The single tenant, net lease real estate market is a niche market driven by investors seeking stable cash flows and corporations seeking to extract capital from owned properties to invest in their core businesses. By simply occupying, instead of owning, core assets under long-term leases, corporations are able to utilize their capital more efficiently. The net leased property functions similar to a bond issued by the corporate tenant with an obligation that, unlike holders of senior unsecured debt, is collateralized by a “hard” real estate asset.