# Analysis of Coyote Real Estate Leases & Subleasing Strategy

**March 30, 2026 at 10:23 AM** · 15m 12s

### Bottom Line
The team is analyzing a portfolio of Coyote's real estate leases to determine which liabilities to assume, with a focus on subleasing the high-cost Balboa (Sylmar) location. The Norris (Sun Valley) site, while significant, is considered less critical due to its integration with Coyote's core campus.

### Key Takeaways
- **Lease Portfolio Analysis:** The team is reviewing Coyote's lease obligations, with the Balboa ($107K/month) and Norris ($40K/month) locations identified as the primary targets for subleasing.
- **Strategy Focus:** The priority is to take on and sublease the Balboa corporate office, while potentially avoiding the Norris warehouse due to its entanglement with Coyote's adjacent stage operations.
- **Expert Support:** Speaker A offers to provide a detailed analysis of market comps and subleasing confidence intervals for each site to inform the strategy.

### Decisions Made
- Focus subleasing efforts primarily on the Balboa location — *driven by Speaker C*
- De-prioritize assuming/subleasing the Norris location — *driven by Speaker C*

### Action Items
- [ ] Run an analysis for each site showing market comparables and confidence intervals for subleasing timing and rent. — @Speaker A `high`
- [ ] Add a cost per square foot column to the current lease analysis workbook. — @Speaker B `medium`
- [ ] Share the raw lease data from Coyote with Speaker A for their analysis. — @Speaker B `medium`
- [ ] Clarify the specifics of what real estate (e.g., the lot vs. stages) would actually be part of the deal for the Norris location. `medium`
- [ ] Connect with contacts in Georgia and New York jurisdictions to assess clearing the small footprints there. — @Speaker A `low`

### Topics
Lease Portfolio Review, Subleasing Strategy, Site-Specific Analysis (Balboa, Norris), Market Comparables, Lease Obligations

**Sentiment:** neutral

---
*Generated by Call Assistant on 2026-04-09 10:11*