Private equity buys industrial companies. Then sells the real estate back to them via sale-leaseback — usually within 6 months of close. Industrial SLBs are 40%+ of US net lease volume. The pattern is mechanical. Here's the pipeline — with actual PP&E pulled from the last public 10-K filed before each acquisition closed.

The Mechanism

PE acquires at 6-8x EBITDA. The real estate sits on the books at 50-70% depreciated — meaning book value is a fraction of replacement cost. PE sells RE at market value, leases it back, and the gain funds the deal. Arconic's structures are $1.4B gross but 68% depreciated — the gap between book and market is the arbitrage.

60% of PE-backed SLBs happen within 6 months of close. If you know who bought what and when, you know where the SLBs are coming.

TIER 1: Verified RE Footprints — SLB Window Open or Opening

Arconic / Apollo | $5.2B Take-Private | $1.4B Structures on Books

Closed August 2023. 31 months in. The largest unmonetized industrial RE portfolio in PE hands.

Last public 10-K (filed Feb 21, 2023, FY2022):

PP&E DETAIL (Note N):
  Land and land rights:          $19M
  Structures (gross):         $1,419M
    Rolled Products:           $1,022M
    Building & Construction:      $96M
    Extrusions:                  $152M
    Other:                       $149M
  Machinery & equipment:      $5,300M
  ────────────────────────────────────
  Total PP&E gross:            $6,738M
  Accumulated depreciation:   ($4,613M)  ← 68% depreciated
  PP&E net:                    $2,361M
  Depreciation expense:          $237M/yr

Principal OWNED manufacturing facilities:

Rolled Products (all owned):

  • Davenport, IA — one of the largest aluminum rolling mills in the world
  • Lancaster, PA — sheet and plate
  • Danville, IL — sheet and plate
  • Hutchinson, KS — sheet and plate
  • Alcoa, TN — sheet and plate
  • Szekesfehervar, Hungary — sheet, plate, slabs, billets
  • Birmingham, UK — plate

Building & Construction Systems (all owned):

  • Springdale, AR — architectural systems
  • Visalia, CA — architectural systems
  • Eastman, GA — architectural products
  • Bloomsburg, PA — architectural systems
  • Cranberry, PA — architectural systems
  • Lethbridge, Alberta — architectural systems
  • Runcorn, UK — architectural systems

Extrusions:

  • Lafayette, IN — extrusions (owned)
  • Massena, NY — extrusions (conveyed from Howmet Q4 2022, now owned)

20 principal manufacturing facilities. Mostly OWNED. No square footage disclosed but Davenport alone is estimated at 2M+ sq ft (industry knowledge — aluminum rolling mills require massive footprints for continuous casting lines).

Structures depreciated over 25-32 years (weighted average by segment). At 68% depreciated, these facilities are well past half-life on the books but operationally have decades of useful life remaining. The gap between $1.4B gross / ≈$450M net book and replacement cost is enormous.

No prior SLBs. Apollo has held for 31 months. The exit window is 2026-2028. SLB is the obvious pre-exit capital return mechanism — monetize the RE, dividend the proceeds, then sell the OpCo at a higher multiple.

Source: ARNC 10-K filed 2023-02-21, Note N (PP&E), Item 1 (facility list), Item 2 (properties).

Sealed Air / CD&R | $10.3B | $957M Land + Buildings

Shareholders approved Feb 25, 2026. Closing mid-2026.

Most recent 10-K (filed March 2, 2026, FY2025):

PP&E DETAIL (Note 8):
  Land and improvements:         $45.6M
  Buildings:                    $911.5M
  Machinery and equipment:    $3,092.8M
  Other PP&E:                   $153.4M
  CIP:                          $129.4M
  ────────────────────────────────────
  Total PP&E gross:            $4,332.7M
  Accumulated depreciation:   ($2,909.6M)  ← 67% depreciated
  PP&E net:                    $1,423.1M
  • Land + Buildings gross: $957.1M — nearly $1B of real estate on the books
  • 105 manufacturing facilities globally (51 Americas, 26 EMEA, 28 APAC)
  • Management: "Own the large majority." Leased facilities are "generally smaller sites."
  • HQ: OWNED, Charlotte, NC
  • 67% accumulated depreciation — book values far below replacement cost
  • Square footage: not disclosed

CRITICAL: Credit facility covenants explicitly restrict SLBs (10-K lines 2470, 7164). CD&R will need lender consent or refinancing to execute. Given CD&R is taking the company private for $10.3B, new credit facilities will be negotiated at close — expect SLB carve-outs to be built into the new debt docs.

