Property type — Net lease

A PPM for net-lease and NNN single-tenant deals

Net-lease deals — single-tenant buildings on long-term triple-net leases — are the bond-like end of private real estate. The wizard renders the tenant-credit-first disclosure those deals need, with lease-structure and covenant commentary tuned to the asset type.

What this property type is

Net lease covers single-tenant properties leased on long-term (10–25 year) triple-net structures where the tenant pays taxes, insurance, and maintenance. Quick-service restaurants, pharmacies, dollar stores, auto-parts retailers, and corporate-office headquarters are the common tenant types in the asset class.

Deals in the wizard range from single-property acquisitions in the $1–$4M equity range to multi-property NNN portfolios in the $10M+ range.

PPM considerations specific to net lease

Net-lease disclosure is tenant-credit-first: the tenant's credit rating (if public), financial condition (if private), the lease term and renewal structure, the rent-escalation schedule, and the credit tenant's parent-guaranty terms. The property-level disclosure is lighter because the tenant drives nearly all the risk.

The risk library loads tenant-default risk, lease-renewal risk, tenant-credit-deterioration risk, and — for non-investment-grade tenants — re-tenanting cost risk by default. Net-lease PPMs typically frame the exit as a stabilized-cap-rate sale to another net-lease buyer rather than a value-add play.

Typical deal structures

Net-lease deals typically run as Delaware LLCs offering Class A units under Rule 506(c), with a 6–7% preferred return (lower than value-add asset types reflecting the bond-like profile), a 60–70% LTV senior loan matched to the lease term, and a 5–10-year hold matched to the initial lease term.

Sample offerings

Drafts in this shape, already in the gallery

A handful of representative sample PPMs you can open and preview. Each one is a full draft generated by the wizard for a plausible sponsor and deal.

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