Nothing But Net episode 27 image displaying a diagram of how capital changes hands through a sale-leaseback transaction. The Buyer/Investor of a triple net lease property becomes the landlord of the property upon sale and receives rent payments from the seller, who is now the tenant that uses the capital from the sales proceeds to fund capital improvements of the property and is set into a long-term lease. Also featured is NNN guest Spenser Allaway who explains … during the episode.

In this episode, hosts Adam Carswell and Michael Flight are joined by Spenser Allaway, Senior Analyst at Green Street, to discuss how Green Street ranks various property types by their long-term return prospects to give proprietary stock recommendations. Spenser focuses on Net Lease, Gaming and Self-Storage real estate prospects for investment portfolios, explaining how to evaluate properties utilizing important data and research in these specific markets. Michael, Adam and Spenser expand on the types of Triple Net Lease properties Green Street covers, as well as the commonalities and differences between the Net Lease and Gaming sectors of real estate. Spenser also explains how Green Street’s research and analytics provide clients with pricing in real time to infer where pricing is on different net lease products, and realistic expectations of the true internal growth of Net Lease REITs. These analyses also help summarize the themes of the market sector and let clients pay attention to companies that best approximate their own underwriting parameters to best fit their investment focus. Closing the show, Spenser, Adam and Michael touch on what research Green Street offers clients looking to invest in private versus public real estate. 

Michael and Adam would like to give a huge thanks to Spenser for sharing her knowledge and experience with the Nothing But Net community.

Spenser Allaway, Senior Analyst

Spenser is a Senior Analyst on Green Street’s research team and sector head of Net Lease, Gaming, and Self-Storage.  This includes formal coverage of 13 companies, as well as shadow coverage of several key gaming operators.  She previously covered the Regional Mall REITs for six years, generating thought leadership reports on department store obsolescence, the evolution of retail, cap-ex, and other topics.  In 2016, she led the effort to establish Green Street grades and value estimates for the outlet sector. In 2019, Spenser initiated coverage on W.P. Carey – a $15 billion Net Lease REIT – and in early ’20, she launched coverage of the Gaming Sector, which is comprised of three REITs with a combined market cap of $30 billion. She has been quoted in the Wall Street Journal, CNBC, Los Angeles Business Journal, and New York Times. Spenser has spent her entire career working in the REIT space. Prior to joining Green Street, she worked with Citibank’s REIT research team, where she focused on the Net Lease and Storage REIT sectors. Spenser earned a B.S. in Finance, graduating Magna Cum Laude from Fairfield University in Connecticut. 

Timestamped Shownotes:

01:41 – Host Adam Carswell and co-host Michael Flight, CEO and co-founder of Liberty Real Estate LLC (Liberty), introduce special guest Spenser Allaway, Senior Analyst at Green Street

03:42 – How did Spenser become an analyst?

05:57 – What is special about the commercial real estate space versus other asset classes?

08:11 – Why is Spenser more drawn to public real estate compared with private real estate?

09:42 – What are the advantages of Security Tokens when combined with real estate investments?

11:16 – What does Green Street specialize in and how has the company grown since its beginning?

13:51 – What sectors of real estate does Green Street cover within its platform? 

16:30 – What types of Triple Net properties does Green Street include in its portfolios?

18:41 – What are some of the key metrics that Spenser focuses on for understanding net lease investments and REITs?

22:22 – What is a health coverage ratio and what does it tell you about Triple Net properties?

24:14 – What are some of the commonalities and differences between the net lease and gaming sectors?

28:42 – How did the gaming REITs fare during the COVID pandemic?

30:48 – How has the rise of digital gaming affected the physical gaming REIT sector?

36:38 – What smaller gaming markets is Green Street monitoring?

40:02 – How is blockchain technology changing the real estate market and unlocking liquidity for investors?

42:01 – How can net lease investors utilize Green Street’s research to help inform them of the market sector?

42:43 – What information can clients learn from Green Street research and analytics about net lease investments?

45:39 – What research does Green Street offer clients looking to invest in private real estate?

1. Property level financials, surrounding demographics, supply-demand dynamics and potential disruptors are key to understanding Net Lease investments and REITS.

2. Green Street’s analytics and research provide clients pricing in real time to infer where pricing is on different net lease products, and realistic expectations of the true internal growth of Net Lease REITs.

3. The Net Lease and Gaming real estate sectors have commonalities and differences, with both faring well during the pandemic.

4. Different metrics are relevant to understanding publicly traded versus privately traded real estate, with some general overlap.

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Episode Resources:

Blockchain Real Estate Summit | Watch The BRES 2021 Replay Now!

Secrets of Successful Syndication | The Real Estate Guys

RaiseMasters | Asym Capital, LLC

For more information contact us here and mention Nothing But Net or simply NNN:

Liberty Real Estate Fund LLC

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Show Notes

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