The pendulum has swung in STNL transactions during Q1 2023 from the frothy sellers' market of H1 2022—which drew a lot of family office players and other investing "tourists" into the sector—to a glut of assets chasing a dwindling number of buyers.

The deal velocity has slowed considerably and the competition has thinned, like a table in a Vegas poker room at 2 a.m. It's the time when the serious players deploy their reserves to scoop up the opportunities.

At the GlobeSt. Net Lease Spring conference in NYC this week, Jimmy Goodman, partner at the Boulder Group, surveyed a panel of net-lease REIT players on the state of play in a market where buyers of all stripes, including institutional investors, family offices and 1031 players have retreated—and the dwindling number of deals are smaller and slower.