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Acquisition Criteria

Disciplined underwriting for durable cash flow.

Four evaluation pillars anchor every acquisition decision — financial, lease, tenant, and property.

01Financial

Income Stability

  • Minimum 7.50% going-in cap rate requirement
  • Attractive cash-on-cash returns sought
  • Stable, predictable rental income emphasis
  • Contractual rent growth clearly defined
  • Limited near-term capital expenditure needs
02Lease

Absolute Triple-Net (NNN)

  • Long-term leases with substantial remaining term
  • Stable annual or periodic rental escalations
  • Tenants cover taxes, insurance, maintenance, roof, structure
  • Limited landlord obligations
  • Strong renewal options and lease protections
  • Assignment and change-of-control provisions preserving landlord rights
03Tenant

Creditworthy Operators

  • Strong corporate guarantee or creditworthy guarantor
  • Established operating history
  • Demonstrated financial strength
  • Durable, needs-based business model
  • Strong unit-level performance
  • Proven ability to meet long-term lease obligations
04Property

Mission-Critical Real Estate

  • U.S. nationwide property locations
  • Strong demographic fundamentals
  • Favorable population and household growth
  • High barriers to entry where applicable
  • Specialized improvements supporting tenant retention
  • Strong alternative-use or re-leasing potential

"A well-located, mission-critical property leased on a long-term absolute triple-net basis to a financially strong tenant — with contractual escalations — is precisely the profile we are built to underwrite and close quickly."

The RBA Underwriting Standard
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