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) joint_venture Displays	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Related Party Transaction [Line Items]
Equity method investment ownership percentage	50.00%
Equity Method Investments | $	$ 15.4	$ 16.1
Management fee revenue | $	$ 8.4	$ 7.8	$ 7.4
Transit shelter joint ventures
Related Party Transaction [Line Items]
Equity Method Investment, Number of Investments | joint_venture	2
Acquired business
Related Party Transaction [Line Items]
Equity Method Investment, Number of Investments | joint_venture	5
Equity Method Investment, Number Of Displays | Displays	11

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

The following tables set forth our financial performance by segment.

	Year Ended December 31,
(in millions)	2019		2018		2017
Revenues:
U.S. Media	$	1,628.7	$	1,466.8	$	1,406.5
Other	153.5		139.4		114.0
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

Adjusted OIBDA by segment and Reconciliation to Consolidated Net Income

	Year Ended December 31,
(in millions)	2019			2018			2017
Net income before allocation to non-controlling interests	$	140.6		$	107.9		$	125.8
Provision for income taxes	10.9			4.9			4.1
Equity in earnings of investee companies, net of tax	(5.7		)	(4.1		)	(4.8		)
Interest expense, net	134.9			125.7			116.9
Loss on extinguishment of debt	28.5			—			—
Other (income) expense, net	(0.1		)	0.4			(0.3		)
Operating income	309.1			234.8			241.7
Restructuring charges	0.3			2.1			6.4
Net gain on dispositions	(3.8		)	(5.5		)	(14.3		)
Impairment charge	—			42.9			—
Depreciation and amortization	194.5			185.0			189.8
Stock-based compensation	22.3			20.2			20.5
Total Adjusted OIBDA	$	522.4		$	479.5		$	444.1
Adjusted OIBDA:
U.S. Media	$	546.3		$	500.2		$	478.1
Other	22.1			17.3			8.4
Corporate	(46.0		)	(38.0		)	(42.4		)
Total Adjusted OIBDA	$	522.4		$	479.5		$	444.1

Tabular Disclosure by Reportable Segments

	Year Ended December 31,
(in millions)	2019			2018			2017
Operating income (loss):
U.S. Media	$	376.3		$	342.8		$	320.6
Other	1.4			(49.4		)	(16.0		)
Corporate	(68.6		)	(58.6		)	(62.9		)
Total operating income	$	309.1		$	234.8		$	241.7
Net (gain) loss on dispositions:
U.S. Media	$	(3.9	)	$	(5.3	)	$	(14.4	)
Other	0.1			(0.2		)	0.1
Total gain on dispositions	$	(3.8	)	$	(5.5	)	$	(14.3	)
Depreciation and amortization:
U.S. Media	$	173.9		$	161.8		$	169.6
Other	20.6			23.2			20.2
Total depreciation and amortization	$	194.5		$	185.0		$	189.8
Capital expenditures:
U.S. Media	$	86.7		$	73.0		$	63.9
Other	3.2			9.3			6.9
Total capital expenditures	$	89.9		$	82.3		$	70.8

Reconciliation of Assets from Segment to Consolidated

	As of December 31,
(in millions)	2019		2018		2017
Assets:
U.S. Media	$	5,077.1	$	3,610.0	$	3,528.8
Other	284.0		202.5		263.8
Corporate	21.2		16.2		15.6
Total assets	$	5,382.3	$	3,828.7	$	3,808.2

Schedule of Revenue from External Customers by Geographic Area

The following table summarizes revenues by geography:

	Years Ended December 31,
(in millions)	2019		2018		2017
United States:
Billboard	$	1,114.9	$	1,040.8	$	997.9
Transit and other	513.8		426.0		408.6
Sports marketing and other	65.7		54.8		40.8
Total United States revenues	1,694.4		1,521.6		1,447.3
Canada	87.8		84.6		73.2
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

	Year Ended December 31,
(in millions)	2019		2018		2017
Revenues(a):
United States	$	1,694.4	$	1,521.6	$	1,447.3
Canada	87.8		84.6		73.2
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

(a)

Revenues classifications are based on the geography of the advertising.

Long-lived Assets by Geographic Areas

	As of December 31,
(in millions)	2019		2018		2017
Long-lived assets(a):
United States	$	4,722.1	$	3,255.0	3,216.4
Canada	203.0		122.5		189.1
Total long-lived assets	$	4,925.1	$	3,377.5	$	3,405.5

(a)

Reflects total assets less current assets, investments and non-current deferred tax assets.

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III - Schedule of Real Estate and Accumulated Depreciation Schedule of Real Estate and Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

		Initial Cost				Cost Capitalized Subsequent to Acquisition			Gross Carrying Amount at December 31, 2019 (3)
Description (1)	Encumbrances	Land		Structures and Improvements					Land		Structures and Improvements		Total		Accumulated Depreciation			Construction Date	Acquisition Date	Useful Lives
Structures added prior to January 1, 2014
United States - 39,618 displays	—	(2)		(2)		(2)			$	81.1	$	1,405.7	1,486.8		$	(1,113.2	)	Various	Various	5 to 20 years
Canada - 4,808 displays	—	(2)		(2)		(2)			2.2		284.7		286.9		(271.5		)	Various	Various	5 to 20 years
									$	83.3	$	1,690.4	$	1,773.7	$	(1,384.7	)
Structures added subsequent to January 1, 2014
United States - 2,039 displays		$	15.5	$	165.4	$	(11.8	)	$	15.5	$	153.6	$	169.1	$	(7.7	)	Various	Various	5 to 20 years
Canada - 258 displays		—		22.1		—			—		22.1		22.1		(1.6		)	Various	Various	5 to 20 years
		$	15.5	$	187.5	$	(11.8	)	$	15.5	$	175.7	$	191.2	$	(9.3	)
Total
United States - 41,657 displays									$	96.6	$	1,559.3	$	1,655.9	$	(1,120.9	)	Various	Various	5 to 20 years
Canada - 5,066 displays									2.2		306.8		309.0		(273.1		)	Various	Various	5 to 20 years
									$	98.8	$	1,866.1	$	1,964.9	$	(1,394.0	)

______________________

(1) No single asset exceeded 5% of the total gross carrying amount as of December 31, 2019.

(2) This information is omitted as it would be impracticable to compile on a site-by-site basis.

(3) Includes sites under construction.

The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation.

	2019			2018			2017
Gross real estate assets:
Balance at the beginning of the year	$	1,886.9		$	1,845.2		$	1,787.3
New Investments	25.0			27.2			22.0
Redevelopments	35.6			29.0			23.4
Recurring capital expenditures	10.2			12.8			13.0
Land acquisitions	2.1			3.5			4.6
Additions for construction of / improvements to structures	72.9			72.5			63.0
Assets sold or written-off	(9.4		)	(2.9		)	(28.9		)
Foreign exchange	14.5			(27.9		)	23.8
Balance at the end of the year	$	1,964.9		$	1,886.9		$	1,845.2
Accumulated depreciation:
Balance at the beginning of the year	$	1,323.2		$	1,280.7		$	1,208.5
Depreciation	66.0			69.1			76.2
Assets sold or written-off	(8.0		)	(2.3		)	(24.5		)
Foreign exchange	12.8			(24.3		)	20.5
Balance at the end of the year	$	1,394.0		$	1,323.2		$	1,280.7

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Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash [Abstract]
Cash and cash equivalents	$ 59.1	$ 52.7	$ 48.3
Restricted cash	1.8	1.4	0.0
Cash, cash equivalents and restricted cash	$ 60.9	$ 54.1	$ 48.3	$ 65.2

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Leases Minimum rental payments under non-cancellable operating leases with original terms in excess of one year (Details) $ in Millions	Dec. 31, 2018 USD ($)
Leases [Abstract]
2019	$ 154.8
2020	151.8
2021	139.1
2022	126.2
2023	109.8
2024 and thereafter	574.6
Total minimum payments	$ 1,256.3

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Retirement Benefits - Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	$ 49.9	$ 57.8	$ 48.3
Service cost	1.7	1.8	1.6
Interest cost	2.1	2.0	2.0
Actuarial (gain) loss	8.8	(5.6)	3.7
Benefits paid	(2.6)	(2.0)	(1.4)
Cumulative translation adjustments	2.2	(4.1)	3.6
Benefit obligation, end of year	$ 62.1	$ 49.9	$ 57.8

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Retirement Benefits - Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 62.1	$ 49.9
Accumulated benefit obligation	57.6	46.9
Fair value of plan assets	$ 57.3	$ 47.5

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Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended					12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	[1]	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Goodwill, Beginning Balance					$ 2,128.0	$ 2,079.7	$ 2,128.0
Currency translation adjustments						3.4	(5.4)
Impairment charge	$ 0.0	$ 0.0	$ (42.9)		0.0	0.0	(42.9)	$ 0.0
Goodwill, Ending Balance	2,079.7					2,083.1	2,079.7	2,128.0
U.S. Media
Goodwill [Roll Forward]
Goodwill, Beginning Balance					2,054.0	2,054.0	2,054.0
Currency translation adjustments						0.0	0.0
Impairment charge							0.0
Goodwill, Ending Balance	2,054.0					2,054.0	2,054.0	2,054.0
Other
Goodwill [Roll Forward]
Goodwill, Beginning Balance					$ 74.0	25.7	74.0
Currency translation adjustments						3.4	(5.4)
Impairment charge							(42.9)
Goodwill, Ending Balance	$ 25.7					$ 29.1	$ 25.7	$ 74.0

[1] As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets: Goodwill to the Consolidated Financial Statements

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Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity Schedule

As of December 31, 2019, guaranteed minimum annual payments are as follows:

(in millions)	Guaranteed Minimum Annual Payments
2020	$	227.9
2021	227.3
2022	222.6
2023	225.0
2024	226.6
2025 and thereafter	774.4
Total minimum payments	$	1,903.8

MTA Agreement schedule

(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment			Amortization			Ending Balance
Year Ended December 31, 2019:
Prepaid MTA equipment deployment costs	$	79.5	$	124.2	$	(32.2	)	$	—		$	171.5
Intangible assets (franchise agreements)	14.8		26.6		—			(3.1		)	38.3
Total	$	94.3	$	150.8	$	(32.2	)	$	(3.1	)	$	209.8
Year Ended December 31, 2018:
Prepaid MTA equipment deployment costs	$	4.7	$	76.5	$	(1.7	)	$	—		$	79.5
Intangible assets (franchise agreements)	0.9		14.7		—			(0.8		)	14.8
Total	$	5.6	$	91.2	$	(1.7	)	$	(0.8	)	$	94.3

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Description of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

Description of Business and Basis of Presentation

Description of Business

OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. and Canada. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. In total, we have displays in all of the 25 largest markets in the U.S. and 150 markets across the U.S. and Canada. We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing.

Basis of Presentation and Use of Estimates

The accompanying consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the years presented. Certain previously reported amounts have been reclassified to conform with the current 2018 presentation.

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

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Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income before allocation to non-controlling interests	$ 140.6	$ 107.9	$ 125.8
Net income attributable to non-controlling interests	0.5	0.0	0.0
Net income attributable to OUTFRONT Media Inc.	140.1	107.9	125.8
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	8.2	(14.5)	11.8
Net actuarial gain (loss)	(1.7)	2.6	(1.0)
Change in fair value of interest rate swap agreements	(2.2)	(2.4)	0.0
Total other comprehensive income (loss), net of tax	4.3	(14.3)	10.8
Total comprehensive income	$ 144.4	$ 93.6	$ 136.6

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-based compensation expense

The following table summarizes our stock-based compensation expense for 2019, 2018 and 2017.

	Year Ended December 31,
(in millions)	2019			2018			2017
RSUs and PRSUs	$	22.3		$	20.2		$	20.3
Stock options	—			—			0.2
Stock-based compensation expense, before income taxes	22.3			20.2			20.5
Tax benefit	(1.5		)	(1.3		)	(2.0		)
Stock-based compensation expense, net of tax	$	20.8		$	18.9		$	18.5

Activity of RSUs and PRSUs issued to our employees

The following table summarizes the 2019 activity of the RSUs and PRSUs issued to our employees.

	Activity		Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2018	1,723,980		$	22.39
Granted:
RSUs	853,965		21.73
PRSUs	376,418		21.41
Vested:
RSUs	(602,181	)	22.05
PRSUs	(246,542	)	21.99
Forfeitures:
RSUs	(69,122	)	22.00
PRSUs	(11,750	)	21.77
Non-vested as of December 31, 2019	2,024,768		22.09

Activity of stock options issued to our employees

The following table summarizes the activity of stock options issued to our employees.

	Activity		Weighted Average Exercise Price
Outstanding as of December 31, 2018	141,847		$	23.08
Exercised	(15,319	)	10.78
Outstanding as of December 31, 2019	126,528		24.57
Exercisable as of December 31, 2019	126,528		24.57

Cash proceeds received and tax benefit from stock option exercises

The following table summarizes other information relating to stock option exercises.

	Year Ended December 31,
(in millions)	2019		2018		2017
Tax benefit of stock option exercises	$	—	$	—	$	0.1
Intrinsic value of stock option exercises	0.1		0.4		2.1

Stock options outstanding and exercisable by price

The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2019.

	Outstanding				Exercisable
Range of Exercise Price	Number of Options	Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number of Options	Weighted Average Exercise Price
$10 to 14.99	13,169	0.15	$	13.68	13,169	$	13.68
$20 to 24.99	9,946	1.12	20.07		9,946	20.07
$25 to 29.99	103,413	1.72	26.39		103,413	26.39
	126,528				126,528

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Feb. 25, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-36367
Entity Registrant Name	OUTFRONT Media Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4494703
Entity Address, Address Line One	405 Lexington Avenue, 17th Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10174
City Area Code	212
Local Phone Number	297-6400
Title of 12(b) Security	Common Stock, $0.01, par value
Trading Symbol	OUT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 3.7
Entity Common Stock, Shares Outstanding		144,161,374
Entity Central Index Key	0001579877
Entity Voluntary Filers	No

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Asset Retirement Obligation (Tables)

12 Months Ended

Dec. 31, 2019

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Change in Asset Retirement Obligation

	Year Ended December 31,
(in millions)	2019			2018
Balance, at beginning of period	$	34.2		$	34.7
Accretion expense	2.5			2.4
Additions	0.3			0.2
Liabilities settled	(2.1		)	(2.7		)
Foreign currency translation adjustments	0.2			(0.4		)
Balance, at end of period	$	35.1		$	34.2

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Revenues

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less, which primarily represent the transaction price allocated to the remaining display period for unsatisfied transit franchise contracts. Unsatisfied performance obligations with an original expected term of over one year relate to multi-year marketing and multimedia rights agreements with customers of our Sports Marketing operating segment, the value of which is $86.9 million as of December 31, 2019, are expected to be satisfied over the next 5 years.

For all revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or an agent (i.e., report revenues on a net basis). Except for an insignificant number of smaller sports marketing contracts, we are considered the principal in our arrangements and report revenues on a gross basis, wherein the amounts billed to customers are recorded as revenues, and amounts paid to municipalities, transit operators, educational institutions and suppliers are recorded as expenses. We are considered the principal because we control the advertising space and multi-media rights before and after the contract term, are primarily responsible to our customers, have discretion in pricing and typically have inventory risk.

For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross advertising spending, our Revenues are reported net of agency commissions.

The following table summarizes revenues by source:

	Years Ended December 31,
(in millions)	2019		2018		2017
Billboard:
Static displays	$	894.1	$	858.1	$	839.7
Digital displays	252.7		216.1		173.7
Other	43.1		38.2		45.6
Billboard revenues	1,189.9		1,112.4		1,059.0
Transit:
Static displays	370.7		339.9		339.5
Digital displays	112.4		59.6		45.3
Other	43.5		39.5		35.9
Total transit revenues	526.6		439.0		420.7
Sports marketing and other	65.7		54.8		40.8
Transit and other revenues	592.3		493.8		461.5
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

Rental income was $1,149.8 million in 2019, $1,076.9 million in 2018 and $1,001.8 million in 2017, and is recorded in Billboard revenues on the Consolidated Statement of Operations.

The following table summarizes revenues by geography:

	Years Ended December 31,
(in millions)	2019		2018		2017
United States:
Billboard	$	1,114.9	$	1,040.8	$	997.9
Transit and other	513.8		426.0		408.6
Sports marketing and other	65.7		54.8		40.8
Total United States revenues	1,694.4		1,521.6		1,447.3
Canada	87.8		84.6		73.2
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

Our revenues are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control.

