<p>Sean Hostert is a principal, investor, advisor, and founder of Net Lease Observer, widely regarded as the net lease industry&#39;s leading independent analyst. A finance major out of the University of Illinois who started his career advising mortgage servicers at PwC after the 2008 crisis, Sean found his way into net lease in 2013 at Cole Capital, a non-traded REIT platform in Phoenix. From the FP&amp;A side of the business, he developed a deep understanding of what makes single tenant net lease a unique animal: an asset class defined not by property type, but by lease structure, sitting at the intersection of fixed income, tenant credit, and real estate.In this episode, Sean and Gordon take a practitioner&#39;s tour of the entire net lease universe, from Dollar General outparcels and FedEx distribution centers to the single tenant ownership structures behind Caesars Palace and the MGM Grand. Sean breaks down how to underwrite these deals across tenant credit, real estate fundamentals, and lease structure, why sale leasebacks have become a private equity favorite, and what&#39;s actually driving the institutional capital surge from names like Blackstone. If you own real estate, advise owners, or are thinking about your first triple net acquisition, this conversation is essential listening.What we cover:- Why net lease is defined by lease structure, not property type, and how it differs from traditional CRE- The three core ways to buy net lease: sale leasebacks, assuming existing leases, and development financing- How to underwrite a deal across tenant credit, real estate fundamentals, and lease structure- Absolute triple net explained: taxes, insurance, and maintenance responsibilities- Why sale leasebacks appeal to private equity, and the valuation gap that makes them work- Rent escalation norms, cap rate ranges, and what to look for in a typical OM- Who&#39;s actually buying: public REITs, private funds, and the fragmented private capital market- Why institutional players are surging into net lease, and the demographic tailwinds behind it- Sean&#39;s take on the underwatched middle of the yield curve and self-driving cars&#39; fat-tailed impact on real estateThe Real Finds Podcast drops new episodes every Wednesday at 3 PM CT on YouTube and Spotify. If you enjoyed this conversation, please give us a like, a five-star rating, and a review. Your comments, interactions, and subscriptions truly matter and help us bring on quality guests.</p><p>Brought to you by Van Vlissingen and Co., Chicagoland&#39;s oldest private commercial real estate brokerage, serving Greater Chicago, Wisconsin, and the broader Midwest since 1879.</p><p><br></p><p><a href="https://vvco.com/commercial-real-estate-agent-in-chicago/" target="_blank" rel="noopener noreferer">Chicago&#39;s Top Commercial Real Estate Agents</a>Website: vvco.comPhone: 847-846-6902Email: [email protected] with Sean Hostert: Net Lease Observer at netleaseobserver.com</p><p>Find us on YouTube, Spotify, iTunes &amp; more!Timestamps:00:00 Why net lease returns 10-11% annually00:46 Introducing Sean Hostert, Net Lease Observer01:13 Why real estate? From PwC to Cole Capital02:20 What drew Sean to net lease specifically03:37 The unique financial flavor of net lease03:53 Net lease defined: structure, not property type05:23 How an investor should approach net lease08:05 Underwriting: matching your goals to the asset10:10 Common lease structures and absolute triple net13:14 Sale leasebacks in the post-2020 market14:01 The three ways to buy net lease deals16:14 Why private equity loves sale leasebacks19:32 Rent bumps, escalations, and cap rate ranges23:06 Who&#39;s actually buying net lease26:18 Acknowledging data and availability bias26:48 The Blackstone effect and institutional surge30:03 Final Four: what we&#39;re not talking about enough32:18 What changes most in CRE over ten years32:42 Self-driving cars and the fat-tailed future36:10 Best career advice: lock down the right partner37:35 Who should come on the podcast next39:44 How to reach Sean and Net Lease Observer</p>