Sale Leasebacks & Synthetic Leases


Often used as a financing alternative, sale-leasebacks offer financially struggling companies access to cash to pay down debt and improve the bottom line. Find out how sale-leaseback transactions have helped the balance sheets of hotel, restaurant, retail, and other businesses.

What is a Sale-Leaseback


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Before you search elsewhere, take advantage of the research we've already done for you. Formerly known as Field Guides, References tabs contain links to external articles, titles from the NAR Library eBooks collection, websites, statistics, and other material to provide a comprehensive overview of perspectives on each topic. EBSCO articles (E) are available only to NAR members and require a password.

Benefits of Sale-Leasebacks

  • Reinvest in the company
  • Retire debt
  • Improve credit rating
  • Increase productivity
  • Make an acquisition
  • Get a better return on capital investment
  • Avoid negative impact from depreciation on the financial statement

Source: Right now sale/leaseback may be the only option to obtain cash and a healthier balance sheet, (ITRA Global, Oct. 12, 2009).

About Sale-Leasebacks & Synthetic Leases 

Sale/Lease-Back Deals Catch On, (Wall Street Journal, Aug. 11, 2015).

The Science of the Sale-Leaseback, (W.P. Carey Inc. via YouTube, Nov. 11, 2014).

Sale-Leaseback Strategies: Maximizing Value, (Calkain Companies, n.d.).

Sale/Leaseback Transactions Moving Full Steam Ahead, (Mondaq, July 2, 2014).

Understanding Sale and Leaseback, (SSRN Working Paper Series, June 2014).

Sale-Leaseback Solutions: Examine the Business and Tax Considerations of These Transactions, (CCIM Institute, n.d.).

Advantages of Sale-Leasebacks

Corporate Leasebacks on the Rise, (NJBIZ, Feb. 16, 2015). E

Real Estate Sale-Leasebacks: What's the Attraction of the Net Lease Arrangement? (CIRE Magazine, n.d.)

Making the Most of Sales and Leasebacks, (Franchising World, July 2012). E

Sale-Leasebacks Provide Capital for Core Business Investment, (CCIM Institute, n.d.).

The Corporate Sale/Leaseback Strategy, (Society of Industrial and Office REALTORS® Educational Foundation, n.d.).

Hotel & Restaurant Property Leasebacks

 How QSR Franchisees Can Benefit from Sale-Leaseback Financing, (Broadstone Real Estate, LLC, Jun. 23, 2015).

Six Firms Interested in Buying Bob Evans' Real Estate, (Wall Street Journal, Sept. 26, 2014).

Government Property Leasebacks

Plan to offload $250 million worth of State Government-owned CBD property, (, Nov. 23, 2014).

Catalonia Said to Seek $190 Million of Sale of Buildings, (Bloomberg Business, Oct. 13, 2014).

Wind Farm Tax Credits Warrant Deeper Look, (Courthouse News Service, July 23, 2014).

Sale-Leasebacks Ease Italy’s Real-Estate Jam, (Wall Street Journal, July 15, 2014).

Healthcare Property Leasebacks

Why leverage third party capital in healthcare real estate? (Becker’s Hospital CFO, Apr. 22, 2015).

REITs See $350 Billion Hospital Property Market as Prescription for Growth, (CoStar, Apr. 8, 2015).

Ventas places $1.75 billion bet on Ardent as healthcare real estate market booms, (Modern Healthcare, Apr. 6, 2015).

Sale-leasebacks accommodate buyer and seller in today’s healthcare real estate market: 7 reasons why they work, 5 pitfalls to note, (DLA Piper, Oct. 22, 2014).

Molina Healthcare Announces $158M Sale/Leaseback, (National Real Estate Investor, June 17, 2013).

Articles, Surveys & More From NAR

—Find all of NAR's Commercial Real Estate Research here.

—Find an index to all NAR Research here.

Commercial Lending Trends 2015, (National Association of REALTORS®).

Expectations and Market Realities in Real Estate 2015 (National Association of REALTORS®).

Commercial Real Estate Outlook (National Association of REALTORS®)

The Commercial Real Estate Outlook is NAR's flagship commercial research publication. It is produced quarterly and includes the latest market information on five major commercial real estate sectors — industrial, office, multi-family, retail and hospitality real estate.

eBooks & Other Resources

The following eBooks and digital audiobooks are available to NAR members:

The Art of Commercial Real Estate Leasing (Kindle, Adobe eReader, OverDrive READ)

Complete Book of Real Estate Leases (Adobe eReader)

Investing in real estate with lease options and "subject-to" deals (Kindle, Adobe eReader)

The Leasing Process: Landlord and Tenant Perspectives (Adobe eReader)

Leasing Administration Simplified (Kindle, Adobe eReader)

Negotiate the Best Lease for Your Business (Adobe eReader)

Books, Videos, Research Reports & More

The resources below are available for loan through Information Services. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Services at 800-874-6500 for assistance.

Real estate investors deskbook, (Boston, MA: West Group, 2011). HG 4521 Ar6Re

Commercial lease law answer book, (New York, NY: Vendome Group, 2008). KF 593 C6

Managing and leasing commercial properties, (New York, NY: Wiley, 2007). HD 1394 AL2ma

Real estate finance: theory and practice, (Mason, OH: Thomson Southwestern, 2003). HG 4029 C57 Ed. 6

Real estate sale/leaseback: a review of the advantages and disadvantages, (Washington, D.C.: Society of Office and Industrial REALTORS®, 1993). HD 1384 So1

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