Net Lease Observer

Glenn Rufrano, longtime real estate executive, joins the program. With over 5 decades in real estate, Rufrano’s career has stretched from appraisal work at Landauer to Co-Founding O’Connor Group to CEO roles at firms including New Plan Excel, Centro Properties, Cushman & Wakefield, and VEREIT.   He now serves as Chairman of PREIT, Chairman of the ICSC Foundation, and sits on the board of a var...

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 conver...

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 ass...

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 ep...

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/l...

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 own...

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, pres...

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 &a...

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 Proter...

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 industr...

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...

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 propert...

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 inst...

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...

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...

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...

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,...

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...

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 himsel...

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 tr...

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...

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%...

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...