Net Lease: Dissecting a Proven Business Model Generating Income with Predictable Growth – Fundamental Income – 5.8.19

Summary:

Now On Demand.

Is it real estate, or broad based corporate credit exposure? The investment community generally views REITs collectively as a broad asset class or individually by property type. These superficial generalizations have allowed Net Lease REITs to hide in plain sight and quietly deliver outsized returns, all as a result of utilizing a common, repeatable business model rooted in long-term lease contracts to single tenants, with minimal landlord responsibilities.

Join us for this in-depth discussion that will cover:

• Dissecting the Net Lease Return Model
• Historical Performance Across the Asset Class – Cash Flow Driven Returns Comprised of Income and Predictable Growth
• Diversified Access to Corporate Credit – REIT or Commercial Finance Company?
• Portfolio Construction & Risk Considerations

Speakers:

Chris Burbach is a Co-Founder and Partner of Fundamental Income. Prior to the founding of Fundamental Income, Chris served as Executive Vice President, Underwriting for STORE Capital Corporation (NYSE: STOR) from February 2012 to February 2019. He led the underwriting of approximately $12 billion of net lease investments including over $7.5 billion in closed transactions. He served as a member of the Investment Committee and was Chairman of the Investment Committee from October 2017 to February 2019. In addition to his investment responsibilities, Chris was jointly responsible for numerous aspects of STORE’s capital markets activities including corporate capital strategy, corporate credit ratings, the issuance of $725 million in investment grade corporate unsecured notes and the issuance of over $2 billion in securitized notes including A+ and AAA-rated notes.

Prior to joining STORE, Chris served in numerous capacities at Spirit Finance Corporation from February 2006 to January 2012, including most recently as Vice President of Investment Management responsible for managing the investments of the company’s $3.5 billion real estate portfolio. Mr. Burbach also managed the Underwriting group at Spirit. Prior to Spirit, Mr. Burbach served as Chief Executive Officer of VM Management, Inc., which owned a for-profit private school and managed a non-profit charter school in Phoenix, Arizona. He also was a consultant with Navigant Consulting, Inc. in San Francisco, engaged in financial consulting for the construction and government industries groups. Mr. Burbach received a B.S. degree in Finance from Santa Clara University and an M.B.A. degree from Arizona State University. He is also a CFA® charterholder.

Alexi Panagiotakopoulos is a Co-Founder and Partner of Fundamental Income. He previously served as Managing Director, Strategic Initiatives for SMS Financial—a private distressed debt firm and joint venture partner of the FDIC founded in 1993. Over his 5-year tenure, Alexi was instrumental in the acquisition, recovery and servicing of over $940 million of commercial debt across all asset classes. He also jointly managed all aspects of new business development, acquisitions and dispositions, revenue partnerships, capital placement opportunities, portfolio management and underwriting.

Prior to joining SMS Financial, Alexi specialized in underwriting at STORE Capital, a publicly listed REIT (NYSE: STOR), which focuses on the acquisition and leaseback of single tenant operational real estate on a net-lease basis. Alexi has an extensive background in sourcing, credit analysis, underwriting and real estate finance, with over $1.5 billion of transaction experience. Alexi Panagiotakopoulos received his Bachelor of Science Degree in Finance, Magna Cum Laude, from the W.P. Carey School of Business at Arizona State University.