Contract Costs and Balances

Variable sales commission costs directly associated with billboard display revenues are considered direct lease acquisition costs in accordance with the lease accounting standard and are capitalized and amortized on a straight-line basis over the related customer lease term (see Note 6. Goodwill and Other Intangible Assets to the Consolidated Financial Statements). Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations.

Variable sales commission costs which are directly associated with transit display and other revenues are included in Selling, general, and administrative expenses on the Consolidated Statement of Operations, and are expensed as incurred since the amortization period of the asset would have been less than one year.

Amounts to be collected from customers for revenues recognized in previous periods are included in Receivables, less allowance, on the Consolidated Statement of Financial Position. Amounts collected from customers for revenues to be recognized in future periods are included in Deferred revenues on the Consolidated Statement of Financial Position. We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2018, during the three months ended March 31, 2019.

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Retirement Benefits - Schedule of Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2019 USD ($)
Retirement Benefits [Abstract]
2020	$ 1.9
2021	2.0
2022	2.1
2023	2.2
2024	2.4
2025-2029	$ 14.0

XML

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current Income Tax (Expense) Benefit, Continuing Operations [Abstract]
Federal	$ (5.3)	$ (2.4)	$ (6.9)
State and local	(4.0)	(2.3)	(2.2)
Foreign	(1.4)	(0.6)	0.1
Current income tax expense	(10.7)	(5.3)	(9.0)
Federal	0.3	(1.0)	(2.2)
State and local	0.2	(0.4)	(0.1)
Foreign	(0.7)	1.8	7.2
Deferred tax benefit (liability)	(0.2)	0.4	4.9
Provision for income taxes	$ (10.9)	$ (4.9)	$ (4.1)

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Retirement Benefits

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Retirement Benefits

Retirement Benefits

We sponsor two defined benefit pension plans covering specific groups of employees in Canada and the U.S.

The benefits for the pension plan in Canada are based primarily on an employee’s years of service and an average of the employee’s highest five years of earnings. Participating employees in the pension plan in Canada are vested after two years of service or immediately, depending on the province of their employment. We fund the pension plan in Canada in accordance with the rules and regulations of the Pension Benefits Act of the Province of Ontario, Canada. Canada pension plan assets consist principally of equity securities, corporate and government related securities, and insurance contracts. We are in the process of closing the Pension Plan for the employees of Outfront Media Canada LP (the “Plan”). Employees who are no longer accruing pensionable service under the Plan will be entitled to enhanced Defined Contribution Plan benefits. As of April 1, 2020, the Plan will be closed to most new employees. In addition, effective April 1, 2020, the Plan will be frozen to any future benefit accruals for most employees. However, certain members of the Plan will continue in pensionable service for a yet to be determined period. We expect to complete freezing the Plan in 2022.

The pension plan in the U.S. covers a small number of hourly employees. The investments of the pension plan in the U.S. consist entirely of the plan’s interest in a trust, which invests the assets of this plan. The pension plan in the U.S. is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended.

We use a December 31 measurement date for all pension plans.

The following table sets forth the change in benefit obligation for our pension plans.

	As of December 31,
(in millions)	2019			2018			2017
Benefit obligation, beginning of year	$	49.9		$	57.8		$	48.3
Service cost	1.7			1.8			1.6
Interest cost	2.1			2.0			2.0
Actuarial (gain) loss	8.8			(5.6		)	3.7
Benefits paid	(2.6		)	(2.0		)	(1.4		)
Cumulative translation adjustments	2.2			(4.1		)	3.6
Benefit obligation, end of year	$	62.1		$	49.9		$	57.8

The following table sets forth the change in plan assets for our pension plans.

	As of December 31,
(in millions)	2019			2018
Fair value of plan assets, beginning of year	$	47.5		$	52.3
Actual return on plan assets	8.8			(0.9		)
Employer contributions	1.5			2.0
Benefits paid	(2.6		)	(2.0		)
Cumulative translation adjustments	2.1			(3.9		)
Fair value of plan assets, end of year	$	57.3		$	47.5

The unfunded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows:

	As of December 31,
(in millions)	2019			2018
Unfunded status, end of year	$	(4.7	)	$	(2.4	)
Amounts recognized on the Consolidated Statement of Financial Position:
Other noncurrent liabilities	(4.7		)	(2.4		)
Net amounts recognized	(4.7		)	(2.4		)

The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position.

	As of December 31,
(in millions)	2019			2018
Net actuarial loss	$	(11.6	)	$	(9.3	)
Deferred income taxes	2.9			2.3
Net amount recognized in accumulated other comprehensive loss	$	(8.7	)	$	(7.0	)

The accumulated benefit obligation for the defined benefit pension plans was $57.6 million as of December 31, 2019, and $46.9 million as of December 31, 2018.

The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.

	As of December 31,
(in millions)	2019		2018
Projected benefit obligation	$	62.1	$	49.9
Accumulated benefit obligation	57.6		46.9
Fair value of plan assets	57.3		47.5

The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss).

	As of December 31,
(in millions)	2019			2018			2017
Service cost	$	1.7		$	1.8		$	1.6
Interest cost	2.1			2.0			2.0
Expected return on plan assets	(2.4		)	(2.6		)	(2.3		)
Amortization of actuarial losses(a)	0.4			0.7			0.6
Amortization of transitional obligation	—			—			(0.1		)
Settlement cost	—			0.1			—
Net periodic pension cost	$	1.8		$	2.0		$	1.8

(in millions)	Year Ended December 31, 2019
Actuarial gains	$	(2.3	)
Amortization of actuarial losses(a)	0.4
Cumulative translation adjustments	(0.4		)
	(2.3		)
Deferred income taxes	0.6
Recognized in other comprehensive income, net of tax	$	(1.7	)

(a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income.

Estimated net actuarial losses related to the defined benefit pension plans of approximately $0.4 million, will be amortized from accumulated other comprehensive loss into net periodic pension costs in 2020.

	As of and for the Year Ended December 31,
	2019		2018
Weighted average assumptions used to determine benefit obligations:
Discount rate	3.0	%	4.0	%
Rate of compensation increase	3.0		3.0
Weighted average assumptions used to determine net periodic cost:
Discount rate	4.0		3.5
Expected long-term return on plan assets	5.0		5.1
Rate of compensation increase	3.0		3.0

For each pension plan, the discount rate is determined based on the yield on portfolios of high quality bonds, constructed to provide cash flows necessary to meet the expected future benefit payments, as determined for the projected benefit obligation. The expected return on plan assets assumption was derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets.

Plan Assets

Our plan assets are included in a trust in Canada and a trust in the U.S. The asset allocations of these trusts are based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. As of December 31, 2019, we invested approximately 32% in fixed income instruments, 60% in equity instruments, and the remainder in cash, cash equivalents and insurance contracts.

The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2019 and 2018. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset.

	As of December 31, 2019
(in millions)	Level 1		Level 2		Level 3		Total
Fixed income securities:
Corporate bonds(a)	$	0.8	$	—	$	—	$	0.8
Equity securities:
U.S. equity	0.8		—		—		0.8
International equity	0.3		—		—		0.3
Insurance contracts	—		—		3.7		3.7
Total assets in fair value hierarchy	$	1.9	$	—	$	3.7	$	5.6
Common collective funds measured at net asset value							51.7
Total assets							$	57.3

	As of December 31, 2018
(in millions)	Level 1		Level 2		Level 3		Total
Fixed income securities:
Corporate bonds(a)	$	0.7	$	—	$	—	$	0.7
Equity securities:
U.S. equity	0.6		—		—		0.6
International equity	0.3		—		—		0.3
Insurance contracts	—		—		3.6		3.6
Total assets in fair value hierarchy	$	1.6	$	—	$	3.6	$	5.2
Common collective funds measured at net asset value							42.3
Total assets							$	47.5

(a) Securities of diverse industries, substantially all investment grade.

Significant changes in Level 3 plan assets are as follows:

	Year Ended December 31,
(in millions)	2019			2018
Insurance contracts:
Beginning of year	$	3.6		$	4.4
Payments	(0.4		)	(0.5		)
Actuarial loss	0.2			(0.1		)
Interest income	0.1			0.1
Cumulative translation adjustments	0.2			(0.3		)
End of year	$	3.7		$	3.6

Our insurance contracts classified as Level 3 are valued based on a discount rate determined by reference to the market interest rates prevailing on high quality debt instruments with cash flows that match the timing and amount of expected benefit payments under the pension plan in Canada, as well as a mortality assumption based upon the current mortality table, CPM2014 generational projected using mortality improvement scale CPM-B. As a result, the fair value of the insurance contract is equal to the defined benefit obligation in respect of the members covered under the insurance contract.

Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds are determined using the Net Asset Value (“NAV”) provided by the administrator of the fund. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker-quoted prices.

Future Benefit Payments

(in millions)	2020	2021	2022	2023	2024	2025-2029
Estimated future benefit payments for pension plans	1.9	2.0	2.1	2.2	2.4	14.0

We expect to contribute $4.1 million to our pension plans in 2020.

Multi-Employer Pension and Postretirement Benefit Plans

We contribute to multi-employer plans that provide pension and other postretirement benefits to certain employees under collective bargaining agreements. Contributions to these plans were $4.0 million in 2019, $3.8 million in 2018 and $3.3 million in 2017. Based on our contributions to each individual multi-employer plan relative to the total contributions of all participating employers in such plan, no multi-employer plan was deemed to be individually significant to us.

Defined Contribution Plans

Employer contributions for defined contribution plans sponsored by us were $5.9 million in 2019, $5.5 million in 2018 and $4.8 million in 2017.

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Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

Segment Information

We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other.

The following tables set forth our financial performance by segment.

	Year Ended December 31,
(in millions)	2019		2018		2017
Revenues:
U.S. Media	$	1,628.7	$	1,466.8	$	1,406.5
Other	153.5		139.4		114.0
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

We present Operating income before Depreciation, Amortization, Net gain on dispositions, Stock-based compensation, Restructuring charges and an Impairment charge (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments.

	Year Ended December 31,
(in millions)	2019			2018			2017
Net income before allocation to non-controlling interests	$	140.6		$	107.9		$	125.8
Provision for income taxes	10.9			4.9			4.1
Equity in earnings of investee companies, net of tax	(5.7		)	(4.1		)	(4.8		)
Interest expense, net	134.9			125.7			116.9
Loss on extinguishment of debt	28.5			—			—
Other (income) expense, net	(0.1		)	0.4			(0.3		)
Operating income	309.1			234.8			241.7
Restructuring charges	0.3			2.1			6.4
Net gain on dispositions	(3.8		)	(5.5		)	(14.3		)
Impairment charge	—			42.9			—
Depreciation and amortization	194.5			185.0			189.8
Stock-based compensation	22.3			20.2			20.5
Total Adjusted OIBDA	$	522.4		$	479.5		$	444.1
Adjusted OIBDA:
U.S. Media	$	546.3		$	500.2		$	478.1
Other	22.1			17.3			8.4
Corporate	(46.0		)	(38.0		)	(42.4		)
Total Adjusted OIBDA	$	522.4		$	479.5		$	444.1

	Year Ended December 31,
(in millions)	2019			2018			2017
Operating income (loss):
U.S. Media	$	376.3		$	342.8		$	320.6
Other	1.4			(49.4		)	(16.0		)
Corporate	(68.6		)	(58.6		)	(62.9		)
Total operating income	$	309.1		$	234.8		$	241.7
Net (gain) loss on dispositions:
U.S. Media	$	(3.9	)	$	(5.3	)	$	(14.4	)
Other	0.1			(0.2		)	0.1
Total gain on dispositions	$	(3.8	)	$	(5.5	)	$	(14.3	)
Depreciation and amortization:
U.S. Media	$	173.9		$	161.8		$	169.6
Other	20.6			23.2			20.2
Total depreciation and amortization	$	194.5		$	185.0		$	189.8
Capital expenditures:
U.S. Media	$	86.7		$	73.0		$	63.9
Other	3.2			9.3			6.9
Total capital expenditures	$	89.9		$	82.3		$	70.8

	As of December 31,
(in millions)	2019		2018		2017
Assets:
U.S. Media	$	5,077.1	$	3,610.0	$	3,528.8
Other	284.0		202.5		263.8
Corporate	21.2		16.2		15.6
Total assets	$	5,382.3	$	3,828.7	$	3,808.2

	Year Ended December 31,
(in millions)	2019		2018		2017
Revenues(a):
United States	$	1,694.4	$	1,521.6	$	1,447.3
Canada	87.8		84.6		73.2
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

(a) Revenues classifications are based on the geography of the advertising.

	As of December 31,
(in millions)	2019		2018		2017
Long-lived assets(a):
United States	$	4,722.1	$	3,255.0	3,216.4
Canada	203.0		122.5		189.1
Total long-lived assets	$	4,925.1	$	3,377.5	$	3,405.5

(a)

Reflects total assets less current assets, investments and non-current deferred tax assets.

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III - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Millions		12 Months Ended
		Dec. 31, 2019 USD ($)		Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($) asset display
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year		$ 1,886.9		$ 1,886.9	$ 1,787.3	$ 1,964.9	[1],[2]
Accumulated Depreciation		(1,323.2)		(1,280.7)	(1,208.5)	(1,394.0)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the beginning of the year		1,886.9		1,845.2	1,787.3
Additions for construction of / improvements to structures		72.9		72.5	63.0
Assets sold or written-off		(9.4)		(2.9)	(28.9)
Foreign exchange		14.5		(27.9)	23.8
Balance at the end of the year		1,964.9	[1],[2]	1,886.9	1,845.2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the beginning of the year		1,323.2		1,280.7	1,208.5
Depreciation		66.0		69.1	76.2
Assets sold or written-off		(8.0)		(2.3)	(24.5)
Foreign exchange		12.8		(24.3)	20.5
Balance at the end of the year		1,394.0		1,323.2	1,280.7
United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances						0.0
Gross carrying amount at the end of the year	[2]	1,655.9				1,655.9
Accumulated Depreciation		(1,120.9)				$ (1,120.9)
SEC Schedule III, Real Estate, Number of Units, as of date | display						41,657
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	1,655.9
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the end of the year		1,120.9
Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances						$ 0.0
Gross carrying amount at the end of the year	[2]	309.0				309.0
Accumulated Depreciation		(273.1)				$ (273.1)
SEC Schedule III, Real Estate, Number of Units, as of date | display						5,066
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	309.0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the end of the year		$ 273.1
Assets
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of assets which exceed concentration risk % | asset						0
Assets | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Concentration Risk, Percentage		5.00%
Structures Added Prior to 1/1/2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	$ 1,773.7				$ 1,773.7
Accumulated Depreciation		(1,384.7)				(1,384.7)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	1,773.7
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the end of the year		1,384.7
Structures Added Prior to 1/1/2014 | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	1,486.8				1,486.8
Accumulated Depreciation		(1,113.2)				$ (1,113.2)
SEC Schedule III, Real Estate, Number of Units, as of date | display						39,618
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	1,486.8
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the end of the year		1,113.2
Structures Added Prior to 1/1/2014 | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	286.9				$ 286.9
Accumulated Depreciation		(271.5)				$ (271.5)
SEC Schedule III, Real Estate, Number of Units, as of date | display						4,808
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	286.9
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the end of the year		$ 271.5
Structures Added Prior to 1/1/2014 | Maximum | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		20 years
Structures Added Prior to 1/1/2014 | Maximum | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		20 years
Structures Added Prior to 1/1/2014 | Minimum | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		5 years
Structures Added Prior to 1/1/2014 | Minimum | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		5 years
Structures Added Subsequent to 1/1/2014 | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units, as of date | display						2,039
Structures Added Subsequent to 1/1/2014 | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units, as of date | display						258
Structures Added Subsequent to 1/1/2014 | Real estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	$ 191.2				$ 191.2
Accumulated Depreciation		(9.3)				(9.3)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	191.2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the end of the year		9.3
Structures Added Subsequent to 1/1/2014 | Real estate | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	169.1				169.1
Accumulated Depreciation		(7.7)				(7.7)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	169.1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the end of the year		7.7
Structures Added Subsequent to 1/1/2014 | Real estate | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	22.1				22.1
Accumulated Depreciation		(1.6)				(1.6)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	22.1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the end of the year		1.6
Advertising structures
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	1,866.1				1,866.1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	1,866.1
Advertising structures | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	1,559.3				1,559.3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	1,559.3
Advertising structures | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	306.8				306.8
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	306.8
Advertising structures | Structures Added Prior to 1/1/2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	1,690.4				1,690.4
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	1,690.4
Advertising structures | Structures Added Prior to 1/1/2014 | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	1,405.7				1,405.7
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	1,405.7
Advertising structures | Structures Added Prior to 1/1/2014 | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	284.7				284.7
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	284.7
Advertising structures | Structures Added Subsequent to 1/1/2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	175.7				175.7
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	175.7
Advertising structures | Structures Added Subsequent to 1/1/2014 | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	153.6				153.6
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	153.6
Advertising structures | Structures Added Subsequent to 1/1/2014 | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	22.1				22.1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	22.1
Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	98.8				98.8
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	98.8
Land | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	96.6				96.6
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	96.6
Land | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	2.2				2.2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	2.2
Land | Structures Added Prior to 1/1/2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	83.3				83.3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	83.3
Land | Structures Added Prior to 1/1/2014 | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	81.1				81.1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	81.1
Land | Structures Added Prior to 1/1/2014 | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	2.2				2.2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	2.2
Land | Structures Added Subsequent to 1/1/2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	15.5				15.5
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	15.5
Land | Structures Added Subsequent to 1/1/2014 | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	15.5				15.5
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	15.5
Land | Structures Added Subsequent to 1/1/2014 | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year	[2]	0.0				0.0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	[2]	0.0
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year		187.5				187.5
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year		187.5
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014 | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year		165.4				165.4
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year		165.4
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014 | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year		22.1				22.1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year		22.1
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year		15.5				15.5
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year		15.5
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014 | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year		15.5				15.5
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year		15.5
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014 | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year		0.0				0.0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year		0.0
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year		11.8				11.8
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year		11.8
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014 | United States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year		11.8				11.8
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year		11.8
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014 | Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross carrying amount at the end of the year		0.0				$ 0.0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year		0.0
New Investments
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions for construction of / improvements to structures		25.0		27.2	22.0
Redevelopments
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions for construction of / improvements to structures		35.6		29.0	23.4
Recurring Capital Expenditures
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions for construction of / improvements to structures		10.2		12.8	13.0
Land Acquisitions
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions for construction of / improvements to structures		$ 2.1		$ 3.5	$ 4.6

[1] No single asset exceeded 5% of the total gross carrying amount as of December 31, 2019.

