The Company owns a diversified portfolio of triple-net leased properties and other real estate-related assets. Under a triple-net lease, the tenant occupying the leased property, usually a single tenant, is responsible for paying its rent as well as other operating expenses for the property, including taxes, insurance and routine maintenance. Therefore, the owner of the property receives the rent "net" of these expenses.
The Company’s primary assets currently consist of 206 properties containing an aggregate of approximately 17,931,000 square feet of space located in 33 states - 203 of these properties contain an aggregate of approximately 17,634,000 square feet and are triple-net leased; general and limited partnership interests in various partnerships that own commercial triple-net leased properties; majority ownership of a management company; and ground leases, remainder interests and the right to acquire remainder interest in triple-net leased properties.
The Company intends to invest in senior and subordinated loans secured by mortgages on underlying net leased properties, mezzanine loans secured by ownership interests in entities that own net lease properties as well as commercial mortgage-backed securities, B Notes and bridge loans relating to net lease properties.
The Company may invest in investment grade and/or non-investment grade commercial mortgage-backed securities that are collateralized by net lease properties. Commercial mortgage-backed securities, or CMBS, are typically pass-through certificates created by the securitization of a single mortgage loan or a pool of mortgage loans that are collateralized by properties. The securitization process is generally governed by one or more of the rating agencies, including Fitch, Moody's and Standard & Poor's, who determine the respective bond class sizes, generally based on a sequential payment structure.
The Company may invest in B Notes generated from structured transactions that may or may not have been rated by a recognized rating agency. These are subordinated junior participations in a first mortgage loan on a single property or group of related properties. B Notes the Company would invest in would be in respect of net leased properties. B Notes share certain credit characteristics with subordinated CMBS, in that both reflect an interest in a first mortgage and are subject to more credit risk with respect to the underlying mortgage collateral than the corresponding senior securities or the A-Notes.
The Company may invest in mezzanine loans, including mezzanine construction loans, to owners of net leased real properties that are encumbered by first lien mortgages, in which case the Company’s mezzanine loans generally will be secured by junior liens on the subject properties and/or by liens on the partnership or membership interests in the borrower's property-owning subsidiary.
The Company may offer bridge loans to borrowers who are seeking short-term capital to be used in an acquisition of net lease real estate. The bridge loans the Company would make would predominantly be secured by first mortgage liens on the property and contemplate a takeout with the borrower, using the proceeds of a conventional mortgage loan to repay its bridge loan.
- Avoid 
- Short-Term Growth
- Long-Term Growth 
- Long-Term Value 
