A single tenant, or Net-Lease asset, is an asset where there is only one tenant that is part of the asset and they have a long term triple net lease. Fast food restaurants and drug stores are great examples of Net-Lease deals. The asset is secured by the credit worthiness of the tenant. The asset can essentially be thought of as a bond whose maturity date is the expiration of the lease. Because of how secure net-lease assets are perceived to be, there is a different investor class for them and a different group of capital sources than other assets.