Perpetual-life, NAV-priced REIT acquiring institutional-quality commercial real estate leased long-term on a net basis (target 10-20 year terms with annual escalations and renewal options) to creditworthy tenants for whom the property is mission critical. Targets industrial, manufacturing, warehouse, distribution and R&D, healthcare and essential retail, sourced through Morgan Stanley corporate and financial-sponsor relationships including sale-leasebacks and selective build-to-suit, with tactical CRE debt investments. Seeks income from contractual rent and NAV appreciation.