6 companies signaling sale-leaseback intent before advisors are hired — sourced from cross-corpus scan of earnings transcripts and SEC filings. Every number verified against primary source.

1. STRT — Strattec Security | Signal: MAXIMUM | $40-70M

Decision already made. Announced publicly Oct 31, 2025.

Jennifer Slater, CEO (Oct 31, 2025 earnings call):

"Regarding the sale of our Milwaukee facility and the modernization program, we have come to the conclusion that our best route is a sale leaseback. This should provide us a better return on the building, reduce the challenges of moving production operations, allow us to rightsize our floor space requirement and redesign production flow."

Facility:    345,123 sq ft, 3333 W Good Hope Rd, Milwaukee WI (owned fee-simple)
Revenue:     $565.1M FY2025 (10-K)
Cash:        $84.6M → $90M+ by Q1 FY2026
Debt:        Zero
PP&E book:   Land $6.6M + Buildings $39.8M
Est value:   $40-70M (345K sq ft Milwaukee industrial @ $115-200/sq ft)
Complication: 1985 environmental ($1.4M reserve), union contract expired Nov 2025

Tenant credit: Strong. Profitable, cash-rich, zero debt. Auto cyclicality is the risk. Decision announced 5 months ago — likely already engaging brokers.

2. PRKS — United Parks & Resorts | Signal: MAXIMUM | $150-500M+

Multiple proposals received. Competitive process active as of Feb 26, 2026.

Marc Swanson, CEO (Feb 26, 2026, Q4 earnings call):

"We have received multiple sale-leaseback proposals that we are currently evaluating and have active discussions with various partners on hotel development, timeshare development, residential development and other commercial development on our owned property."

"We have over 2,000 acres of owned real estate, including over 400 acres of undeveloped land."

"We estimate the replacement cost of our parks to be over $10 billion or about 2.5x our current enterprise value."

Owned RE:      2,000+ acres (SeaWorld Orlando 279ac, Busch Gardens Tampa/Williamsburg, etc.)
NOT included:  SeaWorld San Diego — 190 acres LEASED from City (10-K line 549-551)
EBITDA:        $605.1M FY2025 (CFO Jim Forrester, Q4 call)
Leverage:      3.4x net
Replacement:   $10B+ (management estimate)
Control:       Hill Path Capital — 49.4% shares, Chairman of Board
Buybacks:      6.7M shares repurchased (2025 + early 2026) at ≈$34

Competitive landscape: VICI Properties studying theme parks explicitly (Q2/Q3 2025 calls). EPR Properties already does experiential SLBs. Six Flags got Land & Buildings activist SLB letter Sept 2025. Most likely structure: land-only SLB at 6.0-7.5% cap rate.

Tenant credit: Strong. $605M EBITDA, institutional quality. Hill Path buying back stock at $34 — won't sell RE cheap.

3. JELD — JELD-WEN | Signal: HIGH | $150-400M program

Template transaction completed Dec 22, 2025. More explicitly coming.

William Christensen, CEO (Feb 18, 2026, Q4 earnings call):

"In addition to the European review, we continue to evaluate other actions — smaller noncore assets and selective sale-leaseback opportunities as with the Coral Springs transaction."

10-K liquidity section (filed Feb 23, 2026):

"undertake various actions including, but not limited to...entering into sale-leaseback transactions for selected properties, adjusting our planned level of capital and other expenditures"

Samantha Stoddard, CFO (Nov 4, 2025, Q3 call):

"Working capital, liquidity standpoint, already working select sale leasebacks additional liquidity as buffer."

TEMPLATE — Coral Springs SLB (Dec 22, 2025, 10-K Note 8):
  Sale price:    $38.0M gross / $37.6M net
  Net book:      $3.3M (sold at 11.5x book — the SLB opportunity)
  Pre-tax gain:  $34.3M
  Lease:         5yr initial + 5yr renewal
  Rent:          $2.3M/yr → $2.7M/yr (cap rate 6.05% Year 1)

COMPANY:
  Facilities:    76 manufacturing/distribution, 14 countries (10-K)
  Buildings:     $495.6M gross on balance sheet
  Revenue:       $3,211M FY2025, declining 3 consecutive years (-37% from 2022 peak)
  Adj EBITDA:    $118M FY2025
  Leverage:      8.6-8.8x net
  FCF 2026:      -$60M guided (CEO, Q4 call)
  DEBT WALL:     $400M Senior Notes due December 2027 (21 months)

Tenant credit: DISTRESSED. Sub-investment grade, 8.8x leverage, negative FCF, goodwill fully impaired. Essential manufacturing facilities get assumed in restructuring (structural protection). Cap rates 8-9% to compensate.

Key insight: Coral Springs sold at 11.5x book value. That multiple disconnect across the $495M PP&E base is the programmatic SLB opportunity.