[2] Includes sites under construction.

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Condensed Consolidating Financial Information -Condensed Income Statements (Details) - USD ($) $ in Millions	3 Months Ended									12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018		Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Income Statements, Captions [Line Items]
Billboard										$ 1,189.9	$ 1,112.4	$ 1,059.0
Transit and other										592.3	493.8	461.5
Total revenues	$ 488.1	$ 462.5	$ 459.9	$ 371.7	$ 452.4	$ 414.2	$ 401.7		$ 337.9	1,782.2	1,606.2	1,520.5
Operating										958.6	859.9	835.2
Selling, general and administrative										323.5	287.0	261.7
Restructuring charges										0.3	2.1	6.4
Net gain on dispositions	(0.8)	(1.9)	0.4	(1.5)	(1.3)	(1.3)	(2.7)		(0.2)	(3.8)	(5.5)	(14.3)
Impairment charge					0.0	0.0	42.9	[1]	0.0	0.0	42.9	0.0
Depreciation	22.4	22.4	21.4	21.1	22.5	21.0	21.3		21.1	87.3	85.9	89.7
Amortization	26.2	28.7	27.6	24.7	25.8	25.8	25.0		22.5	107.2	99.1	100.1
Total expenses										1,473.1	1,371.4	1,278.8
Operating income (loss)	98.0	85.5	88.7	36.9	91.3	78.9	32.9		31.7	309.1	234.8	241.7
Interest expense, net										(134.9)	(125.7)	(116.9)
Loss on extinguishment of debt										(28.5)	0.0	0.0
Other income (expense), net										0.1	(0.4)	0.3
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies										145.8	108.7	125.1
Benefit (provision) for income taxes										(10.9)	(4.9)	(4.1)
Equity in earnings of investee companies, net of tax										5.7	4.1	4.8
Net income before allocation to non-controlling interests										140.6	107.9	125.8
Net income attributable to non-controlling interests										0.5	0.0	0.0
Net income attributable to OUTFRONT Media Inc.	$ 45.0	$ 38.7	$ 50.3	$ 6.1	$ 57.2	$ 46.8	$ (5.2)		$ 9.1	140.1	107.9	125.8
Total other comprehensive income, net of tax										4.3	(14.3)	10.8
Total comprehensive income (loss)										144.4	93.6	136.6
Parent Company
Condensed Income Statements, Captions [Line Items]
Billboard										0.0	0.0	0.0
Transit and other										0.0	0.0	0.0
Total revenues										0.0	0.0	0.0
Operating										0.0	0.0	0.0
Selling, general and administrative										1.6	1.6	1.6
Restructuring charges										0.0	0.0	0.0
Net gain on dispositions										0.0	0.0	0.0
Impairment charge											0.0
Depreciation										0.0	0.0	0.0
Amortization										0.0	0.0	0.0
Total expenses										1.6	1.6	1.6
Operating income (loss)										(1.6)	(1.6)	(1.6)
Interest expense, net										0.0	0.0	0.0
Loss on extinguishment of debt										0.0
Other income (expense), net										0.0	0.0	0.0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies										(1.6)	(1.6)	(1.6)
Benefit (provision) for income taxes										0.0	0.0	0.0
Equity in earnings of investee companies, net of tax										141.7	109.5	127.4
Net income before allocation to non-controlling interests										140.1
Net income attributable to non-controlling interests										0.0
Net income attributable to OUTFRONT Media Inc.										140.1	107.9	125.8
Total other comprehensive income, net of tax										4.3	(14.3)	10.8
Total comprehensive income (loss)										144.4	93.6	136.6
Subsidiary Issuer
Condensed Income Statements, Captions [Line Items]
Billboard										0.0	0.0	0.0
Transit and other										0.0	0.0	0.0
Total revenues										0.0	0.0	0.0
Operating										0.0	0.0	0.0
Selling, general and administrative										0.5	0.2	0.9
Restructuring charges										0.0	0.0	0.0
Net gain on dispositions										0.0	0.0	0.0
Impairment charge											0.0
Depreciation										0.0	0.0	0.0
Amortization										0.0	0.0	0.0
Total expenses										0.5	0.2	0.9
Operating income (loss)										(0.5)	(0.2)	(0.9)
Interest expense, net										(127.1)	(118.4)	(113.9)
Loss on extinguishment of debt										(28.5)
Other income (expense), net										0.0	0.0	0.0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies										(156.1)	(118.6)	(114.8)
Benefit (provision) for income taxes										0.0	0.0	0.0
Equity in earnings of investee companies, net of tax										297.8	228.1	242.2
Net income before allocation to non-controlling interests										141.7
Net income attributable to non-controlling interests										0.0
Net income attributable to OUTFRONT Media Inc.										141.7	109.5	127.4
Total other comprehensive income, net of tax										4.3	(14.3)	10.8
Total comprehensive income (loss)										146.0	95.2	138.2
Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Billboard										1,109.9	1,040.1	997.5
Transit and other										579.5	480.8	449.4
Total revenues										1,689.4	1,520.9	1,446.9
Operating										906.3	808.3	784.6
Selling, general and administrative										311.2	276.6	246.2
Restructuring charges										0.3	2.1	2.5
Net gain on dispositions										(3.8)	(5.3)	(14.4)
Impairment charge											0.0
Depreciation										76.8	73.3	77.3
Amortization										97.8	90.2	94.0
Total expenses										1,388.6	1,245.2	1,190.2
Operating income (loss)										300.8	275.7	256.7
Interest expense, net										(2.5)	(3.8)	(2.3)
Loss on extinguishment of debt										0.0
Other income (expense), net										0.0	0.0	0.0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies										298.3	271.9	254.4
Benefit (provision) for income taxes										(8.8)	(6.1)	(11.3)
Equity in earnings of investee companies, net of tax										(147.8)	(156.3)	(115.7)
Net income before allocation to non-controlling interests										141.7
Net income attributable to non-controlling interests										0.0
Net income attributable to OUTFRONT Media Inc.										141.7	109.5	127.4
Total other comprehensive income, net of tax										4.3	(14.3)	10.8
Total comprehensive income (loss)										146.0	95.2	138.2
Non-Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Billboard										80.0	72.3	61.5
Transit and other										12.8	13.0	12.1
Total revenues										92.8	85.3	73.6
Operating										52.3	51.6	50.6
Selling, general and administrative										10.2	8.6	13.0
Restructuring charges										0.0	0.0	3.9
Net gain on dispositions										0.0	(0.2)	0.1
Impairment charge											42.9
Depreciation										10.5	12.6	12.4
Amortization										9.4	8.9	6.1
Total expenses										82.4	124.4	86.1
Operating income (loss)										10.4	(39.1)	(12.5)
Interest expense, net										(5.3)	(3.5)	(0.7)
Loss on extinguishment of debt										0.0
Other income (expense), net										0.1	(0.4)	0.3
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies										5.2	(43.0)	(12.9)
Benefit (provision) for income taxes										(2.1)	1.2	7.2
Equity in earnings of investee companies, net of tax										1.1	1.1	0.8
Net income before allocation to non-controlling interests										4.2
Net income attributable to non-controlling interests										0.5
Net income attributable to OUTFRONT Media Inc.										3.7	(40.7)	(4.9)
Total other comprehensive income, net of tax										6.5	(12.1)	10.8
Total comprehensive income (loss)										10.2	(52.8)	5.9
Eliminations
Condensed Income Statements, Captions [Line Items]
Billboard										0.0	0.0	0.0
Transit and other										0.0	0.0	0.0
Total revenues										0.0	0.0	0.0
Operating										0.0	0.0	0.0
Selling, general and administrative										0.0	0.0	0.0
Restructuring charges										0.0	0.0	0.0
Net gain on dispositions										0.0	0.0	0.0
Impairment charge											0.0
Depreciation										0.0	0.0	0.0
Amortization										0.0	0.0	0.0
Total expenses										0.0	0.0	0.0
Operating income (loss)										0.0	0.0	0.0
Interest expense, net										0.0	0.0	0.0
Loss on extinguishment of debt										0.0
Other income (expense), net										0.0	0.0	0.0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies										0.0	0.0	0.0
Benefit (provision) for income taxes										0.0	0.0	0.0
Equity in earnings of investee companies, net of tax										(287.1)	(178.3)	(249.9)
Net income before allocation to non-controlling interests										(287.1)
Net income attributable to non-controlling interests										0.0
Net income attributable to OUTFRONT Media Inc.										(287.1)	(178.3)	(249.9)
Total other comprehensive income, net of tax										(15.1)	40.7	(32.4)
Total comprehensive income (loss)										$ (302.2)	$ (137.6)	$ (282.3)

[1] As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets: Goodwill to the Consolidated Financial Statements

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Leases Minimum rental payments to be received (Details) $ in Millions	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 495.5
2021	31.5
2022	8.6
2023	4.3
2024	3.0
2025 and thereafter	0.9
Total minimum payments	$ 543.8

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Retirement Benefits - Schedule of Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	$ 47.5	$ 52.3
Actual return on plan assets	8.8	(0.9)
Employer contributions	1.5	2.0
Benefits paid	(2.6)	(2.0)
Cumulative translation adjustments	2.1	(3.9)
Fair value of plan assets, end of year	$ 57.3	$ 47.5

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Retirement Benefits - Schedule of Components of Net Periodic Pension Costs (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Net Periodic Pension Cost [Abstract]
Service cost		$ 1.7	$ 1.8	$ 1.6
Interest cost		2.1	2.0	2.0
Expected return on plan assets		(2.4)	(2.6)	(2.3)
Amortization of actuarial losses	[1]	0.4	0.7	0.6
Amortization of transitional obligation		0.0	0.0	(0.1)
Settlement cost		0.0	0.1	0.0
Net periodic pension cost		$ 1.8	$ 2.0	$ 1.8

[1] Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income.

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Goodwill and Other Intangible Assets - Narrative (Details) - Goodwill - USD ($) $ in Millions	3 Months Ended					12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018		Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Line Items]
Impairment charge	$ 0.0	$ 0.0	$ 42.9	[1]	$ 0.0	$ 0.0	$ 42.9	$ 0.0

[1] As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets: Goodwill to the Consolidated Financial Statements

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Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended									12 Months Ended
		Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018		Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues [Abstract]
Billboard											$ 1,189.9	$ 1,112.4	$ 1,059.0
Transit and other											592.3	493.8	461.5
Total revenues		$ 488.1	$ 462.5	$ 459.9	$ 371.7	$ 452.4	$ 414.2	$ 401.7		$ 337.9	1,782.2	1,606.2	1,520.5
Expenses:
Operating											958.6	859.9	835.2
Selling, general and administrative											323.5	287.0	261.7
Restructuring charges											0.3	2.1	6.4
Net gain on dispositions		(0.8)	(1.9)	0.4	(1.5)	(1.3)	(1.3)	(2.7)		(0.2)	(3.8)	(5.5)	(14.3)
Impairment charge						0.0	0.0	42.9	[1]	0.0	0.0	42.9	0.0
Depreciation		22.4	22.4	21.4	21.1	22.5	21.0	21.3		21.1	87.3	85.9	89.7
Amortization		26.2	28.7	27.6	24.7	25.8	25.8	25.0		22.5	107.2	99.1	100.1
Total expenses											1,473.1	1,371.4	1,278.8
Operating income		98.0	85.5	88.7	36.9	91.3	78.9	32.9		31.7	309.1	234.8	241.7
Interest expense, net											(134.9)	(125.7)	(116.9)
Loss on extinguishment of debt											(28.5)	0.0	0.0
Other income (expense), net											0.1	(0.4)	0.3
Income before provision for income taxes and equity in earnings of investee companies											145.8	108.7	125.1
Provision for income taxes											(10.9)	(4.9)	(4.1)
Equity in earnings of investee companies, net of tax											5.7	4.1	4.8
Net income before allocation to non-controlling interests											140.6	107.9	125.8
Net income attributable to non-controlling interests											0.5	0.0	0.0
Net income attributable to OUTFRONT Media Inc.		$ 45.0	$ 38.7	$ 50.3	$ 6.1	$ 57.2	$ 46.8	$ (5.2)		$ 9.1	$ 140.1	$ 107.9	$ 125.8
Net income per common share:
Basic ($ per share)		$ 0.31	$ 0.27	$ 0.35	$ 0.04	$ 0.40	$ 0.33	$ (0.04)		$ 0.06	$ 0.97	$ 0.76	$ 0.90
Diluted ($ per share)		$ 0.31	$ 0.27	$ 0.35	$ 0.04	$ 0.40	$ 0.33	$ (0.04)		$ 0.06	$ 0.97	$ 0.75	$ 0.90
Weighted average shares outstanding:
Basic (shares)											142.5	139.3	138.5
Diluted (shares)	[2],[3]										143.2	139.6	138.9

[1] As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets: Goodwill to the Consolidated Financial Statements

[2] The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2019, 0.4 million granted RSUs, PRSUs and stock options for 2018 and 0.1 million granted RSUs, PRSUs and stock options for 2017 was antidilutive.

[3] On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 11. Equity to the Consolidated Financial Statements.) The potential impact of 1.4 million shares of Class A equity interests of Outfront Canada was antidilutive for 2019, 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017.

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Revenues (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table summarizes revenues by source:

	Years Ended December 31,
(in millions)	2019		2018		2017
Billboard:
Static displays	$	894.1	$	858.1	$	839.7
Digital displays	252.7		216.1		173.7
Other	43.1		38.2		45.6
Billboard revenues	1,189.9		1,112.4		1,059.0
Transit:
Static displays	370.7		339.9		339.5
Digital displays	112.4		59.6		45.3
Other	43.5		39.5		35.9
Total transit revenues	526.6		439.0		420.7
Sports marketing and other	65.7		54.8		40.8
Transit and other revenues	592.3		493.8		461.5
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

Revenue from External Customers by Geographic Areas

The following table summarizes revenues by geography:

	Years Ended December 31,
(in millions)	2019		2018		2017
United States:
Billboard	$	1,114.9	$	1,040.8	$	997.9
Transit and other	513.8		426.0		408.6
Sports marketing and other	65.7		54.8		40.8
Total United States revenues	1,694.4		1,521.6		1,447.3
Canada	87.8		84.6		73.2
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

	Year Ended December 31,
(in millions)	2019		2018		2017
Revenues(a):
United States	$	1,694.4	$	1,521.6	$	1,447.3
Canada	87.8		84.6		73.2
Total revenues	$	1,782.2	$	1,606.2	$	1,520.5

(a)

Revenues classifications are based on the geography of the advertising.

