Name: How Net Leases Are a 'Hybrid Between Credit and Real Estate'
Uploaded: 2026-07-01T14:26:00Z
Duration: 3 min 42 s
Description: H. Cabot Lodge III, founder and senior managing director of Lodge Quai Capital Management, tells Barron’s Andy Serwer about net leases and why the European market is more appealing to him.

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H. Cabot Lodge III, founder and senior managing director of Lodge Quai Capital Management, tells Barron’s Andy Serwer about net leases and why the European market is more appealing to him.

https://m.wsj.net/video/20260701/ae43b6fb-26a4-4ca2-9fe0-4551911fc3d1/1/hls/manifest-hd-wifi.m3u8

How Net Leases Are a 'Hybrid Between Credit and Real Estate'

What are net leases? Just give us sort of the basic 101. How does that work?

Well, we provide the intermediation between companies seeking to pull the capital out of their fixed assets and redeploy it in either paying down debt, doing an M&A deal. We don't like them to use the proceeds to pay dividends. It has to go back into the business. And the other side of that trade are investors looking for long-term safe income that is asset-backed. Unlike fixed income or debt, we actually own the real property. And we own it under what's called a triple net lease, meaning that the tenant pays all the expenses that a landlord typically would suffer, insurance, taxes, maintenance. So it's somewhat of a passive landlord role. And it's very much of a hybrid between credit and real estate. And why, you explained this a little bit, but maybe you can expand, why is Europe so much more appealing to you than the United States?

Well, for a number of reasons. First of all, there's a bigger market. There's about eight trillion of corporate-owned real estate in Europe versus four trillion in the US. There's about over 4% of the market in REITs are in the UF. It's less than 1% in Europe. When we compete for a deal, we're competing against maybe five to 10 other bidders, whereas in the US, it's 30 to 50 bidders. So there's a bigger market, less competition. The 10-year bond is trading today at 3%. The 10-year treasury's 4.5. So with financing rates in the 5-6% range, we can realize significant positive leverage on our transactions, which is tough to get in Europe. Cap rates are about the same in Europe and the US, depending on credit quality of the counterparty. I think also you have sort of a moat to entry, if you will, in Europe. It's obviously multi-linguistic. It's different legal systems, a different currency. And so it's hard for a US platform to sort of pick up and say they're going to go to Europe. You really need a team there that has those skills and can recognize those idiosyncrasies, if you wanna call it that, in the market. Europe also has, it's a lot tougher to blow up a company there. Chapter 7 really doesn't exist. With the insolvency regimes, they wanna retain jobs. So if you have a company that gets into trouble, they work with you to maintain, you know, a going concern value, if you will. And for that reason, what we do is focus on the most strategic or mission-critical asset of the counterparty. We like to buy the manufacturing asset, not the office building. Office is ubiquitous. You can always get a cheaper office space, but to buy a plant where the tenant improvements generally are four, five, six times what you're actually buying the real estate for is a very sticky asset. So we like large industrial plants, single-tenant properties that, you know, are not immune to administration, but certainly have an appeal to us because they're very hard to discard, if you will.