Net Leases and Sale-Leasebacks: A Guide to Legal, Tax and Accounting Strategies (2025 Edition) covers all aspects of the ownership, financing, documentation, taxation, and accounting for net leases with a focus on those areas where the treatment of net leases differs from the treatment of other forms of real estate investment. Given their unique characteristics, net leases may be regarded as belonging to their own asset class, and the real estate professionals practicing in this field need to be familiar with the distinct issues that may arise.
- Chapter 2, The Lease, New section 2:2.5 discusses the tenant’s right of rescission, covering material breach by the landlord (including independent versus dependent covenants; constructive eviction; and landlord’s breach of the covenant to repair); mistake; and fraud.
- Chapter 5, Tax Considerations, has been further expanded in several areas:
- Subsection 5:1.3[A] covers tenant purchase options and SILO (sale-in, lease-out) transactions.
- Subsection 5:3.9[A] discusses whether a section 467 loan can satisfy the requirements for qualified real property business indebtedness.
- Subsection 5:7.3[C][1] discusses the exemption for transfer of a leasehold interest in Pennsylvania.
- Subsection 5:9.1[D] expands the discussion of choice of entity for the owner-landlord.
- Subsection 5:10.2[E] discusses layered allocations versus target allocations for partnerships.
- Subsection 5:10.6 explores the difference in tax consequences between a sale and a redemption of a partnership interest.
- Subsection 5:15 discusses solar federal tax credits in depth.
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