As banks and the capital markets continued to peer warily through the blinds at corporate borrowers last year, many companies were forced to canvass previously uncharted sources of capital. Since most corporations have at least one address, it's not surprising that many have decided to monetize their bricks-and-mortar assets in order to fulfill their capital needs, turning to the traditional sale/leaseback structure to get the job done.

Proving the adage that any publicity is good publicity, understanding and acceptance of the traditional real estate sale/leaseback vehicle seems to have only increased amidst last year's blowup of bad press surrounding off-balance-sheet financing, with the bulk of the consequent Financial Accounting Standards Board (FASB) fallout affecting synthetic leases rather than credit tenant leases or traditional sale/leasebacks.

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