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

For the years ended December 31, 2019 and 2018, the changes in the book value of goodwill by segment were as follows:

(in millions)	U.S. Media		Other			Total
As of December 31, 2017	$	2,054.0	$	74.0		$	2,128.0
Currency translation adjustments	—		(5.4		)	(5.4		)
Impairment	—		(42.9		)	(42.9		)
As of December 31, 2018	2,054.0		25.7			2,079.7
Currency translation adjustments	—		3.4			3.4
As of December 31, 2019	$	2,054.0	$	29.1		$	2,083.1

Schedule of Finite-Lived Intangible Assets

Our identifiable intangible assets consist of the following:

(in millions)	Gross		Accumulated Amortization			Net
As of December 31, 2019:
Permits and leasehold agreements	$	1,153.3	$	(735.7	)	$	417.6
Franchise agreements	497.4		(371.1		)	126.3
Other intangible assets	47.1		(40.1		)	7.0
Total intangible assets	$	1,697.8	$	(1,146.9	)	$	550.9
As of December 31, 2018:
Permits and leasehold agreements(a)	$	1,107.4	$	(697.6	)	$	409.8
Franchise agreements	470.7		(357.1		)	113.6
Other intangible assets(a)	46.9		(33.1		)	13.8
Total intangible assets	$	1,625.0	$	(1,087.8	)	$	537.2

(a) Includes additions associated with the Transaction (as defined below, see Note 11. Equity and Note 14. Acquisitions to the Consolidated Financial Statements).

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2020 through 2024, to be as follows:

(in millions)	2020		2021		2022		2023		2024
Amortization expense	$	58.7	$	56.8	$	51.5	$	49.7	$	47.4

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Earnings Per Share ("EPS") (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	Year Ended December 31,
(in millions)	2019		2018		2017
Net income available for common stockholders	$	140.1	$	107.9	$	125.8
Less: Distributions to holders of Class A equity interests of a subsidiary(b)	1.9		2.7		1.4
Net income available for common stockholders, basic and diluted	$	138.2	$	105.2	$	124.4
Weighted average shares for basic EPS	142.5		139.3		138.5
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a)	0.7		0.3		0.4
Weighted average shares for diluted EPS(a)(b)	143.2		139.6		138.9

(a) The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2019, 0.4 million granted RSUs, PRSUs and stock options for 2018 and 0.1 million granted RSUs, PRSUs and stock options for 2017 was antidilutive.

(b)

On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 11. Equity to the Consolidated Financial Statements.) The potential impact of 1.4 million shares of Class A equity interests of Outfront Canada was antidilutive for 2019, 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017.

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Activities:
Net income attributable to OUTFRONT Media Inc.	$ 140.1	$ 107.9	$ 125.8
Adjustments to reconcile net income to net cash flow provided by operating activities:
Net income attributable to non-controlling interests	0.5	0.0	0.0
Depreciation and amortization	194.5	185.0	189.8
Deferred tax (benefit) provision	0.2	(0.4)	(4.9)
Stock-based compensation	22.3	20.2	20.5
Provision for doubtful accounts	5.3	1.9	4.4
Accretion expense	2.5	2.4	2.3
Net gain on dispositions	(3.8)	(5.5)	(14.3)
Impairment charge	0.0	42.9	0.0
Loss on extinguishment of debt	28.5	0.0	0.0
Equity in earnings of investee companies, net of tax	(5.7)	(4.1)	(4.8)
Distributions from investee companies	4.9	3.0	7.3
Amortization of deferred financing costs and debt discount and premium	7.9	5.7	6.1
Cash paid for direct lease acquisition costs	(47.1)	(41.3)	(39.2)
Change in assets and liabilities, net of investing and financing activities
Increase in receivables	(29.5)	(37.2)	(9.5)
Increase in prepaid MTA equipment deployment costs	(92.0)	(74.8)	(4.7)
(Increase) decrease in prepaid expenses and other current assets	3.5	(0.2)	0.2
Increase (decrease) in accounts payable and accrued expenses	36.3	21.7	(31.9)
Increase in operating lease assets and liabilities	6.7	0.0	0.0
Increase (decrease) in deferred revenues	(0.8)	8.5	0.8
Increase (decrease) in income taxes	0.2	(3.1)	2.1
Other, net	2.4	(18.3)	(0.7)
Net cash flow provided by operating activities	276.9	214.3	249.3
Investing Activities:
Capital expenditures	(89.9)	(82.3)	(70.8)
Acquisitions	(69.7)	(7.0)	(69.2)
MTA franchise rights	(24.0)	(13.3)	(0.9)
Proceeds from dispositions	5.8	7.9	5.6
Return of investment in investee companies	1.5	4.3	0.0
Net cash flow used for investing activities	(176.3)	(90.4)	(135.3)
Financing Activities
Proceeds from long-term debt borrowings	1,270.0	104.0	8.3
Repayments of long-term debt borrowings	(1,191.5)	(104.0)	0.0
Proceeds from borrowings under short-term debt facilities	505.0	245.0	250.0
Repayments of borrowings under short-term debt facilities	(470.0)	(165.0)	(170.0)
Payments of deferred financing costs	(22.1)	(0.3)	(8.5)
Payments of debt extinguishment charges	(20.6)	0.0	0.0
Proceeds from shares issued under the ATM Program	50.9	15.3	0.0
Proceeds from stock option exercises	0.0	0.0	1.2
Earnout payment related to prior acquisition	0.0	(0.4)	(2.0)
Taxes withheld for stock-based compensation	(7.9)	(8.4)	(8.5)
Dividends	(208.1)	(203.9)	(201.8)
Other	0.0	0.0	(0.2)
Net cash flow used for financing activities	(94.3)	(117.7)	(131.5)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.5	(0.4)	0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	6.8	5.8	(16.9)
Cash, cash equivalents and restricted cash at beginning of year	54.1	48.3	65.2
Cash, cash equivalents and restricted cash at end of year	60.9	54.1	48.3
Supplemental disclosure of cash flow information
Cash paid for income taxes	10.5	8.4	6.8
Cash paid for interest	121.5	117.5	111.0
Non-cash investing and financing activities
Accrued purchases of property and equipment	7.7	5.8	9.5
MTA franchise rights	4.0	1.4	0.0
Issuance of shares of a subsidiary for an acquisition	0.0	0.0	44.6
Acquisitions	0.0	0.0	(13.3)
Dispositions	$ 0.0	$ 0.0	$ 13.3

XML

Condensed Consolidating Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

We and our material existing and future direct and indirect 100% owned domestic subsidiaries (except Finance LLC and Outfront Media Capital Corporation, the borrowers under the Term Loan and the Revolving Credit Facility) guarantee the obligations under the Term Loan and the Revolving Credit Facility. Our senior unsecured notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly-owned domestic subsidiaries that guarantees the Term Loan and the Revolving Credit Facility (see Note 8. Debt to the Consolidated Financial Statements). The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10 for: (i) OUTFRONT Media Inc. (the “Parent Company”); (ii) Finance LLC (the “Subsidiary Issuer”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries, including the SPVs; (v) elimination entries necessary to consolidate the Parent Company and the Subsidiary Issuer, the guarantor subsidiaries and non-guarantor subsidiaries; and (vi) the Parent Company on a consolidated basis. Outfront Media Capital Corporation is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below.

	As of December 31, 2019
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	12.7	$	1.1	$	45.3	$	—		$	59.1
Receivables, less allowances	—		—		—		320.8		(30.8		)	290.0
Other current assets	—		1.0		169.7		76.9		(160.9		)	86.7
Total current assets	—		13.7		170.8		443.0		(191.7		)	435.8
Property and equipment, net	—		—		618.2		48.0		—			666.2
Goodwill	—		—		2,059.9		23.2		—			2,083.1
Intangible assets	—		—		479.5		71.4		—			550.9
Operating lease assets	—		—		1,344.3		112.7		—			1,457.0
Investment in subsidiaries	1,093.8		3,330.0		331.6		—		(4,755.4		)	—
Prepaid MTA equipment deployment costs	—		—		116.1		—		—			116.1
Other assets	—		3.5		65.8		3.9		—			73.2
Intercompany	—		—		77.5		87.6		(165.1		)	—
Total assets	$	1,093.8	$	3,347.2	$	5,263.7	$	789.8	$	(5,112.2	)	$	5,382.3
Total current liabilities	$	—	$	26.7	$	590.5	$	224.5	$	(191.7	)	$	650.0
Long-term debt, net	—		2,222.1		—		—		—			2,222.1
Deferred income tax liabilities, net	—		—		—		18.0		—			18.0
Asset retirement obligation	—		—		30.6		4.5		—			35.1
Operating lease liabilities	—		—		1,188.0		97.1		—			1,285.1
Deficit in excess of investment of subsidiaries	—		—		2,236.2		—		(2,236.2		)	—
Other liabilities	—		4.6		37.0		4.0		—			45.6
Intercompany	—		—		87.6		77.5		(165.1		)	—
Total liabilities	—		2,253.4		4,169.9		425.6		(2,593.0		)	4,255.9
Total stockholders’ equity	1,093.8		1,093.8		1,093.8		331.6		(2,519.2		)	1,093.8
Non-controlling interests	—		—		—		32.6		—			32.6
Total equity	1,093.8		1,093.8		1,093.8		364.2		(2,519.2		)	1,126.4
Total liabilities and equity	$	1,093.8	$	3,347.2	$	5,263.7	$	789.8	$	(5,112.2	)	$	5,382.3

	As of December 31, 2018
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	12.0	$	—	$	40.7	$	—		$	52.7
Receivables, less allowances	—		—		52.7		232.1		(19.9		)	264.9
Other current assets	—		1.0		176.3		81.5		(146.9		)	111.9
Total current assets	—		13.0		229.0		354.3		(166.8		)	429.5
Property and equipment, net	—		—		604.3		48.6		—			652.9
Goodwill	—		—		2,059.9		19.8		—			2,079.7
Intangible assets	—		—		478.4		58.8		—			537.2
Investment in subsidiaries	1,102.8		3,257.5		261.9		—		(4,622.2		)	—
Prepaid MTA equipment deployment costs	—		—		60.6		—		—			60.6
Other assets	—		2.3		63.4		3.1		—			68.8
Intercompany	—		—		81.0		100.7		(181.7		)	—
Total assets	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7
Total current liabilities	$	—	$	18.0	$	375.5	$	175.9	$	(166.8	)	$	402.6
Long-term debt, net	—		2,149.6		—		—		—			2,149.6
Deferred income tax liabilities, net	—		—		—		17.0		—			17.0
Asset retirement obligation	—		—		29.9		4.3		—			34.2
Deficit in excess of investment of subsidiaries	—		—		2,154.7		—		(2,154.7		)	—
Other liabilities	—		2.4		74.9		2.7		—			80.0
Intercompany	—		—		100.7		81.0		(181.7		)	—
Total liabilities	—		2,170.0		2,735.7		280.9		(2,503.2		)	2,683.4
Total stockholders’ equity	1,102.8		1,102.8		1,102.8		261.9		(2,467.5		)	1,102.8
Non-controlling interests	—		—		—		42.5		—			42.5
Total equity	1,102.8		1,102.8		1,102.8		304.4		(2,467.5		)	1,145.3
Total liabilities and stockholders’ equity	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7

	Year Ended December 31, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	1,109.9		$	80.0		$	—		$	1,189.9
Transit and other	—			—			579.5			12.8			—			592.3
Total revenues	—			—			1,689.4			92.8			—			1,782.2
Expenses:
Operating	—			—			906.3			52.3			—			958.6
Selling, general and administrative	1.6			0.5			311.2			10.2			—			323.5
Restructuring charges	—			—			0.3			—			—			0.3
Net gain on dispositions	—			—			(3.8		)	—			—			(3.8		)
Depreciation	—			—			76.8			10.5			—			87.3
Amortization	—			—			97.8			9.4			—			107.2
Total expenses	1.6			0.5			1,388.6			82.4			—			1,473.1
Operating income (loss)	(1.6		)	(0.5		)	300.8			10.4			—			309.1
Interest expense, net	—			(127.1		)	(2.5		)	(5.3		)	—			(134.9		)
Loss on extinguishment of debt	—			(28.5		)	—			—			—			(28.5		)
Other income, net	—			—			—			0.1			—			0.1
Income (loss) before provision for income taxes and equity in earnings of investee companies	(1.6		)	(156.1		)	298.3			5.2			—			145.8
Provision for income taxes	—			—			(8.8		)	(2.1		)	—			(10.9		)
Equity in earnings of investee companies, net of tax	141.7			297.8			(147.8		)	1.1			(287.1		)	5.7
Net income before allocation to non-controlling interests	$	140.1		$	141.7		$	141.7		$	4.2		$	(287.1	)	$	140.6
Net income attributable to non-controlling interests	—			—			—			0.5			—			0.5
Net income attributable to Outfront Media Inc.	140.1			141.7			141.7			3.7			(287.1		)	140.1
Net income attributable to Outfront Media Inc.	$	140.1		$	141.7		$	141.7		$	3.7		$	(287.1	)	$	140.1
Total other comprehensive income, net of tax	4.3			4.3			4.3			6.5			(15.1		)	4.3
Total comprehensive income	$	144.4		$	146.0		$	146.0		$	10.2		$	(302.2	)	$	144.4

	Year Ended December 31, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	1,040.1		$	72.3		$	—		$	1,112.4
Transit and other	—			—			480.8			13.0			—			493.8
Total revenues	—			—			1,520.9			85.3			—			1,606.2
Expenses:
Operating	—			—			808.3			51.6			—			859.9
Selling, general and administrative	1.6			0.2			276.6			8.6			—			287.0
Restructuring charges	—			—			2.1			—			—			2.1
Net gain on dispositions	—			—			(5.3		)	(0.2		)	—			(5.5		)
Impairment charge	—			—			—			42.9			—			42.9
Depreciation	—			—			73.3			12.6			—			85.9
Amortization	—			—			90.2			8.9			—			99.1
Total expenses	1.6			0.2			1,245.2			124.4			—			1,371.4
Operating income (loss)	(1.6		)	(0.2		)	275.7			(39.1		)	—			234.8
Interest expense, net	—			(118.4		)	(3.8		)	(3.5		)	—			(125.7		)
Other expenses, net	—			—			—			(0.4		)	—			(0.4		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.6		)	(118.6		)	271.9			(43.0		)	—			108.7
Benefit (provision) for income taxes	—			—			(6.1		)	1.2			—			(4.9		)
Equity in earnings of investee companies, net of tax	109.5			228.1			(156.3		)	1.1			(178.3		)	4.1
Net income (loss) attributable to OUTFRONT Media Inc.	$	107.9		$	109.5		$	109.5		$	(40.7	)	$	(178.3	)	$	107.9
Net income (loss) attributable to OUTFRONT Media Inc.	$	107.9		$	109.5		$	109.5		$	(40.7	)	$	(178.3	)	$	107.9
Total other comprehensive loss, net of tax	(14.3		)	(14.3		)	(14.3		)	(12.1		)	40.7			(14.3		)
Total comprehensive income (loss)	$	93.6		$	95.2		$	95.2		$	(52.8	)	$	(137.6	)	$	93.6

	Year Ended December 31, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	997.5		$	61.5		$	—		$	1,059.0
Transit and other	—			—			449.4			12.1			—			461.5
Total revenues	—			—			1,446.9			73.6			—			1,520.5
Expenses:
Operating	—			—			784.6			50.6			—			835.2
Selling, general and administrative	1.6			0.9			246.2			13.0			—			261.7
Restructuring charges	—			—			2.5			3.9			—			6.4
Net (gain) loss on dispositions	—			—			(14.4		)	0.1			—			(14.3		)
Depreciation	—			—			77.3			12.4			—			89.7
Amortization	—			—			94.0			6.1			—			100.1
Total expenses	1.6			0.9			1,190.2			86.1			—			1,278.8
Operating income (loss)	(1.6		)	(0.9		)	256.7			(12.5		)	—			241.7
Interest expense, net	—			(113.9		)	(2.3		)	(0.7		)	—			(116.9		)
Other income, net	—			—			—			0.3			—			0.3
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.6		)	(114.8		)	254.4			(12.9		)	—			125.1
Benefit (provision) for income taxes	—			—			(11.3		)	7.2			—			(4.1		)
Equity in earnings of investee companies, net of tax	127.4			242.2			(115.7		)	0.8			(249.9		)	4.8
Net income (loss) attributable to OUTFRONT Media Inc.	$	125.8		$	127.4		$	127.4		$	(4.9	)	$	(249.9	)	$	125.8
Net income (loss) attributable to OUTFRONT Media Inc.	$	125.8		$	127.4		$	127.4		$	(4.9	)	$	(249.9	)	$	125.8
Total other comprehensive income, net of tax	10.8			10.8			10.8			10.8			(32.4		)	10.8
Total comprehensive income	$	136.6		$	138.2		$	138.2		$	5.9		$	(282.3	)	$	136.6

