Episode
The New Playbook for Real Estate Net Lease Investing
- Podcast
- Thoughts on the Market
- Published
- May 8, 2026
- Duration seconds
- 695
- Processing state
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Summary
As real estate values reset and cap rates widen, net lease is back in focus—but the approach has changed. Ron Kamdem and Hank D’Alessandro explain. Read more insights from Morgan Stanley. ----- Transcript ----- Ron Kamdem: Welcome to Thoughts on the Market. I'm Ron Kamdem, Head of U.S. REITs and Commercial Real Estate Research. Hank D'Alessandro: And I'm Hank D’Alessandro, Managing Director on Morgan Stanley's Real Estate Investing Team and Vice Chairman of Private Credit. Ron Kamdem: Today: a part of real estate that's changing fast and drawing fresh attention from investors. Net lease investing. It's Friday, May 8th at 10am in New York. You might not think you invest in net leases. But there's a good chance you do, especially if you have money in a pension fund or another income generating vehicle. Net leases are the kinds of long-term lease assets that can help generate steady, predictable income. They are no longer a sleepy corner of the real estate market. In fact, they're changing in some really interesting ways. Ron Kamdem: So, Hank, for listeners who know the term but may not know the structure, what exactly is net lease investing? And why does it tend to come up more often when markets get more uncertain? Hank D'Alessandro: At a high level, net lease investing is typically associated with long-term leases that can offer durable income streams; typically growing streams, which is why it's often seen as a more defensive part of real estate investing. We see that when investors are thinking more carefully about geopolitical risks, market volatility or say portfolio resilience, this durable cash flow derived from mission critical assets and long lease durations with fix…