Organization

9 Months Ended

Sep. 30, 2023

Oak Street Real Estate Capital Fund IV and V Acquired Predecessor Portfolio

Entity Information [Line Items]

Organization

Organization

Blue Owl Real Estate Net Lease Trust (“we”, “us”, “our” “ORENT”, and the “Company”) was formed on April 4, 2022 (“Inception”) and is the sole general partner and majority limited partner in Blue Owl NLT Operating Partnership LP, a Delaware limited partnership (the “NLT OP”, or “Operating Partnership”), formed on May 16, 2022, to acquire and hold triple net lease properties and other assets. The initial acquisitions by NLT OP include the properties contributed by Blue Owl Real Estate Capital Fund IV, LP (fka Oak Street Real Estate Capital Fund IV, LP) (“Fund IV”) and Blue Owl Real Estate Capital Fund V (fka Oak Street Real Estate Capital Fund V) (“Fund V”) (and together, the “Blue Owl Real Estate Capital Fund IV and V Acquired Predecessor Portfolio” or the “Predecessor”), which were acquired by NLT on various dates throughout 2022 (the “Acquisition”).

Fund IV began operations as a Delaware limited partnership on February 28, 2017. Fund V began operations as a Delaware limited partnership on January 2, 2020. Fund V is comprised of Blue Owl Real Estate Capital Fund V, LP (fka Oak Street Real Estate Capital Fund V, LP) and its subsidiaries and Blue Owl Real Estate Capital Fund V (A), LP (fka Oak Street Real Estate Capital Fund V (A), LP) and its subsidiaries. Fund IV and Fund V, and their related subsidiaries, are principally engaged in acquiring, owning, and leasing single-tenant, freestanding triple-net leased operating properties.

Fund IV and Fund V are controlled by affiliates of Blue Owl Real Estate Capital, LLC (“Blue Owl Real Estate”, or “Adviser”), which is the sponsor of Fund IV and Fund V.

On various dates beginning in 2018, Fund IV acquired a manufacturing facility and portfolios of casual dining restaurants and Fund V acquired portfolios of pharmacies, manufacturing properties and grocery properties, all of which are located across the United States and Canada.

The following table sets forth the acquisition dates, number of properties and total rentable square feet of GLA (unaudited) of the Predecessor properties as of the date of acquisition by ORENT:

Tenant Type	Predecessor Acquisition Date	Date of Acquisition by ORENT	Number of Properties	Total Rentable Square Feet of GLA (in thousands)
Manufacturing	1/30/2018(1)	9/2/2022	1	1,175
Casual Dining	7/29/2020(1)	9/2/2022	13	133
Casual Dining	8/4/2020(1)	9/2/2022	40	404
Pharmacy	10/20/2020(2)	9/1/2022	17	247
Home Appliance Manufacturing	10/26/2020(2)	11/2/2022	1	1,572
Manufacturing	12/21/2020(2)	9/1/2022	1	12
Pharmacy	1/20/2021(2)	9/1/2022	13	194
Grocery	6/30/2021(2)	9/1/2022	8	22
Grocery	7/15/2021(2)	9/1/2022	9	33
Grocery	7/22/2021(2)	9/1/2022	27	94
Grocery	9/2/2021(2)	9/1/2022	6	26
Grocery	9/17/2021(2)	9/1/2022	5	62
Total			141	3,974

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(1)Fund IV acquisition

(2)Fund V acquisition

The total rentable square feet of gross leasable area (“GLA”) of the Company was 3,974 thousand square feet (unaudited) as of the date of acquisition by ORENT, respectively, in which the available rentable square feet of GLA had economic occupancy of 100% for each of the periods presented (unaudited).