Also, concurrent with the closing of the purchase, IIP further signed into a long-term, triple-net
lease agreement with a subsidiary of Ascend Wellness Holdings LLC (AWH), which will operate the property as a licensed medical-use cannabis cultivation and processing facility, post redevelopment.
The properties will be triple-net
leased by Extra Space Storage for a period of 25 years.
The ratings reflect NNN's disciplined investment focus on single-tenant retail real estate and predictable cash flows in excess of fixed charges generated from a granular triple-net
leased property portfolio.
The two net-leased properties are occupied under individual triple-net
leases with new 20-year terms, negotiated by FCPT prior to closing.
The company said it had signed a purchase contract to buy a 27,280 sq ft cardiac clinic on 5 June 2017 and that it was going to sign a new, 12-year, triple-net
lease with the Lubbock Heart Hospital.
The portfolio is comprised of Class A properties with 99% occupancy levels, where the totality of the lease contracts are US dollar-denominated and under a triple-net
lease (NNN) structure.
Owners of low-cost properties can make a nearly 10 percent annual return for their money if they buy a property under a triple-net
lease scenario, said Marilyn Kane, managing director at Sperry Van Ness/Butler Kane, one of six speakers on a panel organized by the real estate-focused NYC Network Group.
Best Buy has a long-term triple-net
lease on the approximately 45,231-square-foot building, which is located on a 4.6 acre land parcel.
Appeals classifies FLPs holding assets such as cash, marketable securities, closely held stock and real estate (triple-net
lease) as passive-asset FLPs.
The IRF Portfolio is comprised of four inpatient rehabilitation facilities aggregating 207,204 square feet and leased to leading healthcare providers under long-term triple-net
The company said that the investments consist of mission-critical properties triple-net
leased to tenants with a weighted-average lease term of 15 years and more.