Net Lease Observer

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.

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.

Gary Baumann, CEO at ARCTRUST, joins the Net Lease Observer podcast. An early career path ranging from construction work to practicing law ultimately led Gary to his current 20-year run at ARCTRUST Companies. Baumann's diverse experience provides thought-provoking insights into not only the single tenant net lease sector, but integral business topics including leadership, helping develop and grow his colleagues' skillsets and career progression, investing with discipline and patience, the ability to adapt, and many others. ARCTRUST, a fully integrated real estate company celebrating 40 years of success, is responsible for the development, acquisition, and joint venture funding of more than 500 properties with a value that exceeds $5 billion. Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.

Chris Hollenbeck, Vice Chair at brokerage Cushman & Wakefield (NYSE: CWK), joins the Net Lease Observer podcast to discuss his nearly two-decade net lease career. A move from Missouri to Arizona for university led Chris on a path toward sales and ultimately real estate, finding an early niche in single tenant net lease brokerage. Hollenbeck's clients include developers, REIT and institutions, individual investors, and family offices, providing unique insights into the investor mindset with a laser focus on retail capital markets. Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.

Will Pike, President, Industrial & Logistics, Capital Markets at CBRE Group (NYSE: CBRE) joins the Net Lease Observer podcast to discuss his 20+ year career at the brokerage giant. Inspiration from the growth of Atlanta in the 80s and 90s led Will to join CBRE in the early 2000s. From net lease property LOI received via fax machine to over $50 billion in transaction volume with his team, Will provides insights into the evolution of the net lease asset class with a global perspective across all property types. Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.

Today's solo episode recaps the Observer's recent trip to the 11th annual REJournals Net Lease Summit and provides insights into the first week of net lease REIT 2Q2025 financial reporting, which included primarily retail-focused investments. Check out www.netleaseobserver.com to subscribe to our premium content!

Richard Hurd, Founder and President of Hurd Real Estate, joins the Net Lease Observer podcast to discuss his five-decade run finding opportunities to create value. From flipping Chevys in high school to rehabbing single family homes and apartments (before HGTV) to ultimately building his own commercial real estate firm (with no outside capital), Richard's perseverance, willingness to bet on himself, and can-do attitude provide timeless lessons and an inspiring example of entrepreneurship. Hurd Real Estate is an internally funded commercial real estate investment and development firm based in Des Moines, IA that owns and manages a portfolio of over 200 income-producing properties. Check out www.hurdrealty.com for additional information. Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.

Alex Sharrin, Co-Head of Corporate Capital Markets and Net Lease at Fortune 500 corporation JLL (NYSE: JLL), joins the Net Lease Observer podcast for a wide-ranging discussion around his path into net lease, JLL's service offerings, and dynamics in the net lease market today. Sharrin and his team offer an array of services, including net lease disposition and acquisition advisory, 1031 exchange transactions, sale-leasebacks, debt & equity financing, and build-to-suit across net leased retail, industrial, office and medical offices properties.

Glen Kunofsky joins the Net Lease Observer podcast to discuss his over two-decade career in net lease, his firm's recent rebranding to Surmount, and the current market dynamics of single tenant net lease. Kunofsky is the Founder and Chief Executive Officer of Surmount (formerly NNN Pro / STNL Advisors / UGDC). Since its inception over 20 years ago, Glen and his team have closed over $30 billion in transactions across more than 12,000 properties, with over $5.6 billion completed this past year. Check out www.surmount.com for more information. Go to www.netleaseobserver.com for all things net lease and sale/leaseback.

Mark Manheimer is the President and CEO of NETSTREIT (NYSE: NTST), a publicly traded, internally managed real estate investment trust based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. As of 3/31/2025, NTST’s portfolio includes 695 investments located in 45 states totaling 12.8 million square feet leased to 101 tenants. The portfolio is 99.9% occupied with a weighted average lease term remaining of 9.7 years. 55% of annualized base rent is sourced from tenants (or parent entities) that are rated investment grade. The Net Lease Leaders series shares impactful long-form conversations with executives across the single tenant net lease ecosystem and is presented by the Net Lease Observer.

Christopher Volk is the Chairman of Tenet Equity, a leading direct provider of flexible, long-term capital to middle market companies throughout the U.S. backed by Cerberus Capital Management. Volk has been involved in the single tenant net lease ecosystem since the 1980s and has led three firms to the public markets: Franchise Finance Corporation of America; Spirit Finance; and STORE Capital. The Net Lease Leaders series shares impactful long-form conversations with executives across the single tenant net lease ecosystem and is presented by the Net Lease Observer.

John Moragne is CEO of Broadstone Net Lease (NYSE: BNL), a Rochester, NY-based industrial focused, diversified listed net lease REIT that invests in single-tenant commercial real estate properties. As of December 31, 2024, the Company’s portfolio included 765 properties in 44 states plus seven assets across four Canadian provinces. The Net Lease Leaders series shares impactful long-form conversations with executives across the single tenant net lease ecosystem and is presented by the Net Lease Observer.

Chris Constant is CEO of Getty Realty (NYSE: GTY), a listed net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of December 31, 2024, the Company’s portfolio included 1,118 properties in 42 states across the United States plus Washington, D.C. The Net Lease Leaders series shares impactful long-form conversations with executives across the single tenant net lease ecosystem and is presented by the Net Lease Observer.

Ed Pitoniak is CEO of VICI Properties (NYSE: VICI), a listed net lease REIT focused on owning and acquiring experiential real estate across leading gaming, hospitality, wellness, entertainment and leisure destinations. VICI’s diverse portfolio consists of over 90 experiential assets across the United States and Canada including Las Vegas Strip assets like The Venetian Resort, Caesar’s Palace, and MGM Grand. The Net Lease Leaders series shares impactful long-form conversations with executives across the single tenant net lease ecosystem and is presented by the Net Lease Observer.

Chris Burbach is Partner and CEO of Fundamental Income, a Phoenix, AZ-based leading capital provider to middle market businesses across North America, using real estate to help them grow and transform. Fundamental specializes in single-tenant, free-standing real estate through both public and private strategies. The Net Lease Leaders series shares impactful long-form conversations with executives across the single tenant net lease ecosystem and is presented by the Net Lease Observer.

Dan Andrews is CEO and Managing Partner of Tempus Realty Partners, a Little Rock, Arkansas based real estate investment partnership focused on acquiring and developing commercial real estate mainly in the South and Midwest. The company has executed over $750 million of sale/leaseback deals since 2020. The Net Lease Leaders series shares impactful long-form conversations with executives across the single tenant net lease ecosystem and is presented by the Net Lease Observer.

Joey Agree is the President and Chief Executive Officer of Agree Realty (NYSE: ADC). Agree Realty is a net lease REIT focused on the acquisition and development of high-quality retail properties. As of 12/31/2024, ADC owns 2,370 properties totaling nearly 49 million square feet across 50 states. The Net Lease Leaders series shares impactful long-form conversations with executives across the single tenant net lease ecosystem and is presented by the Net Lease Observer.

The Net Lease Observer podcast brings content focused on the single tenant net lease and sale/leaseback markets direct to you - news, analysis, interviews, and all things net lease!