CEO (Q2 2025): "Assessing entire manufacturing footprint."

No prior SLBs. Neither SEE nor any predecessor entity has done a sale-leaseback. The $957M in land + buildings has NEVER been monetized.

Source: SEE 10-K filed 2026-03-02, Note 8 (PP&E), Item 2 (properties).

TreeHouse Foods / Investindustrial | $2.9B | $413M Land + Buildings

Closing Q1 2026. SLB expected Q2-Q3 2026.

Last public 10-K (filed Feb 14, 2025, FY2024):

PP&E DETAIL (Note 8):
  Land:                          $35.0M
  Buildings and improvements:   $378.1M
  Machinery and equipment:    $1,063.3M
  CIP:                          $120.6M
  ────────────────────────────────────
  Total PP&E gross:            $1,597.0M
  Accumulated depreciation:     ($848.4M)  ← 53% depreciated
  PP&E net:                      $748.6M
  • Land + Buildings gross: $413.1M
  • 22 owned / 3 leased = 88% owned. Cleanest ownership ratio on this list.
  • All US and Canada — no international complexity
  • 53% depreciation rate — younger plant base than Arconic or Sealed Air
  • No SLB covenant restriction found in credit agreement (potentially easier path than SEE)
  • Zero management discussion of RE monetization in any transcript
  • Square footage: not disclosed

What they make: Private-label food (store-brand cereal, pasta, snacks, coffee, broth). Purpose-built food manufacturing plants — long-lived, specialized, high replacement cost, essential to operations.

Active footprint shrinkage: RTD exit, Dallas closure, 2 cookies plants closing. Fewer facilities = remaining plants more critical = better SLB tenant credit argument.

No prior SLBs. The $413M in land + buildings has never been monetized. With 88% ownership and no covenant restriction, this is the cleanest SLB setup in the pipeline.

Source: THS 10-K filed 2025-02-14, Note 8 (PP&E), Item 2 (properties).

Honeywell PPE / Odyssey & PIP | $1.3B | $155M Net PP&E

Closed May 2025. 10 months in.

From HON 10-K (filed Feb 14, 2025, FY2024) — held-for-sale breakout:

ASSETS HELD FOR SALE:
  Accounts receivable:           $174M
  Inventories:                   $197M
  PP&E net:                      $155M
  Goodwill:                      $411M
  Other intangibles net:         $597M
  Valuation allowance:          ($219M)
  ────────────────────────────────────
  Total assets held for sale:  $1,365M

  Sale price: $1,325M
  Net assets (book): $957M
  • PP&E net: $155M — no breakout into land/buildings/equipment for this division
  • No facility count, locations, or owned/leased status disclosed (sub-segment of a $38.5B revenue company)
  • Buyer financed with $2.2B term loans + $400M preferred against a $1.3B purchase price — heavily levered
  • Products: PPE, safety apparel, gas detection technology

Data is thin. Honeywell reported at segment level only. The $155M net PP&E is the most granular number available from SEC filings. No facility-level detail. The heavy leverage ($2.6B debt+preferred on a $1.3B acquisition) creates strong SLB incentive, but we can't quantify the RE opportunity from public filings.

Source: HON 10-K filed 2025-02-14, Note 2 (held-for-sale assets).

KPS / Wells Companies | ≈$500M-$1B est. | No Public Filings

Closing Q1 2026. Wells Companies is private — no SEC filings available. 13 precast concrete production facilities. Heavy concrete plants require large lots (outdoor curing yards), heavy infrastructure, not relocatable. High SLB probability but no primary source data to verify RE footprint.

