Transition to Beehiiv and paid subscription model
The feedback from Net Lease Observer readers has far exceeded my expectations over the last 9 months! In order to dedicate more time / resources and advance the Observer’s content, tomorrow’s Volume 2, Issue 3 will be the last biweekly issue released publicly.
Our website remains the same (www.netleaseobserver.com) despite the transition to the Beehiiv platform. All existing subscribers were migrated.
Starting Monday, February 10th, 2025, the Net Lease Observer will move to a paid monthly subscription. In order to continue to receive content, you must opt in and select a subscription option via the website.
In addition to the biweekly Net Lease Observer issues, subscribers will also receive our more frequent Observer Lite missives and the newly announced (see below!) Net Lease Leaders interview series.
For simplicity, two subscriptions options are available:
1) Company/Institution: Any/all employees of a company receive access
2) Individual: single person access
In an effort to do our part to provide information and resources to the next generation of net lease practitioners, the Observer will provide complimentary access to enrolled students.
Net Lease Leaders
The Observer is excited to announce the launch of Net Lease Leaders - a series of conversations with leading executives within the single tenant net lease and sale/leaseback markets.
The long form recorded conversations, held with REIT CEO, fund managers, and other leaders of the net lease ecosystem, will dive deep into the individuals and entities that are driving the market.
Our first full conversation of the series, with President and CEO of Agree Realty (NYSE: ADC) Joey Agree, will release in the coming days.
In the meantime, attached is a snippet of Joey discussing how freestanding retail landlords have captured leverage in negotiations dues to rising construction costs.
Takin’ it to the streets
Interface Conference Group’s 13th annual Net Lease West conference, February 18th at the Omni LA, is just two weeks away. I hope to see you there and look forward to moderating The Institutional Investment Market Outlook panel.
Locked and loaded
Four Corners Property Trust (NYSE: FCPT) announced the recast of its credit facility increasing the total size from $765 million to $940 million and resetting certain maturities.
The company’s revolver capacity was raised to $350 million and the maturity pushed out by more than three years. Meanwhile, term loan tranche A-1 was upsized by $75 million and extend by more than four years.
FCPT now has no debt maturities until February 2027 (assuming extension options are utilized) and has the majority of exposure outstanding hedged at attractive rates.
-Sean Hostert