Single-Tenant Properties

What counts as a single-tenant property here?

Twelve freestanding buildings. Six are in Oklahoma City and six in Edmond. Each one is occupied by a single national operator on its own pad, usually on a net lease.

These are the restaurant, quick-service, pharmacy, medical and specialty retail boxes that sit at the front of a center or on their own corner. They are the simplest assets in the portfolio to underwrite: one tenant, one lease, one building, and a credit covenant that is usually corporate rather than franchise.