RealShare Net LeaseConference(This is the second of a two-partseries.)

To keep up with the latest net-lease news, click here.GlobeSt.com:What were the specific drivers of your IPO?

McDowell: As we built our company, we built anorigination network that showed us a lot of product that we justwere not capitalized to take advantage of, whether it be debt,equity or mezzanine-type investment opportunities. At the end ofthe day we were an intermediary—despite the fact that we putproduct on our balance sheet, which made us different pretty muchfrom all the other intermediaries out there. We would originate theproduct, own it on our balance sheet and then sell that product andrecycle the capital. That requirement to resell dictated that wemake judgments that made both economic and underwriting sense andthat also would make sense to a buyer. There's not a single playerin the net-lease space that's active on both the equity and debtsides of the business. We determined that if we could get ourselvesappropriately capitalized and move from being an intermediary witha gain-on-sale business model to a portfolio model we would see astrong competitive advantage.