4. CULP — Culp Industries | Signal: HIGH | $40-45M

CFO gave a price signal on a public earnings call Dec 11, 2025.

Kenneth Bowling, CFO (Dec 11, 2025, Q2 FY2026 call):

"As a reminder for liquidity purposes, the net book value of our owned manufacturing campus in North Carolina as of the end of the quarter was around $12 million with an estimated market value of $40 million to $45 million."

Facility:    519,385 sq ft total (2 parcels, one campus)
             299,163 sq ft manufacturing + HQ (owned)
             220,222 sq ft distribution (owned)
Location:    Stokesdale, NC (Guilford County)
Revenue:     $213.2M FY2025, declining
EBITDA:      Negative (-$1.0M adj, Q2 FY2026)
Liquidity:   $28.1M ($10.7M cash + $17.4M revolver)
Book value:  $12M
Mkt estimate: $40-45M (management, unaudited — implies $77-87/sq ft)

Tenant credit: Weak. Operating losses, tight liquidity, restructuring mode. CFO framed this explicitly as a "liquidity reminder" — telegraphing the asset as a lever. Currently consolidating more operations into Stokesdale. Low relocatability = SLB candidate, not vacate candidate.

Underwrite to RE standalone value with credit protection (short lease, termination rights).

5. PACS — PACS Group | Signal: MEDIUM-HIGH | $100-500M programmatic

Management framing as tenant. 53 directly owned skilled nursing facilities (not 321).

Joshua Jergensen, COO (Feb 26, 2026, Q4 call):

"Operator willing to partner with others' capital to access deals, feel confident to position them as high-quality operator tenant in facilities. Proven ability to do both things."

Jason Murray, CEO (Feb 26, 2026, Q4 call):

"Always, of course with acquisitions, looking at the opportunity, as in the end, the way the real estate is structured. Opportunity on both real estate and operations."

Total facilities: 321 across 17 states, 31,700+ patients daily
BREAKDOWN:
  Leased:        219 (68%) — already SLB'd
  Directly owned: 53 (17%) — THE SLB universe
  JV interest:    49 (15%)
Occupancy:     94.9% Mature cohort (4.4 CMS stars vs 3.5 industry avg)
EBITDA:        $505.0M adjusted
Leverage:      0.29x net ($148M net debt)
Cash:          $197.0M
Acquisitions:  Growing owned base (Jan 2026: purchased RE at 2 Alaska properties)

Tenant credit: Excellent. Premier SNF operator. $505M EBITDA, 0.3x leverage, 4.4 CMS stars. Not pressured — strategic capital recycling.

The pitch: 53-facility owned portfolio today + 20-30 acquired with RE over next 2-3 years. Programmatic healthcare net lease relationship, not a single transaction.

6. FBIN — Fortune Brands Innovations | Signal: MEDIUM | Monitor

Footprint optimization language. 22 owned manufacturing facilities. No explicit SLB signal yet.

Nicholas Fink, CEO (Feb 12, 2026, Q4 call):

"Identified a number of additional initiatives for the company on increasing profitability, operational efficiency, footprint optimization."

Revenue:       $4,463M FY2025 (Water $2,448M, Outdoors $1,323M, Security $693M)
Owned mfg:     22 of 30 (73% owned) — Water 8, Outdoors 11, Security 3
Credit:        Investment grade (implied BBB/Baa2)
Restructuring: $53.6M impairments, plant closures, HQ -10% headcount

Tenant credit: Investment grade. Strongest on this list. Moen, Therma-Tru, Master Lock — brand-name tenants.

Watch for pivot from "close plants" to "sell-leaseback operating plants." If footprint optimization evolves to include SLBs, this becomes a premium lead. IG tenant + 22 owned manufacturing plants = ideal net lease portfolio.

Priority Summary

Rank  Ticker  Signal    Deal Size        Urgency      Action
────  ──────  ────────  ───────────────  ───────────  ──────────────────────────
1     STRT    MAXIMUM   $40-70M          IMMEDIATE    Decision made Oct 2025
2     PRKS    MAXIMUM   $150-500M+       THIS WEEK    Multiple proposals received
3     JELD    HIGH      $150-400M prog   30-60 days   Template set, debt wall 21mo
4     CULP    HIGH      $40-45M          30-60 days   CFO gave price publicly
5     PACS    MED-HIGH  $100-500M prog   6-12 months  Programmatic relationship
6     FBIN    MEDIUM    TBD (22 plants)  Monitor      IG tenant, no explicit signal

Dropped: JACK (93% franchised, 8 restaurants on owned land), LEE ($26M outright sales not SLBs, existential tenant risk), EOSE (doesn't own facilities).

Active net lease buyers competing for these deals: VICI, EPR, NNN, ADC, GLPI, GTY. Already-marketed deals include DSV (EUR 1.5-2B), Scholastic ($400M, Newmark retained), Life Time (programmatic new-club SLBs).