Lease Environment

Working through a number of bolt-on transactions with commercial / retail leases to accelerate growth. Current environment seem to have more favorable T&Cs along a couple dimensions: duration, security interests and their form, TI (especially relating to value enhancements to property), and rights related to change-in-control events / ROFR / ROFO. This has informed our buy vs. build internal discussions in PNW markets > thesis: the speed to market benefit is lesser than softer real estate environment (even more so once considering integration costs).