No. of Recommendations: 5
You do know that the second link that you posted states that the average cost (nationwide) of land each year from 1975 to 2015 and started at $4,489 and ended at $97,138 and that is about 8% appreciation per year.

I wouldn't bet that billboards don't have more functional obsolescence than you realize. All the largest ad agencies are digital (and not digital billboards) with the largest being Google with $116 billion in ad revenue in 2018.

In my area, and many others, new rules are not friendly for billboards. There are a fraction of the billboards that there once were. I drove up I-49 to Northwest Arkansas yesterday and there are probably less than ten percent of the billboards that used to be on Hwy 71 twenty years ago and before the interstate was opened. There were even twice as many billboards on I-49 two years ago than today due to an April 2018 tornado taking out at least half of them. Most of those destroyed in 2018 have not yet been replaced even though the state highway department rules would allow them to be replaced.

Not as bad as newspapers in my area, but still pretty bad.
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