	Year Ended December 31, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.6	)	$	(111.8	)	$	375.7		$	14.6		$	—	$	276.9
Investing activities:
Capital expenditures	—			—			(87.0		)	(2.9		)	—		(89.9		)
Acquisitions	—			—			(69.7		)	—			—		(69.7		)
MTA franchise rights	—			—			(24.0		)	—			—		(24.0		)
Proceeds from dispositions	—			—			5.8			—			—		5.8
Return of investment in investee companies	—			—			1.5			—			—		1.5
Net cash flow used for investing activities	—			—			(173.4		)	(2.9		)	—		(176.3		)
Financing activities:
Proceeds from long-term debt borrowings	—			1,270.0			—			—			—		1,270.0
Repayments of long-term debt borrowings	—			(1,191.5		)	—			—			—		(1,191.5		)
Proceeds from borrowings under short-term debt facilities	—			—			180.0			325.0			—		505.0
Repayments of borrowings under short-term debt facilities	—			—			(165.0		)	(305.0		)	—		(470.0		)
Payments of deferred financing costs	—			(21.9		)	(0.2		)	—			—		(22.1		)
Payments of debt extinguishment charges	—			(20.6		)	—			—			—		(20.6		)
Proceeds from shares issued under the ATM Program	50.9			—			—			—			—		50.9
Taxes withheld for stock-based compensation	—			—			(7.9		)	—			—		(7.9		)
Dividends	(206.2		)	—			—			(1.9		)	—		(208.1		)
Intercompany	156.9			76.5			(207.7		)	(25.7		)	—		—
Net cash flow provided by (used for) financing activities	1.6			112.5			(200.8		)	(7.6		)	—		(94.3		)
Effect of exchange rate on cash, cash equivalents and restricted cash	—			—			—			0.5			—		0.5
Net increase in cash, cash equivalents and restricted cash	—			0.7			1.5			4.6			—		6.8
Cash, cash equivalents and restricted cash at beginning of period	—			12.0			1.4			40.7			—		54.1
Cash, cash equivalents and restricted cash at end of period	$	—		$	12.7		$	2.9		$	45.3		$	—	$	60.9

	Year Ended December 31, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.6	)	$	(110.6	)	$	331.8		$	(5.3	)	$	—	$	214.3
Investing activities:
Capital expenditures	—			—			(70.0		)	(12.3		)	—		(82.3		)
Acquisitions	—			—			(7.0		)	—			—		(7.0		)
MTA franchise rights	—			—			(13.3		)	—			—		(13.3		)
Proceeds from dispositions	—			—			7.6			0.3			—		7.9
Return of investment in investee companies	—			—			4.3			—			—		4.3
Net cash flow used for investing activities	—			—			(78.4		)	(12.0		)	—		(90.4		)
Financing activities:
Proceeds from long-term debt borrowings	—			104.0			—			—			—		104.0
Repayments of long-term debt borrowings	—			(104.0		)	—			—			—		(104.0		)
Proceeds from borrowings under short-term debt facilities	—			—			75.0			170.0			—		245.0
Repayments of borrowings under short-term debt facilities	—			—			—			(165.0		)	—		(165.0		)
Payments of deferred financing costs	—			(0.2		)	—			(0.1		)	—		(0.3		)
Proceeds from shares issued under the ATM Program	15.3			—			—			—			—		15.3
Earnout payment related to prior acquisition	—			—			(0.4		)	—			—		(0.4		)
Taxes withheld for stock-based compensation	—			—			(8.4		)	—			—		(8.4		)
Dividends	(201.2		)	—			—			(2.7		)	—		(203.9		)
Intercompany	187.5			112.6			(321.9		)	21.8			—		—
Net cash flow provided by (used for) financing activities	1.6			112.4			(255.7		)	24.0			—		(117.7		)
Effect of exchange rate on cash, cash equivalents and restricted cash	—			—			—			(0.4		)	—		(0.4		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			1.8			(2.3		)	6.3			—		5.8
Cash, cash equivalents and restricted cash at beginning of period	—			10.2			3.7			34.4			—		48.3
Cash, cash equivalents and restricted cash at end of period	$	—		$	12.0		$	1.4		$	40.7		$	—	$	54.1

	Year Ended December 31, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.7	)	$	(108.5	)	$	329.5		$	30.0		$	—	$	249.3
Investing activities:
Capital expenditures	—			—			(63.6		)	(7.2		)	—		(70.8		)
Acquisitions	—			—			(17.6		)	(51.6		)	—		(69.2		)
MTA franchise rights	—			—			(0.9		)	—			—		(0.9		)
Proceeds from dispositions	—			—			5.5			0.1			—		5.6
Net cash flow used for investing activities	—			—			(76.6		)	(58.7		)	—		(135.3		)
Financing activities:
Proceeds from long-term debt borrowings	—			8.3			—			—			—		8.3
Proceeds from borrowings under short-term debt facilities	—			90.0			—			160.0			—		250.0
Repayments of borrowings under short-term debt facilities	—			(90.0		)	—			(80.0		)	—		(170.0		)
Payments of deferred financing costs	—			(8.0		)	—			(0.5		)	—		(8.5		)
Proceeds from stock option exercises	1.2			—			—			—			—		1.2
Earnout payment related to prior acquisition	—			—			(2.0		)	—			—		(2.0		)
Taxes withheld for stock-based compensation	—			—			(8.5		)	—			—		(8.5		)
Dividends	(200.4		)	—			—			(1.4		)	—		(201.8		)
Intercompany	200.9			107.0			(274.3		)	(33.6		)	—		—
Other	—			—			(0.2		)	—			—		(0.2		)
Net cash flow provided by (used for) financing activities	1.7			107.3			(285.0		)	44.5			—		(131.5		)
Effect of exchange rate on cash, cash equivalents and restricted cash	—			—			—			0.6			—		0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(1.2		)	(32.1		)	16.4			—		(16.9		)
Cash, cash equivalents and restricted cash at beginning of period	—			11.4			35.8			18.0			—		65.2
Cash, cash equivalents and restricted cash at end of period	$	—		$	10.2		$	3.7		$	34.4		$	—	$	48.3

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Cash paid for income taxes			$ 10.5	$ 8.4	$ 6.8
Foreign earnings repatriated					$ 12.6
Effective income tax rate			(7.50%)	(4.70%)	(3.30%)
Operating loss carryforwards			$ 1.4
Undistributed Earnings of Foreign Subsidiaries			6.4	$ 6.2
Unrecognized tax benefits			0.5
Unrecognized tax benefits that would impact effective tax rate			$ 0.3
Additions for current year tax positions		$ 4.5
Increase (decrease) in liability from prior year due to income tax examination	$ 2.2
Unrecognized tax benefit decrease resulting from settlement with tax authorities	$ 4.5
Minimum
Operating Loss Carryforwards [Line Items]
Expiration date of operating loss carryforwards			Jan. 01, 2020
Tax years subject to examination			2016
Maximum
Operating Loss Carryforwards [Line Items]
Federal statutory income tax rate			21.00%	21.00%	35.00%
Expiration date of operating loss carryforwards			Dec. 31, 2037
Foreign
Operating Loss Carryforwards [Line Items]
Proceeds from dividends received					$ 7.0
New York State Division of Taxation and Finance | Minimum
Operating Loss Carryforwards [Line Items]
Year income tax examination has been completed			2014
New York State Division of Taxation and Finance | Maximum
Operating Loss Carryforwards [Line Items]
Year income tax examination has been completed			2015

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Restructuring Charges

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring Charges

In 2019, we recorded restructuring charges of $0.3 million associated with the elimination of a corporate management position. In 2018, we recorded restructuring charges of $2.1 million, of which $0.9 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments, $0.8 million was recorded in Other for severance charges associated with the reorganization of our Sports Marketing operating segment management team and $0.4 million was recorded in Corporate for severance charges associated with the elimination of a corporate management position. In 2017, we recorded restructuring charges of $6.4 million, of which $4.1 million was recorded in Other for severance charges primarily associated with the Transaction and $2.3 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. As of December 31, 2019, $0.4 million in restructuring reserves remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position.

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Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes.

On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act amends the Code to reduce tax rates and modify policies, credits and deductions. The Tax Act’s most significant change was the reduction of the federal tax rate from a maximum of 35% to a flat rate of 21%.

Cash paid for income taxes was $10.5 million in 2019, $8.4 million in 2018 and $6.8 million in 2017.

The U.S. and foreign components of Income before provision for income taxes and equity in earnings of investee companies were as follows:

	Year Ended December 31,
(in millions)	2019		2018			2017
United States	$	144.3	$	157.3		$	139.2
Foreign	1.5		(48.6		)	(14.1		)
Income before provision for income taxes and equity in earnings of investee companies	$	145.8	$	108.7		$	125.1

The following table reconciles Income before provision for income taxes and equity in earnings of investee companies to REIT taxable income.

	Year Ended December 31,
(in millions)	2019			2018			2017
Income before provision for income taxes and equity in earnings of investee companies	$	145.8		$	108.7		$	125.1
Net (income) loss of TRSs	(16.4		)	38.4			(2.4		)
Income from REIT operations	129.4			147.1			122.7
Book depreciation in excess of tax depreciation	21.5			24.4			29.5
Book amortization in excess of tax amortization	(6.8		)	(10.6		)	(1.8		)
Tax dividend from foreign subsidiary(a)	0.5			2.1			5.6
Book/tax differences - stock-based compensation	1.5			(1.4		)	(2.2		)
Book/tax differences - deferred gain for tax	(3.2		)	(1.4		)	(13.1		)
Book/tax differences - capitalized costs	5.0			6.4			5.7
Book/tax differences - executive compensation	7.8			7.5			1.1
Book/tax differences - leases	6.2			1.5			2.8
Book/tax differences - other	9.4			2.1			(4.1		)
REIT taxable income (estimated)	$	171.3		$	177.7		$	146.2

(a) In 2017, the tax dividend from foreign subsidiary consists of a $12.6 million one-time deemed repatriation of foreign unremitted earnings under the Tax Act, net of a $7.0 million deduction for dividends received.

The components of the Provision for income taxes are as follows:

	Year Ended December 31,
(in millions)	2019			2018			2017
Current:
Federal	$	(5.3	)	$	(2.4	)	$	(6.9	)
State and local	(4.0		)	(2.3		)	(2.2		)
Foreign	(1.4		)	(0.6		)	0.1
	(10.7		)	(5.3		)	(9.0		)
Deferred tax benefit (liability):
Federal	0.3			(1.0		)	(2.2		)
State and local	0.2			(0.4		)	(0.1		)
Foreign	(0.7		)	1.8			7.2
	(0.2		)	0.4			4.9
Provision for income taxes	$	(10.9	)	$	(4.9	)	$	(4.1	)

The effective income tax rate was 7.5% in 2019, 4.7% in 2018 and 3.3% in 2017.

The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017, and the Provision for income taxes is summarized as follows:

	Year Ended December 31,
(in millions)	2019			2018			2017
Provision for income taxes on income at U.S. statutory rate	$	(31.6	)	$	(22.8	)	$	(43.8	)
REIT dividends paid deduction	27.9			30.9			42.9
State and local taxes, net of federal tax benefit	(2.7		)	(2.3		)	(1.6		)
Effect of foreign operations	(1.5		)	(9.3		)	2.4
Resolution of prior year tax	(3.0		)	—			—
Effect of the Tax Act on net deferred tax assets(a)	—			—			(2.1		)
Gain on dispositions	(0.3		)	(0.5		)	(0.9		)
Other, net	0.3			(0.9		)	(1.0		)
Provision for income taxes	$	(10.9	)	$	(4.9	)	$	(4.1	)

(a) Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% for tax years beginning after December 31, 2017.

The following table is a summary of the components of deferred income tax assets and liabilities.

	As of December 31,
(in millions)	2019			2018
Deferred income tax assets:
Provision for expenses and losses	$	0.3		$	1.1
Postretirement and other employee benefits	2.4			3.6
Tax credit and loss carryforwards	0.4			0.8
Total deferred income tax assets	3.1			5.5
Valuation allowance	(0.4		)	—
Deferred income tax assets, net	2.7			5.5
Deferred income tax liabilities:
Property, equipment and intangible assets	(18.3		)	(19.5		)
Total deferred income tax liabilities	(18.3		)	(19.5		)
Deferred income tax liabilities, net	$	(15.6	)	$	(14.0	)

As of December 31, 2019, we had net operating loss carryforwards for Canadian jurisdictions of $1.4 million, which expire in various years from 2020 through 2037.

Our undistributed earnings of foreign subsidiaries not includable in our federal income tax returns that could be subject to additional income taxes if remitted was approximately $6.4 million as of December 31, 2019, and $6.2 million as of December 31, 2018. No provision was recorded for taxes that could result from the remittance of such undistributed earnings since we intend to declare dividends to our shareholders in an amount sufficient to offset such distributions and intend to reinvest the remainder outside of the U.S. indefinitely. The determination of the unrecognized U.S. federal deferred income tax liability for undistributed earnings is not practicable.

The reserve for uncertain tax positions of $0.5 million as of December 31, 2019, includes $0.3 million which would affect our effective income tax rate if and when recognized in future years.

We recognize interest and penalty charges related to the reserve for uncertain tax positions as part of income tax expense. These charges were not material for any of the periods presented.

We are subject to taxation in the U.S. and various state, local and foreign jurisdictions. Tax years 2016 to present are open for examination by the tax authorities. New York State has concluded an audit of our 2014 and 2015 tax years without proposing any adjustments.

In the second quarter of 2019, we had recorded a provision for uncertain tax positions of $4.5 million to correct an error related to prior open tax years. In the third quarter of 2019, pursuant to an audit for the 2016 tax year, the Internal Revenue Service has issued a report of Income Tax Examination Changes, increasing our tax liability by $2.2 million, which represents a settlement of the $4.5 million provision for uncertain tax positions recorded in the second quarter of 2019.

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Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Income Tax Disclosure [Abstract]
Provision for income taxes on income at U.S. statutory rate	$ (31.6)	$ (22.8)		$ (43.8)
REIT dividends paid deduction	27.9	30.9		42.9
State and local taxes, net of federal tax benefit	(2.7)	(2.3)		(1.6)
Effect of foreign operations	(1.5)	(9.3)		2.4
Resolution of prior year tax	(3.0)	0.0		0.0
Effect of the Tax Act on deferred tax assets	0.0	0.0	[1]	(2.1)
Gain on dispositions	(0.3)	(0.5)		(0.9)
Other, net	0.3	(0.9)		(1.0)
Provision for income taxes	$ (10.9)	$ (4.9)		$ (4.1)

[1] Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% for tax years beginning after December 31, 2017.

