Amid uncertainties surrounding interest rates and the U.S. election cycle, overall sale-leaseback activity by deal count in 2024 came in moderately above 2023 levels at 669 discrete transactions, with fourth quarter 2024 recording 196 discrete sale leasebacks, up about 17 percent versus third quarter 2024 — the highest in the past seven quarters — according to SLB Capital Advisors.
Scott Merkle, managing partner of SLB Capital Advisors, commented, “We saw a return of large sale-leasebacks in the fourth quarter of 2024, with volume rising to $4.2 billion, up by about 71 percent over the prior quarter.”
Transaction dollar volume for the fourth quarter included Realty Income’s $771 million acquisition of a 7-Eleven portfolio, along with Gaming & Leisure Properties’ $395 million sale-leaseback with Bally’s.
“We have continued to see multiple large sale-leasebacks early in 2025, exemplified by the $850 million AT&T sale leaseback announced in
