If you can’t buy a 10 cap, create it.

If you sign a 15+ year NNN lease with a tenant in a tertiary location, why would you offer 5-year renewal options? That lease becomes a perpetual value trap once the initial term is up.

Next up to discuss NNN investment strategy is credit analysis. This one is a can of worms and really more of an art than a science. There’s metrics like funded debt:EBITDA and fixed charge coverage ratio (similar to loan DSCR but for the tenant). Things like competitive analysis,

The longer the lease term on a NNN investment the less important the real estate actually becomes to the current owner…the credit of the tenant (or financial ability to pay the rent) becomes the primary focus with real estate valuation taking a back seat.

You have $1,000,000 to invest and you’ve been talking to the company you’d like to invest in ($300mn rev/$45mn EBITDA). Which option would you prefer over a 5yr hold all else being equal? A) corporate unsecured bond with a 10% coupon B) acquire the building where they make all

Great breakdown of the economics for Sale Leasebacks

Now think about what's going to happen with all of these double drive-thru, tiny format QSR's down the road? What's the re-use for an $800-$1,000/SF small format Starbucks, Salad and Go, etc. when they vacate? That 10-year lease looks good to some, but it's really a ticking time

Is it a coincidence that the BB in Ribbit Capital and $TIBBIR are always facing forward despite the backward R in Ribbit? Knowing Micky 🐸 loves art and thinking about the underlying meaning, could the “BB” be interpreted as “to be” and “always looking forward”?

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