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II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance for doubtful accounts:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 10.7	$ 11.5	$ 9.2
Balance Acquired through Acquisitions	0.0	0.0	0.0
Charged to Costs and Expenses	5.3	1.9	4.4
Charged to Other Accounts	0.1	(0.1)	0.1
Deductions	4.0	2.6	2.2
Balance at End of Period	12.1	10.7	11.5
Valuation allowance on deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	0.0	0.0	0.0
Balance Acquired through Acquisitions	0.0	0.0	0.0
Charged to Costs and Expenses	0.4	0.0	0.0
Charged to Other Accounts	0.0	0.0	0.0
Deductions	0.0	0.0	0.0
Balance at End of Period	$ 0.4	$ 0.0	$ 0.0

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Condensed Consolidating Financial Information -Condensed Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 59.1		$ 52.7	$ 48.3
Receivables, less allowances	290.0		264.9
Other current assets	86.7		111.9
Total current assets	435.8		429.5
Property and equipment, net	666.2		652.9
Goodwill	2,083.1		2,079.7	2,128.0
Intangible assets	550.9		537.2
Operating lease assets	1,457.0	$ 1,200.0	0.0
Investments in subsidiaries	0.0		0.0
Prepaid MTA equipment deployment costs	116.1		60.6
Other assets	73.2		68.8
Intercompany	0.0		0.0
Total assets	5,382.3		3,828.7	3,808.2
Total current liabilities	650.0		402.6
Long-term debt, net	2,222.1		2,149.6
Deferred income tax liabilities, net	18.0		17.0
Asset retirement obligation	35.1		34.2	34.7
Operating lease liabilities	1,285.1		0.0
Deficit In excess of investment in subsidiaries	0.0		0.0
Other liabilities	45.6		80.0
Intercompany	0.0		0.0
Total liabilities	4,255.9		2,683.4
Total stockholders’ equity	1,093.8		1,102.8	1,181.1	$ 1,232.9
Non-controlling interests	32.6		42.5
Total equity	1,126.4		1,145.3	$ 1,226.6	$ 1,233.0
Total liabilities and equity	5,382.3		3,828.7
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0.0		0.0
Receivables, less allowances	0.0		0.0
Other current assets	0.0		0.0
Total current assets	0.0		0.0
Property and equipment, net	0.0		0.0
Goodwill	0.0		0.0
Intangible assets	0.0		0.0
Operating lease assets	0.0
Investments in subsidiaries	1,093.8		1,102.8
Prepaid MTA equipment deployment costs	0.0		0.0
Other assets	0.0		0.0
Intercompany	0.0		0.0
Total assets	1,093.8		1,102.8
Total current liabilities	0.0		0.0
Long-term debt, net	0.0		0.0
Deferred income tax liabilities, net	0.0		0.0
Asset retirement obligation	0.0		0.0
Operating lease liabilities	0.0
Deficit In excess of investment in subsidiaries	0.0		0.0
Other liabilities	0.0		0.0
Intercompany	0.0		0.0
Total liabilities	0.0		0.0
Total stockholders’ equity	1,093.8		1,102.8
Non-controlling interests	0.0		0.0
Total equity	1,093.8		1,102.8
Total liabilities and equity	1,093.8		1,102.8
Subsidiary Issuer
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	12.7		12.0
Receivables, less allowances	0.0		0.0
Other current assets	1.0		1.0
Total current assets	13.7		13.0
Property and equipment, net	0.0		0.0
Goodwill	0.0		0.0
Intangible assets	0.0		0.0
Operating lease assets	0.0
Investments in subsidiaries	3,330.0		3,257.5
Prepaid MTA equipment deployment costs	0.0		0.0
Other assets	3.5		2.3
Intercompany	0.0		0.0
Total assets	3,347.2		3,272.8
Total current liabilities	26.7		18.0
Long-term debt, net	2,222.1		2,149.6
Deferred income tax liabilities, net	0.0		0.0
Asset retirement obligation	0.0		0.0
Operating lease liabilities	0.0
Deficit In excess of investment in subsidiaries	0.0		0.0
Other liabilities	4.6		2.4
Intercompany	0.0		0.0
Total liabilities	2,253.4		2,170.0
Total stockholders’ equity	1,093.8		1,102.8
Non-controlling interests	0.0		0.0
Total equity	1,093.8		1,102.8
Total liabilities and equity	3,347.2		3,272.8
Guarantor Subsidiaries
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	1.1		0.0
Receivables, less allowances	0.0		52.7
Other current assets	169.7		176.3
Total current assets	170.8		229.0
Property and equipment, net	618.2		604.3
Goodwill	2,059.9		2,059.9
Intangible assets	479.5		478.4
Operating lease assets	1,344.3
Investments in subsidiaries	331.6		261.9
Prepaid MTA equipment deployment costs	116.1		60.6
Other assets	65.8		63.4
Intercompany	77.5		81.0
Total assets	5,263.7		3,838.5
Total current liabilities	590.5		375.5
Long-term debt, net	0.0		0.0
Deferred income tax liabilities, net	0.0		0.0
Asset retirement obligation	30.6		29.9
Operating lease liabilities	1,188.0
Deficit In excess of investment in subsidiaries	2,236.2		2,154.7
Other liabilities	37.0		74.9
Intercompany	87.6		100.7
Total liabilities	4,169.9		2,735.7
Total stockholders’ equity	1,093.8		1,102.8
Non-controlling interests	0.0		0.0
Total equity	1,093.8		1,102.8
Total liabilities and equity	5,263.7		3,838.5
Non-Guarantor Subsidiaries
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	45.3		40.7
Receivables, less allowances	320.8		232.1
Other current assets	76.9		81.5
Total current assets	443.0		354.3
Property and equipment, net	48.0		48.6
Goodwill	23.2		19.8
Intangible assets	71.4		58.8
Operating lease assets	112.7
Investments in subsidiaries	0.0		0.0
Prepaid MTA equipment deployment costs	0.0		0.0
Other assets	3.9		3.1
Intercompany	87.6		100.7
Total assets	789.8		585.3
Total current liabilities	224.5		175.9
Long-term debt, net	0.0		0.0
Deferred income tax liabilities, net	18.0		17.0
Asset retirement obligation	4.5		4.3
Operating lease liabilities	97.1
Deficit In excess of investment in subsidiaries	0.0		0.0
Other liabilities	4.0		2.7
Intercompany	77.5		81.0
Total liabilities	425.6		280.9
Total stockholders’ equity	331.6		261.9
Non-controlling interests	32.6		42.5
Total equity	364.2		304.4
Total liabilities and equity	789.8		585.3
Eliminations
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0.0		0.0
Receivables, less allowances	(30.8)		(19.9)
Other current assets	(160.9)		(146.9)
Total current assets	(191.7)		(166.8)
Property and equipment, net	0.0		0.0
Goodwill	0.0		0.0
Intangible assets	0.0		0.0
Operating lease assets	0.0
Investments in subsidiaries	(4,755.4)		(4,622.2)
Prepaid MTA equipment deployment costs	0.0		0.0
Other assets	0.0		0.0
Intercompany	(165.1)		(181.7)
Total assets	(5,112.2)		(4,970.7)
Total current liabilities	(191.7)		(166.8)
Long-term debt, net	0.0		0.0
Deferred income tax liabilities, net	0.0		0.0
Asset retirement obligation	0.0		0.0
Operating lease liabilities	0.0
Deficit In excess of investment in subsidiaries	(2,236.2)		(2,154.7)
Other liabilities	0.0		0.0
Intercompany	(165.1)		(181.7)
Total liabilities	(2,593.0)		(2,503.2)
Total stockholders’ equity	(2,519.2)		(2,467.5)
Non-controlling interests	0.0		0.0
Total equity	(2,519.2)		(2,467.5)
Total liabilities and equity	$ (5,112.2)		$ (4,970.7)

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation—The consolidated financial statements include the accounts of OUTFRONT Media Inc. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights. Investments over which we have a significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which we have no significant influence, that do not have a readily determinable fair value, are measured at cost less impairment, if any. Intercompany transactions have been eliminated.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted Cash—Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. We classify cash balances that are legally restricted pursuant to contractual arrangements as restricted cash.

Receivables

Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers.

New York Metropolitan Authority Agreement

New York Metropolitan Transportation Authority (the “MTA”) Agreement—Under the MTA Agreement, as title of the various digital displays we are obligated to deploy transfers to the MTA on installation, the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover

from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight line basis over the contract period.

Property and Equipment

Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows:

Buildings and improvements	20 to 40 years
Advertising structures	5 to 20 years
Furniture, equipment and other	3 to 10 years

For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized.

Construction in progress includes all costs capitalized related to projects, primarily related to in-process digital conversion and development, which have yet to be placed in service.

Business Combinations and Asset Acquisitions

Business Combinations and Asset Acquisitions—We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets—Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell.

Goodwill and Intangible Assets

Goodwill and Intangible Assets—Goodwill is allocated to various reporting units. Goodwill is not amortized but is tested qualitatively and/or quantitatively at the reporting-unit level annually for impairment as of October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment by adding the present value of the estimated annual cash flows over a discrete projection period to the residual value of the business at the end of the projection period. This technique requires us to use significant estimates and assumptions such as growth rates, operating margins, capital expenditures and discount rates. The estimated growth rates, operating margins and capital expenditures for the projection period are based on our internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates are determined based on the weighted average cost of capital of comparable entities. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded as a non-cash charge for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Intangible assets, which primarily consist of acquired permits and leasehold

agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years.

Hedging Activities

Hedging Activities—We utilize interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate. These interest rate swaps have been designated and qualify as cash flow hedges and, as a result, changes in the fair value of these swaps are recorded in Other comprehensive income (loss) before taxes on the Consolidated Statements of Comprehensive Income.

Revenue Recognition

Revenue Recognition—We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other.

Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues and installation services are recognized on a combined basis under the lease accounting standard as rental income on a straight-line basis over the customer lease term.

Transit display revenues are derived from agreements with municipalities and transit operators, which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks and transit platforms. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period.

Other revenues are derived primarily from (i) providing print production services for advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems, and (ii) revenues from marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. Print production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration. Revenues from our Sports Marketing operating segment are principally derived from advertising and marketing arrangements and are recognized over the contract period.

Our billboard display and transit display contracts with customers range from four weeks to one year and billing commences at the beginning of the contract term, with payment generally due within 30 days of billing. For the majority of our contracts, transaction prices are explicitly stated. Any contracts with transaction prices that contain multiple performance obligations, are allocated primarily based on a relative standalone selling price basis.

Deferred revenues primarily consist of revenues paid in advance of being earned.

Concentration of Credit Risk

Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate.

Billboard Property Lease and Transit Franchise Expenses

Billboard Property Lease and Transit Franchise Expenses—Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months.

The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized.

Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs

which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term.

Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 5. Property and Equipment, Net) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard.

Direct Lease Acquisition Costs

Direct Lease Acquisition Costs—Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations.

Foreign Currency Translation and Transactions

Foreign Currency Translation and Transactions—The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (expense), net, on the Consolidated Statements of Operations.

Income Taxes

Income Taxes—As of July 17, 2014, we began operating as a REIT. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and certain of our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates.

Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized.

We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

Asset Retirement Obligation

Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset.

Stock-based Compensation

Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award.

Adoption of New Accounting Standards

Adoption of New Accounting Standards

Leases

In the first quarter of 2019, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the modified retrospective transition method to adopt the new lease standard. The modified retrospective transition method allows entities to apply the new lease standard at the adoption date rather than adjusting each period presented at the date of adoption. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases regardless of their classification.

We elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed us to carry forward our historical lease classification. We also elected the practical expedient related to land easements, which allowed us to carry forward our accounting treatment for land easements on existing leases. In addition we elected the hindsight practical expedient which resulted in increasing the length of our lease term for existing leases with cancellation provisions.

At adoption, we had approximately 23,600 lease agreements as lessee, all of which were classified as operating leases. On January 1, 2019, the adoption of this standard resulted in the recognition of an operating lease liability of $1.2 billion and a right-of-use operating lease asset of the same amount. Existing prepaid and accrued lease costs were reclassified to the right-of-use operating lease asset, resulting in a net asset of $1.3 billion on the Consolidated Statement of Financial Position. As a result of the adoption of this standard, we also recorded a cumulative-effect adjustment of $24.8 million to beginning Distribution in excess of earnings on the Consolidated Statement of Equity for lease costs which would have been recognized in prior periods as a result of the change in the lease term.

Under the new guidance, lessors account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms. Adoption of this guidance did not have a material effect on our consolidated financial statements.

Recent Pronouncements

Recent Pronouncements

In April 2015 (updated in August 2018), the FASB updated their guidance for evaluating and determining when a cloud computing arrangement (hosting arrangement) includes a software license. The new guidance is effective for annual and interim periods beginning after December 15, 2019. We do not expect this guidance to have a material effect on our consolidated financial statements.

In June 2016 (updated in May 2019 and November 2019), the FASB issued guidance which requires a reporting entity to estimate credit losses on certain types of financial instruments, and present assets held at amortized cost and available-for-sale debt securities at the amount expected to be collected. The new guidance is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. We do not expect this guidance to have a material effect on our consolidated financial statements.

In December 2019, the FASB issued guidance simplifying the accounting for income taxes by removing certain exceptions to the general principles of Accounting Standards Codification Topic 740, Income Taxes. The new guidance is effective for annual and interim periods beginning after December 15, 2020. We do not expect this guidance to have a material effect on our consolidated financial statements.

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Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Assets	$ 5,382.3	$ 3,828.7	$ 3,808.2
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Assets	5,077.1	3,610.0	3,528.8
Operating segments | Other
Segment Reporting Information [Line Items]
Assets	284.0	202.5	263.8
Corporate
Segment Reporting Information [Line Items]
Assets	$ 21.2	$ 16.2	$ 15.6

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Commitment and Contingencies - MTA Agreement (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change In MTA Deployment Costs [Roll Forward]
Prepaid MTA equipment deployment costs, beginning of period				$ 79.5				$ 4.7	$ 79.5	$ 4.7
Intangible assets, gross, beginning of period				1,625.0					1,625.0
MTA deployment costs, beginning of period				94.3				5.6	94.3	5.6
Recoupment									(32.2)	(1.7)
Amortization of intangible assets	$ 26.2	$ 28.7	$ 27.6	24.7	$ 25.8	$ 25.8	$ 25.0	22.5	107.2	99.1	$ 100.1
MTA Equipment Development Cost Additions									150.8	91.2
Prepaid MTA equipment deployment costs, end of period	171.5				79.5				171.5	79.5	4.7
Intangible assets, gross, end of period	1,697.8				1,625.0				1,697.8	1,625.0
MTA deployment costs, end of period	209.8				94.3				209.8	94.3	5.6
MTA equipment deployment costs
Change In MTA Deployment Costs [Roll Forward]
Deployment costs incurred									124.2	76.5
Recoupment									(32.2)	(1.7)
Amortization of intangible assets									(3.1)	(0.8)
Franchise agreements
Change In MTA Deployment Costs [Roll Forward]
Intangible assets, gross, beginning of period				470.7					470.7
Intangible assets, gross, end of period	497.4				470.7				497.4	470.7
Franchise agreements | MTA equipment deployment costs
Change In MTA Deployment Costs [Roll Forward]
Intangible assets, gross, beginning of period				$ 14.8				$ 0.9	14.8	0.9
Intangible asset additions									26.6	14.7
Amortization of intangible assets									(3.1)	(0.8)
Intangible assets, gross, end of period	$ 38.3				$ 14.8				$ 38.3	$ 14.8	$ 0.9

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Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

Quarterly Financial Data (Unaudited)

Our revenues and profits experience seasonality due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season.

