Sale Leaseback Market Gains Momentum in 2025 as M&A Activity Returns

SLB Capital Advisors reports $14.4 billion in transaction dollar volume

Fourth Quarter Activity Surges as Larger Transactions Return

NEW YORK, March 13, 2026 /PRNewswire/ -- SLB Capital Advisors reported U.S. sale leaseback transaction activity rebounded in 2025, driven by improving M&A markets and renewed corporate demand for alternative sources of capital.

The U.S. sale leaseback market recorded 714 discrete transactions in 2025, representing a 3% increase from the prior year, while aggregate dollar volume rose 18% to approximately $14.4 billion, according to SLB Capital Advisors, an advisory firm focused on sale leasebacks and M&A-related real estate transactions. 

Scott Merkle, Managing Partner of SLB Capital Advisors noted, "Activity meaningfully accelerated during the second half of the year, signaling growing momentum heading into 2026."

Fourth quarter activity was particularly strong, with sale leaseback dollar volume increasing approximately 56% to $4.7 billion in Q4 2025, compared with roughly $3.0 billion in Q3 2025, as larger transactions returned to the market. 

The 2025 total also marked the first time since 2022 that annual sale leaseback volume exceeded 700 transactions, underscoring the continued resilience of the market.

"After the market digested tariff-related headlines earlier in the year and M&A activity regained momentum following a slower first half, we saw a corresponding increase in sale leaseback transactions," said Merkle. "Historically when corporate M&A transaction activity improves, sale leasebacks follow as companies seek to unlock capital from owned real estate."

In addition to M&A-related transactions, SLB noted strong activity from corporations with owned real estate pursuing sale leasebacks as a strategic financing tool.

"We continue to see a broad range of companies utilizing sale leaseback proceeds as a cost-effective alternative to traditional capital sources," Merkle added. "For many businesses, monetizing owned real estate provides a highly efficient way to generate liquidity without diluting equity or increasing conventional debt burdens."

SLB Capital Advisors Partner Matt Wrobleski noted that sale leaseback volume historically tends to lag M&A activity. "With corporate transaction volumes picking up toward the end of the year, we believe 2026 could be a particularly active period for the sale leaseback market," he said.

Wrobleski added that pricing for net lease assets strengthened in recent months, providing attractive outcomes for clients.

"We've observed moderate cap rate compression from the second half of 2025 into early 2026," he said. "The improved pricing environment, combined with continued M&A momentum, is a catalyst for growth in transaction activity."

About SLB Capital Advisors
SLB Capital Advisors LLC is an advisory firm specializing in sale leaseback transactions and M&A-related real estate monetization strategies. The firm works with corporations and private equity sponsors to unlock value embedded in owned real estate portfolios, helping clients identify value arbitrage opportunities, enhance returns, and strengthen balance sheets.

SLB Capital Advisors is headquartered in New York City.

Media Contact:
David Evanson
215.460.8149
[email protected]

Company Contact:
David Rosenberg
SLB Capital Advisors
646.971.8681
[email protected]

SOURCE SLB Capital Advisors