Net Lease Observer

Asset allocation with Michael Batnick of Ritholtz Wealth

Michael Batnick, Managing Partner at Ritholtz Wealth, joins the program. Ritholtz is a nationwide wealth management firm and RIA. Batnick is a prolific financial commentator and content creator through his blog the Irrelevant Investor, co-hosting both the Animal Spirits and Compound & Friends podcasts, and his 2018 book Big Mistakes: The Best Investors and Their Worst Investments.
 
Our conversation covers Michael’s unconventional path to Ritholtz, the firm’s independence and content creation as differentiators, asset allocation thoughts, views on alternative investments, liquidity, fee structures, and the potential outcomes of recent redemption waves at private funds.
This episode is sponsored by Commonwealth National Commercial Services – your national net lease title & escrow partner. Visit Commonwealth's website HERE for additional information and contact National Account Manager John Heap at (602) 705-4180 or john.heap@cltic.com.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.

$90 billion & beyond with Realty Income's Sumit Roy

Sumit Roy, President and CEO of Realty Income (NYSE: O), joins the program.
Founded in 1969, traded on the New York Stock Exchange under the Ticker “O”, and known as the Monthly Dividend Company, Realty Income is a $90 billion enterprise value global net lease REIT with over 15,500 properties across North America, the U.K., and Europe. The company’s portfolio is primarily retail and industrial assets with additional exposure to gaming, data centers, and agriculture properties.
Our discussion covers Sumit’s background, the societal tailwinds and strategic decisions driving Realty Income’s business model, the implications of the company’s massive scale, leaning into private capital as a source of equity, M&A, international opportunities, and much more.
 
This episode is sponsored by Commonwealth National Commercial Services – your national net lease title & escrow partner. Visit Commonwealth's website HERE for additional information and contact National Account Manager John Heap at (602) 705-4180 or john.heap@cltic.com.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.

Net Lease at New Mountain Capital with Teddy Kaplan

Teddy Kaplan, Managing Director, President and CEO of Net Lease at New Mountain Capital, joins the program. Our discussion covers New Mountain’s focus on industrial manufacturing assets in defensive growth industries, the benefits of the firm's existing PE and credit business infrastructure for its net lease investment process, the evolution of net lease as an asset class, and much more.
 
This episode is sponsored by Commonwealth National Commercial Services – your national net lease title & escrow partner. Visit Commonwealth's website HERE for additional information and contact National Account Manager John Heap at (602) 705-4180 or john.heap@cltic.com.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.

ABS Financing with Charlie Dann of Truist

Charlie Dann, Managing Director and Head of Esoteric ABS Banking at Truist Securities, joins the program. Our discussion covers all things asset-backed securitizations – the broad structure, its application to net lease including common terms, history, sponsors, and benefits, as well as the current market, 2026 outlook, and much more.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.

Sale/leaseback advisory with Matt Wrobleski

Matt Wrobleski, Partner at SLB Capital Advisors, joins the program. After extensive M&A, divestiture, and corporate finance advisory, Wrobleski entered the net lease sector in 2014 and ultimately teamed up with a group of specialists to launch SLB Capital Advisors in 2020. The company focuses exclusively on sell-side sale/leaseback engagements with operating companies across industries and ownership structures (private equity; family owned; corporations; etc.). Quarterly, the firm releases a sale/leaseback market update report. Go to www.slbcapitaladvisors.com to contact the team and request the report.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.

CTL Financing with Elyssa McMullen of PGIM

Elyssa McMullen, Head of Lease and CTL Financing at PGIM, joins the program. As a subset of the net lease industry, credit tenant lease or CTL financings are more structured finance than typical real estate lending. From underlying basics like standard CTL metrics and counterparties – to the esoteric specifics of unique deal construction, Elyssa shares insights and observations on CTL’s past, present, and future. With career lending totals approaching $15 billion over nearly 3 decades at PGIM, McMullen’s master class will benefit market participants of all experience levels.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.

Net lease longevity with Gino Sabatini of W.P. Carey

Gino Sabatini, Head of Investments at W.P. Carey (NYSE: WPC), joins the program. With over 25 years of experience at the $25 billion publicly listed net lease REIT, Sabatini provides a history of the company along with commentary on the firm’s position of strength today, non-traded REITs, underwriting lessons, the power of longevity, AI, data centers, and, much more.
1997 Forbes article on FFCA & P.F. Chang's: https://www.forbes.com/forbes/1997/1215/6013168a.html
CPA Program returns as provided by Sabatini:
Program
Years
Total AUM
Total Return
Avg 10YT
Spread
Liquidiation event
 
 
CPA 1-9
1978-1998
< $ 1 Bil
7.17%
8.4% (6.36% 92-98)
-1.23%
Listed on NYSE: "CDC" Jan 1998 - became "WPC" in 2000
CPA 10
1990-2002
$156 mil
8.81%
6.33%
2.48%
Merged into CIP April 2002 ( shares or cash)
CIP
1991-2004
$550 mil
11.22%
5.90%
5.32%
Merged into CPA 15 2004 ( shares or cash)
 
CPA 12
1999-2006
$126 mil
10.91%
4.83%
6.08%
Merged into CPA 14 ( shares or cash )
 
CPA 14
2001-2011
~ $1 Bil
8.96%
4.23%
4.73%
Merged into CPA 16 ( shares or cash )
 
CPA 15
2002-2012
$2.6 Bil
9.58%
3.85%
5.73%
Merged into WPC, convert from LLC to REIT (Sept 2012)
CPA 16
2004-2014
$4.0 Bil
7.64%
3.51%
4.13%
Merged into WPC
 
 
CPA 17
2007-2018
$5.9 Bil
7.09%
2.87%
4.22%
Merged into WPC
 
 
CPA 18
2013-2022
$2.7 Bil
10.60%
2.35%
8.25%
Merged into WPC
 
 
 
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.

Public REIT coverage with Jana Galan from Bank of America

Jana Galan, Senior REIT Analyst at Bank of America, joins the program. Galan provides a recap of 4Q and FY2025 earnings for listed net lease REIT, the structure and benefits of listing on the public markets, deployment and capital formation trends, tenant credit health, and much more.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.

David Kay of Proterra Net Lease

David Kay, Managing Director of Proterra Net Lease, joins the program. Our conversation covers David's career journey including how time at Arthur Andersen introduced him to the auto dealership sector and ultimately the founding of Capital Automotive, his 15+ year run with CARS, and his new venture launching the net lease arm (focused on industrial properties within the food value chain) of Proterra Partners.  Kay provides his philosophy on why specialization is positioned to win and how endurance sports match the net lease business model.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.

Andrew Sandquist of Newmark

Andy Sandquist, Vice Chairman of Corporate Capital Markets at Newmark (NASDAQ: NMRK), joins the program. After growing up on a working farm in Iowa, Sandquist's professional path led to commercial and investment banking before finding single tenant net lease. Andy has advised on deals across nearly all single tenant property types but given recent trends the conversation focuses heavily on industrial sale/leasebacks. In 2025, Sandquist and his team closed over $800 million in deal consideration.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.