	2019
(in millions)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Revenues:
U.S. Media	$	338.4		$	419.6		$	422.7		$	448.0		$	1,628.7
Other	33.3			40.3			39.8			40.1			153.5
Total revenues	$	371.7		$	459.9		$	462.5		$	488.1		$	1,782.2
Adjusted OIBDA:
U.S. Media	$	94.6		$	145.8		$	147.3		$	158.6		$	546.3
Other	1.2			8.8			4.3			7.8			22.1
Corporate	(9.0		)	(11.0		)	(11.3		)	(14.7		)	(46.0		)
Total Adjusted OIBDA	86.8			143.6			140.3			151.7			522.4
Restructuring charges	(0.3		)	—			—			—			(0.3		)
Net gain (loss) on dispositions	1.5			(0.4		)	1.9			0.8			3.8
Depreciation	(21.1		)	(21.4		)	(22.4		)	(22.4		)	(87.3		)
Amortization	(24.7		)	(27.6		)	(28.7		)	(26.2		)	(107.2		)
Stock-based compensation	(5.3		)	(5.5		)	(5.6		)	(5.9		)	(22.3		)
Total operating income	$	36.9		$	88.7		$	85.5		$	98.0		$	309.1
Operating income (loss):
U.S. Media	$	55.5		$	101.9		$	103.1		$	115.8		$	376.3
Other	(4.0		)	3.3			(0.7		)	2.8			1.4
Corporate	(14.6		)	(16.5		)	(16.9		)	(20.6		)	(68.6		)
Total operating income	$	36.9		$	88.7		$	85.5		$	98.0		$	309.1
Net income attributable to OUTFRONT Media Inc.	$	6.1		$	50.3		$	38.7		$	45.0		$	140.1
Net income attributable to OUTFRONT Media Inc. per common share:
Basic	$	0.04		$	0.35		$	0.27		$	0.31		$	0.97
Diluted	$	0.04		$	0.35		$	0.27		$	0.31		$	0.97

	2018
(in millions)	First Quarter			Second Quarter				Third Quarter			Fourth Quarter			Total Year
Revenues:
U.S. Media	$	309.9		$	367.2			$	379.7		$	410.0		$	1,466.8
Other	28.0			34.5				34.5			42.4			139.4
Total revenues	$	337.9		$	401.7			$	414.2		$	452.4		$	1,606.2
Adjusted OIBDA:
U.S. Media	$	88.9		$	131.2			$	136.2		$	143.9		$	500.2
Other	(0.8		)	4.2				4.2			9.7			17.3
Corporate	(6.9		)	(10.2		)		(11.1		)	(9.8		)	(38.0		)
Total Adjusted OIBDA	81.2			125.2				129.3			143.8			479.5
Restructuring charges	(1.1		)	(0.2		)		(0.1		)	(0.7		)	(2.1		)
Net gain on dispositions	0.2			2.7				1.3			1.3			5.5
Impairment charge	—			(42.9		)	(a)	—			—			(42.9		)
Depreciation	(21.1		)	(21.3		)		(21.0		)	(22.5		)	(85.9		)
Amortization	(22.5		)	(25.0		)		(25.8		)	(25.8		)	(99.1		)
Stock-based compensation	(5.0		)	(5.6		)		(4.8		)	(4.8		)	(20.2		)
Total operating income	$	31.7		$	32.9			$	78.9		$	91.3		$	234.8
Operating income (loss):
U.S. Media	$	50.6		$	93.8			$	96.0		$	102.4		$	342.8
Other	(7.0		)	(45.1		)		(1.2		)	3.9			(49.4		)
Corporate	(11.9		)	(15.8		)		(15.9		)	(15.0		)	(58.6		)
Total operating income	$	31.7		$	32.9			$	78.9		$	91.3		$	234.8
Net income (loss) attributable to OUTFRONT Media Inc.	$	9.1		$	(5.2	)		$	46.8		$	57.2		$	107.9
Net income (loss) attributable to OUTFRONT Media Inc. per common share:
Basic	$	0.06		$	(0.04	)		$	0.33		$	0.40		$	0.76
Diluted	$	0.06		$	(0.04	)		$	0.33		$	0.40		$	0.75

(a) As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets: Goodwill to the Consolidated Financial Statements.

Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year.

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Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Minimum rental payments under operating leases

As of December 31, 2019, minimum rental payments under operating leases are as follows:

(in millions)	Operating  Leases
2020	$	248.9
2021	251.4
2022	232.6
2023	209.6
2024	175.6
2025 and thereafter	910.5
Total operating lease payments	2,028.6
Less: Interest	575.2
Present value of lease liabilities	$	1,453.4

Minimum rental payments under non-cancellable operating leases with original terms in excess of one year

As of December 31, 2018, minimum rental payments under non-cancellable operating leases with original terms in excess of one year are as follows:

(in millions)	Non-Cancellable Operating Leases
2019	$	154.8
2020	151.8
2021	139.1
2022	126.2
2023	109.8
2024 and thereafter	574.6
Total minimum payments	$	1,256.3

Minimum rental payments to be received

As of December 31, 2019, rental payments to be received under non-cancellable operating leases are as follows:

(in millions)	Rental Income
2020	$	495.5
2021	31.5
2022	8.6
2023	4.3
2024	3.0
2025 and thereafter	0.9
Total minimum payments	$	543.8

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Property and Equipment, Net

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

The table below presents the balances of major classes of assets and accumulated depreciation.

	As of December 31,
(in millions)	2019		2018
Land	$	98.8	$	97.5
Buildings and improvements	50.4		48.7
Advertising structures	1,866.1		1,789.4
Furniture, equipment and other	153.1		134.3
Construction in progress	25.4		19.3
	2,193.8		2,089.2
Less accumulated depreciation	1,527.6		1,436.3
Property and equipment, net	$	666.2	$	652.9

Depreciation expense was $87.3 million in 2019, $85.9 million in 2018 and $89.7 million in 2017.

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Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	December 31, 2019			December 31, 2018
Short-term debt:
AR Facility	$	105.0		$	85.0
Repurchase Facility	90.0			75.0
Total short-term debt	195.0			160.0
Long-term debt:
Term loan	597.5			668.1
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	—			549.7
5.625% senior unsecured notes, due 2024	501.7			502.2
5.875% senior unsecured notes, due 2025	—			450.0
5.000% senior unsecured notes, due 2027	650.0			—
4.625% senior unsecured notes, due 2030	500.0			—
Total senior unsecured notes	1,651.7			1,501.9
Debt issuance costs	(27.1		)	(20.4		)
Total long-term debt, net	2,222.1			2,149.6
Total debt, net	$	2,417.1		$	2,309.6
Weighted average cost of debt	4.5		%	5.1		%

On November 18, 2019, the Company, along with its wholly-owned subsidiaries, Outfront Media Capital LLC (“Finance LLC”) and Outfront Media Capital Corporation (together with Finance LLC, the “Borrowers”), and other guarantor subsidiaries party thereto, entered into an amendment (the “Amendment”) to its credit agreement and its related security agreement, each dated January 31, 2014 (together, and as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”). The Amendment provides for, among other things, (i) the extension of the maturity date of the Borrowers’ existing revolving credit facility (the “Revolving Credit Facility”) from March 16, 2022, to November 18, 2024, (ii) the extension of the maturity date of the Borrowers’ existing term loan (the “Term Loan”) from March 16, 2024, to November 18, 2026, (iii) an increase to the borrowing capacity under the Revolving Credit Facility by $70.0 million to $500.0 million, (iv) a decrease to the outstanding principal balance of the Term Loan, using cash on hand, to $600.0 million, (v) a reduction in the interest rate margins applicable to the Borrowers under the Term Loan from 1.00% to 0.75%, in the case of base rate borrowings, and from 2.00% to 1.75%, in the case of London Interbank Offered Rate (“LIBOR”) borrowings, (vi) a reduction in the interest rate margins applicable to the Borrowers under the Revolving Credit Facility from a range of 1.25% to 1.00% to

a range of 0.75% to 0.25%, in the case of base rate borrowings, and from a range of 2.25% to 2.00% to 1.75% to 1.25%, in the case of LIBOR borrowings, in each case, based on the Borrowers’ leverage ratio, and (vii) revisions to certain provisions of the Credit Agreement to, among other things, update covenants for greater operational and financial flexibility to the Company (including incurrence of additional indebtedness and liens).

Term Loan

The interest rate on the Term Loan was 3.5% per annum as of December 31, 2019. As of December 31, 2019, a discount of $2.5 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

Revolving Credit Facility

As of December 31, 2019, there were no outstanding borrowings under the Revolving Credit Facility. As of February 25, 2020, there were $25.0 million of outstanding borrowings under the Revolving Credit Facility at a borrowing rate of approximately 3.4%.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $1.6 million in 2019, $1.4 million in 2018 and $1.5 million in 2017. As of December 31, 2019, we had issued letters of credit totaling approximately $1.6 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

In the fourth quarter of 2019, we decreased our letter of credit facilities from $150.0 million to $78.0 million. As of December 31, 2019, we had issued letters of credit totaling approximately $70.9 million under our aggregate $78.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities in 2019, 2018 and 2017, were immaterial.

Accounts Receivable Securitization Facilities

As of December 31, 2019, we have $125.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended, and a 364-day uncommitted $90.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”), which terminates in June 2020, unless further extended.

On July 19, 2019, the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (“MUFG”) entered into amendments to the agreements governing the AR Securitization Facilities, along with other agreements with MUFG, pursuant to which the Company (i) granted the Purchasers (as defined below) a security interest in the existing and future accounts receivable and certain related assets of the Company’s taxable REIT subsidiaries (“TRSs”) as additional collateral under the AR Facility, (ii) increased the borrowing capacity under the AR Facility from $100.0 million to its current capacity of $125.0 million, (ii) increased the borrowing capacity under the Repurchase Facility from $75.0 million to its current capacity of $90.0 million, (iii) extended the term of the AR Facility so that it now terminates on June 30, 2022, unless further extended, and (iv) extended the term of the Repurchase Facility so that it now terminates on June 30, 2020, unless further extended. The amendments to the agreements governing the AR Securitization Facilities do not change how we account for the AR Securitization Facilities as a collateralized financing activity.

In connection with the AR Securitization Facilities, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s TRSs (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs will transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media

LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

In connection with the Repurchase Facility, the Originators may borrow funds collateralized by subordinated notes (the “Subordinated Notes”) issued by the SPVs in favor of their respective Originators and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originators to the SPVs under the AR Facility. The Subordinated Notes will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the applicable Originators on termination of the Repurchase Facility. The Originators have granted MUFG a security interest in the Subordinated Notes to secure their obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originators’ obligations under the agreements governing the Repurchase Facility.

As of December 31, 2019, there were $105.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 2.7%, and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing of approximately 2.9%. As of December 31, 2019, borrowing capacity remaining under the AR Facility was $20.0 million, based on approximately $304.7 million of accounts receivable used as collateral for the AR Securitization Facilities, and there was no borrowing capacity remaining under the Repurchase Facility, in accordance with the agreements governing the AR Securitization Facilities. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial in 2019 and 2018.

Senior Unsecured Notes

On July 15, 2019, we used the net proceeds from our June 14, 2019, issuance of $650.0 million aggregate principal amount of 5.000% Senior Unsecured Notes due 2027 (the “2027 Notes”) to, among other things, redeem all of our outstanding 5.250% Senior Unsecured Notes due 2022 (the “2022 Notes”), pay accrued and unpaid interest on the 2022 Notes, and pay fees and expenses in connection with the 2022 Notes redemption. In the third quarter of 2019, we recorded a Loss on extinguishment of debt of $11.0 million relating to the 2022 Notes on the Consolidated Statement of Operations.

On November 18, 2019, the Borrowers issued $500.0 million aggregate principal amount of 4.625% Senior Unsecured Notes due 2030 (the “2030 Notes”) in a private placement. The 2030 Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of its direct and indirect domestic subsidiaries that guarantee the Senior Credit Facilities. Interest on the 2030 Notes is payable on March 15 and September 15 of each year, commencing on March 15, 2020. On or after March 15, 2025, the Borrowers may redeem at any time, or from time to time, some or all of the 2030 Notes. Prior to such date, the Borrowers may redeem up to 40% of the aggregate principal amount of the aggregate principal amount with the proceeds of certain equity offerings, provided that at least 50% of the aggregate principal amount of the Notes remain outstanding after the redemption.

On December 18, 2019, we used the net proceeds from the issuance of the 2030 Notes to, among other things, redeem all of our outstanding 2025 Notes, pay accrued and unpaid interest on the 2025 Notes, and pay fees and expenses in connection with the 2025 Notes redemption. In the fourth quarter of 2019, we recorded a Loss on extinguishment of debt of $17.5 million relating to the 2025 Notes on the Consolidated Statement of Operations.

As of December 31, 2019, a premium of $1.7 million on $100.0 million aggregate principal amount of the 5.625% Senior Unsecured Notes, due 2024, remains unamortized. The premium is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

Debt Covenants

The Credit Agreement, the agreements governing the AR Securitization Facilities, and the indentures governing our senior unsecured notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that limit the Company’s and our subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s (“Finance LLC’s”) capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions, and (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers.

The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Securitization Facilities) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0. As of December 31, 2019, our Consolidated Net Secured Leverage Ratio was 1.2 to 1.0 in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of December 31, 2019, our Consolidated Total Leverage Ratio was 4.4 to 1.0 in accordance with the Credit Agreement. As of December 31, 2019, we are in compliance with our debt covenants. 

Deferred Financing Costs

As of December 31, 2019, we had deferred $36.2 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes.

Interest Rate Swap Agreements

We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net liability of $4.6 million as of December 31, 2019, and $2.4 million as of December 31, 2018, and is included in Other liabilities on our Consolidated Statement of Financial Position.

As of December 31, 2019, under the terms of the agreements, we will pay interest based on an aggregate notional amount of $200.0 million, under a weighted-average fixed interest rate of 2.7%, with a receive rate of one-month LIBOR and which mature at various dates until June 30, 2022. The one-month LIBOR rate was approximately 1.8% as of December 31, 2019.

Fair Value

Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.5 billion as of December 31, 2019 and $2.3 billion as of December 31, 2018. The fair value of our debt as of both December 31, 2019 and 2018 is classified as Level 2. The aggregate fair value loss associated with our interest rate cash flow swap agreements was approximately $4.6 million as of December 31, 2019, and $2.4 million as of December 31, 2018. The aggregate fair value of our interest rate cash flow swap agreements as of both December 31, 2019 and 2018, is classified as Level 2.

XML

- Narrative (Details) - Line of Credit Facility - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2019	Jul. 19, 2019	Jul. 18, 2019
Line of Credit Facility [Line Items]
Fair value of net liability for swap positions	$ 4.6	$ 2.4
Variable interest rate	1.80%
Level 2
Line of Credit Facility [Line Items]
Swap agreements at fair value	$ 4.6	$ 2.4
Interest Rate Swap
Line of Credit Facility [Line Items]
Notional amount	$ 200.0
Fixed interest rate	2.70%
Description of variable rate basis	one-month LIBOR
Maturity date	Jun. 30, 2022
Revolving credit facility
Line of Credit Facility [Line Items]
Expiration date	Nov. 18, 2024	Mar. 16, 2022
Commitment fees	$ 1.6	$ 1.4	$ 1.5
Maximum borrowing capacity	500.0
Revolving credit facility | Long-term debt
Line of Credit Facility [Line Items]
Credit facility borrowings	0.0
Letter of Credit sublimit to revolving credit facility
Line of Credit Facility [Line Items]
Letters of credit outstanding	1.6
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding	70.9
Maximum borrowing capacity	$ 78.0			$ 150.0
AR Facility
Line of Credit Facility [Line Items]
Expiration date	Jun. 30, 2022
Maximum borrowing capacity	$ 125.0				$ 125.0	$ 100.0
AR Facility | Short-term debt
Line of Credit Facility [Line Items]
Credit facility borrowings	$ 105.0	85.0
Interest rate at end of period	2.70%
Remaining borrowing capacity	$ 20.0
Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 90.0				$ 90.0	$ 75.0
Repurchase Facility | Short-term debt
Line of Credit Facility [Line Items]
Expiration date	Jun. 30, 2020
Credit facility borrowings	$ 90.0	$ 75.0
Interest rate at end of period	2.90%
Remaining borrowing capacity	$ 0.0
AR Securitization Facilities | Maximum
Line of Credit Facility [Line Items]
Collateral amount	$ 304.7

XML

Stock-Based Compensation - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 22.3	$ 20.2	$ 20.5
Tax benefit	(1.5)	(1.3)	(2.0)
Stock-based compensation expense, net of tax	20.8	18.9	18.5
Restricted Stock Units and Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	22.3	20.2	20.3
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 0.0	$ 0.0	$ 0.2

XML

Revenues Revenue from External Customers (Details) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue from External Customer [Line Items]
Billboard										$ 1,189.9	$ 1,112.4	$ 1,059.0
Transit and other										592.3	493.8	461.5
Revenues		$ 488.1	$ 462.5	$ 459.9	$ 371.7	$ 452.4	$ 414.2	$ 401.7	$ 337.9	1,782.2	1,606.2	1,520.5
United States
Revenue from External Customer [Line Items]
Billboard										1,114.9	1,040.8	997.9
Revenues	[1]									1,694.4	1,521.6	1,447.3
Canada
Revenue from External Customer [Line Items]
Revenues										87.8	84.6	73.2
Transit franchise contract
Revenue from External Customer [Line Items]
Transit and other										526.6	439.0	420.7
Transit franchise contract | United States
Revenue from External Customer [Line Items]
Transit and other										513.8	426.0	408.6
Sports marketing and other
Revenue from External Customer [Line Items]
Transit and other										65.7	54.8	40.8
Sports marketing and other | United States
Revenue from External Customer [Line Items]
Transit and other										$ 65.7	$ 54.8	$ 40.8

[1] Revenues classifications are based on the geography of the advertising.

