Net Lease Observer

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.

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.

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, 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.

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.

Stephen Preston and Pierre Revol, CEO and CFO of FrontView REIT (NYSE: FVR) join the program. Founded as NADG-NNN in 2016, FrontView is a NYSE listed owner of highly visible, net-leased assets with flexible footprints tenanted by retail and medical concepts. The company focuses on properties in prominent locations with frontage on high-traffic roads that are highly visible to consumers. As of 9/30/2025, FVR owned 307 properties in 37 states with $61 million in annualized base rent.

Check out www.netleaseobserver.com for all net lease and sale/leaseback content.

Travis Fidel and Kevin Marusiak, Co-Founders and Managing Partners of Radar Net Lease, join the program.

Radar operates via two platforms: its triple net lending arm where it provides capital solutions across the full lifecycle of net lease real estate — from ground-up development to stabilized asset purchases; and its acquisitions arm where it directly buys retail, industrial, and medical properties throughout the country.

Our conversation with Travis and Kevin covers their childhood years growing up together, their early careers in real estate and net lease, and coming together to form Radar Net Lease.

Check out www.netleaseobserver.com for all net lease and sale/leaseback content.

Alexi Panagiotakopoulos, Co-Founder and Partner at Colterpoint, joins the Net Lease Observer podcast.

Over his career, Panagiotakopoulos has served in various roles across public and private markets throughout distress commercial debt and net lease/sale-leaseback. His unique background provides a robust foundation for insights on the single tenant net lease market, particularly the growth and institutionalization of the sector (of which he has been directly involved), the role of public REIT, and the characteristics / benefits of the ETF structure.

Launched in 2019 and rebranded in 2025, Colterpoint, through its proprietary public index, the Colterpoint Net Lease Real Estate Index, calculated by NASDAQ, serves as the index provider to the Colterpoint Net Lease Real Estate ETF (NYSE Arca: NETL). Colterpoint's goal is to democratize the public net lease sector in a diversified, transparent, and tradable manner.

Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.

Craig Ganz, Partner at Ballard Spahr, joins the Net Lease Observer podcast.

With a near 20-year career guiding single tenant net lease landlords, Ganz and his team provide a range of services from transaction representation (acquisitions and dispositions) to distress and workouts. Through over 750 lawyers in 18 US cities, Ballard Spahr provides strategic legal services and business solutions. Ganz provides insightful views on the current net lease market including transaction velocity, distress trends, and the growing role of artificial intelligence on the legal profession.

Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.

Andrew Spodek, CEO at Postal Realty Trust (NYSE: PSTL), joins the Net Lease Observer podcast.

Growing up and learning from his dad as he acquired postal service real estate, Andrew took over the family business and ultimately seeded PSTL with assets for its 2019 IPO. Spodek’s deep knowledge of the USPS and its logistics network along with a robust understanding of real estate and finance sets his foundation as an investor and leader.

Postal Realty Trust is an internally managed REIT with a focus on acquiring and managing properties leased primarily to the USPS ranging from last-mile post offices to industrial facilities. As of June 30, 2025, PSTL owned a portfolio of 1,806 properties located in 49 states and one territory and leased primarily to the USPS.

Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.