I'm looking at a self storage property on the debt side that has a few accessory assets like billboards and wireless cell towers. The property has high visibility to a major freeway with 100,000 commuters that pass by daily. The billboards have 4 years on their lease. I haven't seen these sort of accessories before but was wondering what things I need to keep in mind regarding this deal. Our credit is looking to haircut the income from these assets but wanted to hear what you guys think about valuing billboards and cell towers.
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