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Real Estate Sale-Leaseback: Making a Comeback
In 2007, there was more than $16 billion in U.S. real estate sale-leaseback transactions. By 2009, that volume had shrunk to under $4 billion. With the “Great Recession” coupled with the uncertainty of the announced convergence of U.S. and international accounting standards, some industry analysts predicted that real estate sale-leasebacks would be eliminated from the array of possible corporate fundraising strategies. That possible demise appears to be greatly exaggerated.
According to a January 2014 CBRE Update, U.S. Sale/Leasebacks: Unlocking Value, available at http://bit.ly/13I6TvW, the volume of U.S. real estate sale-leaseback transactions grew 149% from 2009 to 2012. So sellers and investors should consider dusting off their real estate sale-leaseback playbook (while sale-leaseback treatment is possible for asset types other than real estate, this article focuses on real estate sale-leasebacks, which have their own unique accounting rules ' primarily former FASB Statement 13, now codified as Accounting Standard Codification (ASC) 360-20 (Real Estate Sales) and 840-40 (Sale-Leaseback Transactions)).
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