The most common tenants for triple net leases, and especially single-tenant triple net leases, are essential businesses (i.e. dollar stores, fast-food chains, drugstores and automotive service shops). But, there is a lot of activity with other types of tenants, as well. For example, there’s a number of properties on the market for single-tenant net lease office buildings for companies like Amazon and Google that lease a whole building. Another very popular lease, usually for larger institutions and real estate investment trusts (REITs), is a sale-lease agreement. For example, these types of investors may buy an industrial plant or a group of industrial plants from a particular owner, like let’s say a widget manufacturer that had plants in Wisconsin, Florida, and California. These larger institutional investors will propose to sellers that they can free up the capital that that have in this real estate by doing a sale-leaseback where the investors do a long-term lease with them and the seller has all the ownership responsibilities, like they had when they owned the building; they just won’t own it anymore. The investor gives all the capital from the sale to the seller, which unlocks the money that is just sitting there on their balance sheet. By selling the property to the investor, the seller enters into a long-term lease, and they can then fully deduct all of the lease expenses. The reason sale-leasebacks are appealing to sellers is because they could pay off the mortgage on the property and deduct the principal payments. Sale-leasebacks have been really popular during the pandemic because banks weren’t lending money and only one the government was offering money. But, some fairly large companies that could tap into the assets on their balance sheet would opt for a sale-leaseback to they get the money that they needed in times of distress.