TIER 2: Existing PE Portfolio — Verified RE

Gates Industrial (GTES) | Blackstone 63% | $343M Land + Buildings

Most recent 10-K (filed Feb 12, 2026, FY2025):

PP&E DETAIL (Note 9):
  Land and buildings (combined):  $343.2M gross / $196.9M net
  Machinery, equipment, vehicles: $1,101.7M
  Assets under construction:        $79.7M
  ────────────────────────────────────────
  Total PP&E gross:               $1,524.6M
  Accumulated depreciation:        ($915.6M)  ← 60% depreciated
  PP&E net:                          $609.0M

Geographic PP&E (net):

U.S.:                    $146.7M  (24%)
Rest of North America:   $140.2M  (23% — mostly Mexico)
U.K.:                     $28.6M
Rest of EMEA:            $163.9M
East Asia & India:        $39.0M
Greater China:            $63.3M
South America:            $27.3M
  • 31 owned facilities (23 manufacturing/service centers) across 31 countries, 125+ total locations
  • Land NOT separately disclosed from buildings
  • US is only 24% of PP&E — net lease opportunity is primarily domestic, limiting scope
  • No square footage disclosed
  • Active restructuring: closing "multiple subscale factories" in Europe, $26.3M restructuring charges FY2025

CEO Jurek (Q1 2025): "Put bunch of monuments in ground 17, 18, 19, rebuild operational capacities. Well positioned, feel today one of better footprints."

CEO Jurek (Q3 2025): "Expect to close multiple factories, labor realignment, go live ERP conversion most European footprint."

No prior SLBs. Had a small real estate gain in Q2 2024 (≈$0.02/share) from a single property sale.

Blackstone has been reducing its stake. SLB on US plants could fund a special dividend or accelerate exit, but the global spread makes execution complex. US-only SLB capacity is ≈$147M net — meaningful but not transformative.

Source: GTES 10-K filed 2026-02-12, Note 9 (PP&E), Note E (geographic), Item 2 (properties).

Cornerstone Building Brands / CD&R | $5.8B (Jul 2022) | No Public Filings

Taken private July 2022. 3.5+ year hold. Largest NA exterior building products manufacturer. 80+ manufacturing locations, estimated 15-25M sq ft. No SEC filings available post-take-private. CD&R is the most prolific PE SLB operator in industrial — combined with Sealed Air and Wilsonart, CD&R's portfolio has an estimated $2-4B+ in SLB capacity. But we can't verify Cornerstone's RE from primary sources.

TIER 3: Pre-Deal — Strategic Alternatives Active

Atkore (ATKR) | $248M Land + Buildings | Whole-Company Sale on Table

Most recent 10-K (filed Nov 26, 2025, FY2025):

PP&E DETAIL (Note 12):
  Land:                          $29.8M
  Buildings and improvements:   $217.9M
  Machinery and equipment:      $701.2M
  Leasehold improvements:        $22.1M
  Software:                      $64.4M
  CIP:                          $107.8M
  ────────────────────────────────────
  Total PP&E gross:            $1,143.1M
  Accumulated depreciation:     ($548.9M)  ← 48% depreciated
  PP&E net:                      $594.3M
  • 21 owned / 51 leased facilities. 8.6 million square feet across 8 countries.
  • Principal owned: Harvey, IL (HQ + largest plant, serves both segments), New Bedford, MA
  • Youngest plant base on this list — 48% depreciated
  • $59.6M HDPE impairment in FY2025 (writing down assets ahead of divestiture)
  • CIP dropped $140M YoY (projects completing or abandoned)

Strategic alternatives (10-K lines 6256-6279): Board EXPANDED scope Nov 20, 2025 to include "potential sale or merger of the WHOLE COMPANY." Irenic Capital activist obtained 1 board seat + Strategic Review Committee. Citi and JPM advising.

CEO Waltz (Feb 3, 2026): "Continue to advance strategic alternative process. Second fiscal quarter, expect complete previously announced exit three manufacturing facilities."

No prior SLBs. $12.8M in PP&E disposal proceeds in FY2025 — they're selling small assets already. If PE buys the whole company, the 21 owned facilities (8.6M sq ft) are immediate SLB candidates. Market-leading electrical conduit = essential construction infrastructure = strong tenant credit.

