Longships is a traditional single tenant net lease buyer with a difference. Historically, we look for properties with a single, investment grade tenant with a long term (15-30 year) triple net lease in place. We accept double or some even single net leases. However, we have also found ways to finance and acquire properties with multiple tenants where there are a wide range of remaining lease terms and types of leases, including modified gross leases.
Longships is a buyer for all types of properties where the tenant or tenants have credit, regardless of the type of lease or remaining term. Ideally, what we look for is a credit tenant with a reasonably long remaining lease term to anchor the property economics. We have bought properties with as many as five creditworthy tenants having modified gross leases with remaining terms of 5-17 years. We have bought properties with a single credit tenant and a double-net (NN) lease with 10 years of remaining term. Longships has also acquired a single tenant property where no rent was paid for 6 years.
Longships has the ability to acquire a wide variety of properties, as long as there are one or more investment grade tenants or where a privately owned tenant will provide financials that show an acceptable level of credit.