A ground lease is a long-term lease of land only. The tenant builds and owns the improvements, which typically revert to the landowner at lease end.
In a ground lease the landowner leases only the land, and the tenant constructs or owns the building for the term. The rent is typically very stable, with long terms and escalations, and the landowner receives the improvements back at the end through reversion. Investors who own the land interest have little management responsibility. Risks include the tenant's credit, leasehold financing rules, and the length remaining, so read the lease, including any subordination terms.