Perhaps the key is small scale. The hope is enterprises acting as franchisees won’t want to be in the landlord business, and would rather just take a haircut. P

Perhaps the key is small scale. The hope is enterprises acting as franchisees won’t want to be in the landlord business, and would rather just take a haircut. Possibly, we work could be more efficient at tenant services, paying for some of their cut by increasing the pie. The power of the network is also valuable as mentioned with the bit about the all access passes. I still think it’s too rosy, but if we work can reset expectations that it’s a real estate company with those margins, and it’s valued low enough, maybe it makes sense.