Corona, Cheesecake & Testing The Mirage of Lease-Debt Equivalence by @LAForeverHallhttps://lizardbrain.substack.com/p/corona-cheesecake-and-testing-the?utm_campaign=post&utm_medium=web&utm_source=twitter …
I mean possibly for sure. It's not impossible for me to see a scenario where CAKE can play its landlords against each other for rent reductions which could alter the ordering of "best" leases. My perception is that such things are fluid, but I am an amateur.
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No that’s a fair assessment. I think the key piece of this is having the right assets. Units with low rent (high EBITDAR coverage), well-located properties, and simple/small enough buildout so the landlord can easily re-let if needed
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Yes, can see it. The "problem" for the landlord is that in such a situation it's unlikely to be the one leasing it out. Section 365 gives tenants the right to "assign" leases to third parties. This lets the tenant "sell" the under market leases & capture the upside for itself.
End of conversation
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