XML

Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning of period	$ 34.2	$ 34.7
Accretion expense	2.5	2.4	$ 2.3
Additions	0.3	0.2
Liabilities settled	(2.1)	(2.7)
Foreign currency translation adjustments	0.2	(0.4)
End of period	$ 35.1	$ 34.2	$ 34.7

XML

Leases - Narrative Lessee (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 1,457.0	$ 0.0		$ 1,200.0
Short-term operating lease liabilities	168.3	0.0
Operating lease liabilities	1,285.1	0.0
Variable lease costs	$ 93.0
Rent expense		393.6	$ 377.7
Operating Leases, Rent Expense, Contingent Rentals		$ 91.0	$ 84.7
Weighted average remaining lease term	10 years 3 months 18 days
Weighted average discount rate	6.00%
Cash paid for operating leases	$ 402.9
Operating lease asset obtained in exchange for operating lease liability	421.0
Operating expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	406.8
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 8.6

XML

Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Consolidating Financial Information [Abstract]

Condensed Balance Sheet

	As of December 31, 2019
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	12.7	$	1.1	$	45.3	$	—		$	59.1
Receivables, less allowances	—		—		—		320.8		(30.8		)	290.0
Other current assets	—		1.0		169.7		76.9		(160.9		)	86.7
Total current assets	—		13.7		170.8		443.0		(191.7		)	435.8
Property and equipment, net	—		—		618.2		48.0		—			666.2
Goodwill	—		—		2,059.9		23.2		—			2,083.1
Intangible assets	—		—		479.5		71.4		—			550.9
Operating lease assets	—		—		1,344.3		112.7		—			1,457.0
Investment in subsidiaries	1,093.8		3,330.0		331.6		—		(4,755.4		)	—
Prepaid MTA equipment deployment costs	—		—		116.1		—		—			116.1
Other assets	—		3.5		65.8		3.9		—			73.2
Intercompany	—		—		77.5		87.6		(165.1		)	—
Total assets	$	1,093.8	$	3,347.2	$	5,263.7	$	789.8	$	(5,112.2	)	$	5,382.3
Total current liabilities	$	—	$	26.7	$	590.5	$	224.5	$	(191.7	)	$	650.0
Long-term debt, net	—		2,222.1		—		—		—			2,222.1
Deferred income tax liabilities, net	—		—		—		18.0		—			18.0
Asset retirement obligation	—		—		30.6		4.5		—			35.1
Operating lease liabilities	—		—		1,188.0		97.1		—			1,285.1
Deficit in excess of investment of subsidiaries	—		—		2,236.2		—		(2,236.2		)	—
Other liabilities	—		4.6		37.0		4.0		—			45.6
Intercompany	—		—		87.6		77.5		(165.1		)	—
Total liabilities	—		2,253.4		4,169.9		425.6		(2,593.0		)	4,255.9
Total stockholders’ equity	1,093.8		1,093.8		1,093.8		331.6		(2,519.2		)	1,093.8
Non-controlling interests	—		—		—		32.6		—			32.6
Total equity	1,093.8		1,093.8		1,093.8		364.2		(2,519.2		)	1,126.4
Total liabilities and equity	$	1,093.8	$	3,347.2	$	5,263.7	$	789.8	$	(5,112.2	)	$	5,382.3

	As of December 31, 2018
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	12.0	$	—	$	40.7	$	—		$	52.7
Receivables, less allowances	—		—		52.7		232.1		(19.9		)	264.9
Other current assets	—		1.0		176.3		81.5		(146.9		)	111.9
Total current assets	—		13.0		229.0		354.3		(166.8		)	429.5
Property and equipment, net	—		—		604.3		48.6		—			652.9
Goodwill	—		—		2,059.9		19.8		—			2,079.7
Intangible assets	—		—		478.4		58.8		—			537.2
Investment in subsidiaries	1,102.8		3,257.5		261.9		—		(4,622.2		)	—
Prepaid MTA equipment deployment costs	—		—		60.6		—		—			60.6
Other assets	—		2.3		63.4		3.1		—			68.8
Intercompany	—		—		81.0		100.7		(181.7		)	—
Total assets	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7
Total current liabilities	$	—	$	18.0	$	375.5	$	175.9	$	(166.8	)	$	402.6
Long-term debt, net	—		2,149.6		—		—		—			2,149.6
Deferred income tax liabilities, net	—		—		—		17.0		—			17.0
Asset retirement obligation	—		—		29.9		4.3		—			34.2
Deficit in excess of investment of subsidiaries	—		—		2,154.7		—		(2,154.7		)	—
Other liabilities	—		2.4		74.9		2.7		—			80.0
Intercompany	—		—		100.7		81.0		(181.7		)	—
Total liabilities	—		2,170.0		2,735.7		280.9		(2,503.2		)	2,683.4
Total stockholders’ equity	1,102.8		1,102.8		1,102.8		261.9		(2,467.5		)	1,102.8
Non-controlling interests	—		—		—		42.5		—			42.5
Total equity	1,102.8		1,102.8		1,102.8		304.4		(2,467.5		)	1,145.3
Total liabilities and stockholders’ equity	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7

Condensed Income Statement

	Year Ended December 31, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	1,109.9		$	80.0		$	—		$	1,189.9
Transit and other	—			—			579.5			12.8			—			592.3
Total revenues	—			—			1,689.4			92.8			—			1,782.2
Expenses:
Operating	—			—			906.3			52.3			—			958.6
Selling, general and administrative	1.6			0.5			311.2			10.2			—			323.5
Restructuring charges	—			—			0.3			—			—			0.3
Net gain on dispositions	—			—			(3.8		)	—			—			(3.8		)
Depreciation	—			—			76.8			10.5			—			87.3
Amortization	—			—			97.8			9.4			—			107.2
Total expenses	1.6			0.5			1,388.6			82.4			—			1,473.1
Operating income (loss)	(1.6		)	(0.5		)	300.8			10.4			—			309.1
Interest expense, net	—			(127.1		)	(2.5		)	(5.3		)	—			(134.9		)
Loss on extinguishment of debt	—			(28.5		)	—			—			—			(28.5		)
Other income, net	—			—			—			0.1			—			0.1
Income (loss) before provision for income taxes and equity in earnings of investee companies	(1.6		)	(156.1		)	298.3			5.2			—			145.8
Provision for income taxes	—			—			(8.8		)	(2.1		)	—			(10.9		)
Equity in earnings of investee companies, net of tax	141.7			297.8			(147.8		)	1.1			(287.1		)	5.7
Net income before allocation to non-controlling interests	$	140.1		$	141.7		$	141.7		$	4.2		$	(287.1	)	$	140.6
Net income attributable to non-controlling interests	—			—			—			0.5			—			0.5
Net income attributable to Outfront Media Inc.	140.1			141.7			141.7			3.7			(287.1		)	140.1
Net income attributable to Outfront Media Inc.	$	140.1		$	141.7		$	141.7		$	3.7		$	(287.1	)	$	140.1
Total other comprehensive income, net of tax	4.3			4.3			4.3			6.5			(15.1		)	4.3
Total comprehensive income	$	144.4		$	146.0		$	146.0		$	10.2		$	(302.2	)	$	144.4

	Year Ended December 31, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	1,040.1		$	72.3		$	—		$	1,112.4
Transit and other	—			—			480.8			13.0			—			493.8
Total revenues	—			—			1,520.9			85.3			—			1,606.2
Expenses:
Operating	—			—			808.3			51.6			—			859.9
Selling, general and administrative	1.6			0.2			276.6			8.6			—			287.0
Restructuring charges	—			—			2.1			—			—			2.1
Net gain on dispositions	—			—			(5.3		)	(0.2		)	—			(5.5		)
Impairment charge	—			—			—			42.9			—			42.9
Depreciation	—			—			73.3			12.6			—			85.9
Amortization	—			—			90.2			8.9			—			99.1
Total expenses	1.6			0.2			1,245.2			124.4			—			1,371.4
Operating income (loss)	(1.6		)	(0.2		)	275.7			(39.1		)	—			234.8
Interest expense, net	—			(118.4		)	(3.8		)	(3.5		)	—			(125.7		)
Other expenses, net	—			—			—			(0.4		)	—			(0.4		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.6		)	(118.6		)	271.9			(43.0		)	—			108.7
Benefit (provision) for income taxes	—			—			(6.1		)	1.2			—			(4.9		)
Equity in earnings of investee companies, net of tax	109.5			228.1			(156.3		)	1.1			(178.3		)	4.1
Net income (loss) attributable to OUTFRONT Media Inc.	$	107.9		$	109.5		$	109.5		$	(40.7	)	$	(178.3	)	$	107.9
Net income (loss) attributable to OUTFRONT Media Inc.	$	107.9		$	109.5		$	109.5		$	(40.7	)	$	(178.3	)	$	107.9
Total other comprehensive loss, net of tax	(14.3		)	(14.3		)	(14.3		)	(12.1		)	40.7			(14.3		)
Total comprehensive income (loss)	$	93.6		$	95.2		$	95.2		$	(52.8	)	$	(137.6	)	$	93.6

	Year Ended December 31, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	997.5		$	61.5		$	—		$	1,059.0
Transit and other	—			—			449.4			12.1			—			461.5
Total revenues	—			—			1,446.9			73.6			—			1,520.5
Expenses:
Operating	—			—			784.6			50.6			—			835.2
Selling, general and administrative	1.6			0.9			246.2			13.0			—			261.7
Restructuring charges	—			—			2.5			3.9			—			6.4
Net (gain) loss on dispositions	—			—			(14.4		)	0.1			—			(14.3		)
Depreciation	—			—			77.3			12.4			—			89.7
Amortization	—			—			94.0			6.1			—			100.1
Total expenses	1.6			0.9			1,190.2			86.1			—			1,278.8
Operating income (loss)	(1.6		)	(0.9		)	256.7			(12.5		)	—			241.7
Interest expense, net	—			(113.9		)	(2.3		)	(0.7		)	—			(116.9		)
Other income, net	—			—			—			0.3			—			0.3
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.6		)	(114.8		)	254.4			(12.9		)	—			125.1
Benefit (provision) for income taxes	—			—			(11.3		)	7.2			—			(4.1		)
Equity in earnings of investee companies, net of tax	127.4			242.2			(115.7		)	0.8			(249.9		)	4.8
Net income (loss) attributable to OUTFRONT Media Inc.	$	125.8		$	127.4		$	127.4		$	(4.9	)	$	(249.9	)	$	125.8
Net income (loss) attributable to OUTFRONT Media Inc.	$	125.8		$	127.4		$	127.4		$	(4.9	)	$	(249.9	)	$	125.8
Total other comprehensive income, net of tax	10.8			10.8			10.8			10.8			(32.4		)	10.8
Total comprehensive income	$	136.6		$	138.2		$	138.2		$	5.9		$	(282.3	)	$	136.6

Condensed Cash Flow Statement

	Year Ended December 31, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.6	)	$	(111.8	)	$	375.7		$	14.6		$	—	$	276.9
Investing activities:
Capital expenditures	—			—			(87.0		)	(2.9		)	—		(89.9		)
Acquisitions	—			—			(69.7		)	—			—		(69.7		)
MTA franchise rights	—			—			(24.0		)	—			—		(24.0		)
Proceeds from dispositions	—			—			5.8			—			—		5.8
Return of investment in investee companies	—			—			1.5			—			—		1.5
Net cash flow used for investing activities	—			—			(173.4		)	(2.9		)	—		(176.3		)
Financing activities:
Proceeds from long-term debt borrowings	—			1,270.0			—			—			—		1,270.0
Repayments of long-term debt borrowings	—			(1,191.5		)	—			—			—		(1,191.5		)
Proceeds from borrowings under short-term debt facilities	—			—			180.0			325.0			—		505.0
Repayments of borrowings under short-term debt facilities	—			—			(165.0		)	(305.0		)	—		(470.0		)
Payments of deferred financing costs	—			(21.9		)	(0.2		)	—			—		(22.1		)
Payments of debt extinguishment charges	—			(20.6		)	—			—			—		(20.6		)
Proceeds from shares issued under the ATM Program	50.9			—			—			—			—		50.9
Taxes withheld for stock-based compensation	—			—			(7.9		)	—			—		(7.9		)
Dividends	(206.2		)	—			—			(1.9		)	—		(208.1		)
Intercompany	156.9			76.5			(207.7		)	(25.7		)	—		—
Net cash flow provided by (used for) financing activities	1.6			112.5			(200.8		)	(7.6		)	—		(94.3		)
Effect of exchange rate on cash, cash equivalents and restricted cash	—			—			—			0.5			—		0.5
Net increase in cash, cash equivalents and restricted cash	—			0.7			1.5			4.6			—		6.8
Cash, cash equivalents and restricted cash at beginning of period	—			12.0			1.4			40.7			—		54.1
Cash, cash equivalents and restricted cash at end of period	$	—		$	12.7		$	2.9		$	45.3		$	—	$	60.9

	Year Ended December 31, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.6	)	$	(110.6	)	$	331.8		$	(5.3	)	$	—	$	214.3
Investing activities:
Capital expenditures	—			—			(70.0		)	(12.3		)	—		(82.3		)
Acquisitions	—			—			(7.0		)	—			—		(7.0		)
MTA franchise rights	—			—			(13.3		)	—			—		(13.3		)
Proceeds from dispositions	—			—			7.6			0.3			—		7.9
Return of investment in investee companies	—			—			4.3			—			—		4.3
Net cash flow used for investing activities	—			—			(78.4		)	(12.0		)	—		(90.4		)
Financing activities:
Proceeds from long-term debt borrowings	—			104.0			—			—			—		104.0
Repayments of long-term debt borrowings	—			(104.0		)	—			—			—		(104.0		)
Proceeds from borrowings under short-term debt facilities	—			—			75.0			170.0			—		245.0
Repayments of borrowings under short-term debt facilities	—			—			—			(165.0		)	—		(165.0		)
Payments of deferred financing costs	—			(0.2		)	—			(0.1		)	—		(0.3		)
Proceeds from shares issued under the ATM Program	15.3			—			—			—			—		15.3
Earnout payment related to prior acquisition	—			—			(0.4		)	—			—		(0.4		)
Taxes withheld for stock-based compensation	—			—			(8.4		)	—			—		(8.4		)
Dividends	(201.2		)	—			—			(2.7		)	—		(203.9		)
Intercompany	187.5			112.6			(321.9		)	21.8			—		—
Net cash flow provided by (used for) financing activities	1.6			112.4			(255.7		)	24.0			—		(117.7		)
Effect of exchange rate on cash, cash equivalents and restricted cash	—			—			—			(0.4		)	—		(0.4		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			1.8			(2.3		)	6.3			—		5.8
Cash, cash equivalents and restricted cash at beginning of period	—			10.2			3.7			34.4			—		48.3
Cash, cash equivalents and restricted cash at end of period	$	—		$	12.0		$	1.4		$	40.7		$	—	$	54.1

	Year Ended December 31, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.7	)	$	(108.5	)	$	329.5		$	30.0		$	—	$	249.3
Investing activities:
Capital expenditures	—			—			(63.6		)	(7.2		)	—		(70.8		)
Acquisitions	—			—			(17.6		)	(51.6		)	—		(69.2		)
MTA franchise rights	—			—			(0.9		)	—			—		(0.9		)
Proceeds from dispositions	—			—			5.5			0.1			—		5.6
Net cash flow used for investing activities	—			—			(76.6		)	(58.7		)	—		(135.3		)
Financing activities:
Proceeds from long-term debt borrowings	—			8.3			—			—			—		8.3
Proceeds from borrowings under short-term debt facilities	—			90.0			—			160.0			—		250.0
Repayments of borrowings under short-term debt facilities	—			(90.0		)	—			(80.0		)	—		(170.0		)
Payments of deferred financing costs	—			(8.0		)	—			(0.5		)	—		(8.5		)
Proceeds from stock option exercises	1.2			—			—			—			—		1.2
Earnout payment related to prior acquisition	—			—			(2.0		)	—			—		(2.0		)
Taxes withheld for stock-based compensation	—			—			(8.5		)	—			—		(8.5		)
Dividends	(200.4		)	—			—			(1.4		)	—		(201.8		)
Intercompany	200.9			107.0			(274.3		)	(33.6		)	—		—
Other	—			—			(0.2		)	—			—		(0.2		)
Net cash flow provided by (used for) financing activities	1.7			107.3			(285.0		)	44.5			—		(131.5		)
Effect of exchange rate on cash, cash equivalents and restricted cash	—			—			—			0.6			—		0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(1.2		)	(32.1		)	16.4			—		(16.9		)
Cash, cash equivalents and restricted cash at beginning of period	—			11.4			35.8			18.0			—		65.2
Cash, cash equivalents and restricted cash at end of period	$	—		$	10.2		$	3.7		$	34.4		$	—	$	48.3

XML

Description of Business and Basis of Presentation - Narrative (Details)	12 Months Ended
	Dec. 31, 2019 markets segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Largest Markets in Which the Entity Operates, Domestic	25
Number of Markets in Which the Entity Operates	150
Number of Operating Segments | segment	3