Typically viewed as "bond-proxies," net lease REITs haven't performed like the safe-haven they were believed to be amid the ongoing coronavirus pandemic, dipping more than 50% before their recent reopening-rebound.

Despite their heavy exposure to retail-based segments, Net Lease REITs had previously defied the 'retail apocalypse' headwinds over the past half-decade by investing in experienced-based retail categories.

These "un-Amazonable" categories including restaurants, fitness centers, and movie theaters have become liabilities amid the "social distancing' era. Net lease REITs struggled to collect rent from these non-essential tenants.

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