What We Do
"Great companies provide great solutions."
— Chris Volk
We provide companies with access to 100% of the capital tied up in their real estate—without requiring them to give up operational control. This structure unlocks flexible, growth-focused capital that avoids equity dilution and enhances long-term corporate agility.
Grow Your Business Value With Tenet
Our mission is to help businesses increase shareholder value by maximizing real estate capital efficiency. Through proven structures and decades of experience, we deliver solutions that allow companies to redeploy capital into the areas that matter most.
We provide sale-leaseback solutions in connection with our customers’ broader operational and capital structure initiatives, such as:
Corporate Recapitalizations
We help middle-market companies create value through increased capital and asset efficiency. Customers use sale-leaseback capital to replace more costly and less flexible sources of financing.
Consider an Example: Traditional real estate financing covers only 60–70% of a property’s value, often requiring 30–40% equity. With Tenet, our lease structures typically require no equity contribution—meaning your capital cost is simply the lease itself.
In nearly all cases, lease capital costs less than ownership capital, improving return on equity and increasing valuation.
Result: Lower ↓ Equity Requirement = Higher ↑ Economic Profit (Net Operating Profit – WACC)
Plus: Increased operational flexibility with a portable capital stack—unlike most debt instruments.
Business Acquisitions
This is simple math. Using Tenet’s sale-leaseback capital to fund acquisitions often improves purchase multiples and shareholder returns—especially for PE sponsors and acquisitive companies.
As a REIT, we’re structured to own real estate. That means we can accept a lower return threshold, enabling us to pay a higher multiple for real estate than most operators would require on their own balance sheet.
Real Example:
- Acquisition target: $10MM EBITDA, $60MM enterprise value (6.0x multiple)
- Included: Two key manufacturing facilities
- Tenet sale-leaseback: $20MM at an 8.00% lease rate
- Rent multiple: 12.5x
Result: Lower Purchase Multiple and reduced required equity to close.
Construction Funding
100% of Cost. 100% Committed. We fund construction and acquisition/renovation projects nationwide—partnering with tenants and developers to bring pipelines to life with institutional capital and an entrepreneurial mindset.
Program Benefits:
- One-Stop Capital Solution: Secure funding and a forward purchase commitment in one streamlined process
- Certainty to Close: Competitive financing and dependable execution
- Operational Focus: Operators scale their businesses, developers focus on delivery
- Collaborative Expertise: We add value without replacing your core strengths
Lease Optimization
Refinance Your Leases. Reclaim Your Value. Tenet helps customers unlock hidden value in properties leased from third parties through a “catch & re-lease” transaction—acquiring a property from a third-party landlord and simultaneously entering a new lease agreement under optimized terms.
Think of it like refinancing your lease:
- Reduce rent expense
- Realize profit if there’s a spread between Tenet’s total consideration and the negotiated purchase price
- Secure long-term control of mission-critical assets
- Upgrade to a landlord that’s aligned with your growth
Are there leased properties you could purchase from your current landlord? Let’s evaluate your portfolio together. Contact us to see examples of this strategy in action.
Tax Strategies
Smart Capital. Smarter After-Tax Outcomes. Every capital event should be considered after taxes. Tenet delivers tax-efficient structures that maximize proceeds where it matters most—your bottom line.
One example is our hybrid-lease structure:
- Land is sold and leased back
- Improvements are financed via a secured mortgage
- The improvements never convey, so capital gains taxes are deferred
Results: Lower payment obligation. Improved cash flow. Lower effective cost of capital.
Contact us to walk through a detailed illustration of this strategy.
