Income-producing real estate in usa.
De Leser still owns real estate that generates NOI, but at group level 2026 is a financing and liquidity test. The issue is not only asset quality, but how much cash is truly left after lenders, lockboxes, and refinancing needs.
At De Leser, the core problem is not a lack of NOI but the order in which cash gets trapped before it reaches the parent: lockboxes on meaningful assets, targeted Cross Default pockets, and new financing that extends time under distribution restrictions.
The four-asset sale was a reset move: De Leser received less than the January headline, pushed part of the outcome into reducing Series H, and was left with a portfolio that is more concentrated around a small set of anchor assets.