Source: ATKR 10-K filed 2025-11-26, Note 12 (PP&E), Item 2 (properties), Item 1A (strategic alternatives).

FMC Corp (FMC) | $669M Land + Buildings | Board Authorized Sale

Most recent 10-K (filed Feb 27, 2026, FY2025):

PP&E DETAIL:
  Land and land improvements:     $91.0M
  Buildings and building equip:  $578.4M
  Machinery and equipment:       $866.6M
  CIP:                            $66.6M
  ────────────────────────────────────
  Total PP&E gross:             $1,602.6M
  Accumulated depreciation:      ($895.2M)  ← 56% depreciated
  PP&E net:                       $707.4M
  • $91M in land — largest land position on this list
  • 19 manufacturing facilities in 14 countries. 5 in North America.
  • Major OWNED plants: Mobile, AL and Manati, Puerto Rico (active ingredient manufacturing), plus Jinshan China, Ronland Denmark, Panoli India
  • India business held for sale at $450M fair value (but Panoli manufacturing continues)
  • Manufacturing footprint restructuring underway ("Project Focus")
  • Only prior RE monetization: $5.8M Shanghai land disposition in 2023

CEO Brondeau (Q4 2025): "One only issue is manufacturing cost. Not competitive at price level. Completely redoing manufacturing footprint from high-cost countries, well on way."

Board authorized exploration of strategic options INCLUDING SALE OF THE COMPANY (10-K line 2544-2546, Feb 2026). BofA + Goldman advising.

If PE buys FMC, the $91M in land and $578M in buildings (5 major owned plants) are SLB candidates. But the company may sell entirely before a PE buyer can monetize the RE separately. Mobile, AL and Manati, PR are the primary domestic targets.

Source: FMC 10-K filed 2026-02-27, PP&E detail, Item 2 (properties), Risk Factors (strategic alternatives).

Dropped From Pipeline

Forward Air (FWRD): Only 6 of 259 properties owned. Land $26.5M + Buildings $95.8M. Credit agreement explicitly restricts SLBs. Minimal opportunity.

Luxfer (LXFR): $48M gross land+buildings combined, 79% depreciated. ≈200K sq ft owned in US. Too small for institutional net lease.

The CD&R Factory

CD&R's current industrial portfolio represents the single largest concentration of PE-backed SLB capacity:

Sealed Air (SEE)         $957M land+buildings gross    Closing mid-2026
Cornerstone Building     Est $750M-$1.5B               3.5yr hold, exit prep
Wilsonart                Est $200-400M                  14yr hold (!), exit active
Veritiv                  Est $100-200M                  Distribution
Indicor                  Est $100-200M                  Industrial tech
──────────────────────────────────────────────────────────────────────
Combined                 $2-3B+ verified/estimated

Only Sealed Air has verified PP&E from public filings. The rest are private — estimated from industry comps.

Pipeline Summary

                              Land+Bldg    Owned
Company          Sponsor      Gross        Facilities  Deprec%   Data Quality
───────────────  ──────────   ──────────   ──────────  ───────   ────────────
Arconic          Apollo       $1,438M      20 principal  68%     VERIFIED (10-K)
Sealed Air       CD&R           $957M      105 (majority) 67%   VERIFIED (10-K)
FMC              (pre-deal)     $669M      19 (5 major)   56%   VERIFIED (10-K)
TreeHouse        Investindust   $413M      22 owned/88%   53%   VERIFIED (10-K)
Gates            Blackstone     $343M      31 owned       60%   VERIFIED (10-K)
Atkore           (pre-deal)     $248M      21 owned       48%   VERIFIED (10-K)
HON PPE          Odyssey        $155M net  Unknown        N/A   PARTIAL (held-for-sale)
Cornerstone      CD&R           Est only   80+ locations  N/A   UNVERIFIED (private)
Wells Cos        KPS            Est only   13 plants      N/A   UNVERIFIED (private)

Verified pipeline from primary sources: $4.2B+ in land and buildings gross across 6 companies with full 10-K data. All 67-100% depreciated — book values are a fraction of replacement cost. None have ever done a sale-leaseback.