I do recall hearing that this is/was precisely their business model: given that rent always* goes up (and never* down), lock in rates with a 10- or 20-year lease, wait for rent to increase for other people, [???], profit.
Rent inflation is built-in to every single real estate investment model ever. Even individuals getting a first property to rent out tend to model out rent increase when calculating yield over more than a few years.
