In 2008, financial analysts lost their jobs. In 2020, tech workers got laid off. But in both crises, the plumber still had a full schedule.
We build our portfolio around what we call "Non-Discretionary Services."
These are businesses that solve immediate, physical problems. If your roof leaks, you call a roofer. If your power goes out, you call an electrician. You don't wait for interest rates to drop. You don't wait for a bull market. You pay the bill because you have to.
The Tenant Roster
- • HVAC Contractors (Repair & Install)
- • Restoration Services (Fire/Water Damage)
- • Municipal Utilities (Water/Sewer)
- • Last-Mile Medical Supply
The Counter-Cyclical Nature
Often, these businesses actually grow during downturns. When homeowners can't afford to buy a new house, they renovate their old one. When a factory cancels a new expansion, they spend money maintaining their existing equipment.
This makes our rent roll incredibly sticky. A tech startup might vanish overnight. An HVAC company with 2,000 service contracts is an institution.
We aren't looking for "Unicorns." We are looking for "Workhorses."
