Cool article highlighting the contingent nature of RE lease liabilities. PV of a real estate lease is equivalent to debt? Not always... https://www.kirkland.com/siteFiles/kirkexp/publications/2381/Document1/Friedland_Bankruptcy%20Issues%20for%20Landlords.pdf …
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Social clubs, coworking and even country clubs can be underwritten based on the value of their leases. Have seen a few “opportunistic” funds deploy this strategy
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Distressed and real estate pros/investors shd know this as a standard tool in the toolbox. Where small investors have the edge is in the small size. Tiny deals. You’d expect CF-poor but lease-rich small businesses which don’t have much actual debt wd be great candidates.
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