Accidental standard-bearer for the credit tenant lease community Kyle Gore, managing director of the structured finance group at Baltimore-based Legg Mason Wood Walker, weighed in on the likely affect FASB Interpretation No. 46 (FIN 46) will have on the net lease arena at the recent IRR industry conference. After months of exposure drafts, evolving abbreviations, and sometimes not-too-tacit jabs between the synthetic lease and sale/leaseback corners, the net effect - at least upon CTLs - seems to be close to nothing.

"While no transaction type is necessarily exempt from the FASB Interpretation," Gore said, "we believe that arm's length' CTLs should not and will not trigger any consolidation result than they had prior to the issuance of the guidelines."

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