who pays taxes · insurance · maintenance?
tenant pays — triple-net
landlord pays — not triple-net
How a triple-net sale-leaseback turns rent into credit-like yield
1
corporate tenant
needs capital, must stay
sale-leaseback
critical bldg
tenant stays
sold asset
2
property = collateral
LCN fund
owns building + lease
bond-like yield
costs eat yield
triple-net lease
long-duration, inflation-protected
who pays T · I · M?
3
tenant pays
landlord pays
T
I
M
credit-like, bond-like yield
4
institutional
insurer
high net worth
funding
5
Goldman buys LCN
GSAM distribution
insurer · inst'l · wealth
feeds LCN deals
into Goldman funds
insurers appear as funding sources and distribution clients