Just What I Needed: Manufacturing Net Lease Investment’s Growing Allure

And if you look at Netlease, we could say, I mean, it feels like every year we have one to two shocks to the system.

We had the 10-year hit five last week.

What that could produce, we'll see, right? It's a day-to-day analytical observation at this point.

But when Netlease, coming out of GFC, and Gordon knows this very well, the overall share of the market went to mid to upper teens in Netlease.

I'm talking about calculated data from MSCI transactions.

When

you say mid to upper teens, that's overall?

Overall share of the total marketplace.

Okay.

Usually hovers around low double digits.

COVID coming out was the highest it ever had gone, which was... just below, I think below 20% of overall share total market, multi office data, everything.

I think given what's occurring in the marketplace now, if you have that contractual rent obligations that you know are coming from great tenants in the U.S. and outside, like that is going to be a very compelling.

I don't think I know you can look at who's coming in from an investment standpoint.

It's happening in a big way.

And by the most interesting thing is all the offshore capital.

And I'm not talking about small funds.

I'm talking about the 10, 20 largest allocators globally across all assets.

Forget about real estate, are very interested and engaged in this space.

Not for the first time, but now we basically have all of them.

So a couple of things here.

First off, talk about COVID.

No one in the real estate industry knew how that was going to play out.

But by focusing on mission-critical facilities, 100% of our tenants across all of our portfolios, net lease tenants, paid their contractual rent.

100%.

That didn't happen.