net lease tenant report
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current on market data
KEY STATISTICS
cap rate correlation
cap rate comparison
typical lease structure
Type NNN or Ground Lease
recent sales comparables
Net Lease Tenant Report | 2
Stock
Credit
Market
Total
Headquarters
5
10
New
Symbol SVNDF
Rating (S&P) A
Cap ±$38.87B
Locations ±78,000
Dallas, TX
Years Remaining 5.80%
Years Remaining 5.35%
Construction (15-20 Years) 5.00%
Rent
Lease
Avg.
Typical
Avg. Sales
Lease
Increases 5-10% Every 5 Years
Term 15 Years
Annual Rent $300,000
SF ±3,500
-
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Rancho Cordova CA $10,200,000 4.46% 15 Years 2022 11/17/22 Perris CA $5,000,000 4.51% 15 Years 2022 11/10/22 Coconut Creek FL $7,986,500 4.25% 14 Years 2022 11/1/22 Los Angeles CA $7,320,000 5.01% 15 Years 1951/2001 10/11/22 Rosenberg TX $5,250,000 4.00% 13 Years 2020 9/29/22 Lady Lake FL $9,314,000 4.28% 15 Years 2022 9/23/22 Richmond TX $7,350,000 4.00% 15 Years 2022 9/23/22 La Salle CO $5,966,000 4.65% 15 Years 2022 9/23/22 Newport News VA $7,340,000 4.38% 15 Years 2005/2022 9/21/22 Suffolk VA $3,100,000 5.27% 7 Years 2009 9/20/22
Number of Listings 139 Avg. Cap Rate 4.90% Avg. Lease Term Remaining 13 Years Avg. Price $5,762,500 Lowest Cap Rate 3.50% Highest Cap Rate 7.00% transactions Transactions 75 68 Avg. Cap Rate 4.50% 4.40% Avg. Term Remaining 12 Years 13 Years Avg. Sale Price $5,383,135 $5,046,576 H2 2022 H1 2022 5 15 10 1 4.00% YEARS REMAINING ON LEASE 20 CAP RATE
5.00% 7.00% 6.00%
current on market data
recent sales comparables
Net Lease Tenant Report | 3 KEY STATISTICS Stock Symbol AAP Credit Rating (S&P) BBBMarket Cap ±$8.79B Total Locations ±5,060 Headquarters Raleigh, NC cap rate comparison 5 Years Remaining 6.50% 10 Years Remaining 5.75% New Construction (15-20 Years) 5.00% typical lease structure Lease Type NN or NNN Rent Increases 5% Every 5 Years and In Options Lease Term 15 Years Avg. Annual Rent $105,000 Typical SF ±7,000 Avg. Sales $1,500,000
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Aurora CO $2,400,000 5.30% 10 Years 2004 11/7/22 Newnan GA $1,800,000 5.85% 10 Years 2010 2/21/22 Rocky Mount VA $1,685,000 5.50% 10 Years 1992 5/17/22 South Elgin IL $2,261,000 6.30% 5 Years 2006 7/12/22 Loris SC $1,415,000 6.18% 5 Years 2004 3/24/22 Sturgeon Bay WI $855,000 5.85% 10 Years 1973 2/25/22 Leesburg FL $2,191,000 5.75% 9 Years 2008 1/18/22 Jacksonville FL $1,750,000 6.25% 6 Years 2006 7/1/21 Richmond VA $1,309,448 5.75% 10 Years 2002 6/22/22 Morgantown KY $1,425,000 6.33% 8 Years 2015 5/11/21
Number of Listings 37 Avg. Cap Rate 5.95% Avg. Lease Term Remaining 10 Years Avg. Price $2,071,483 Lowest Cap Rate 4.50% Highest Cap Rate 7.85% transactions Transactions 32 30 Avg. Cap Rate 6.70% 6.92% Avg. Term Remaining >6 Years >6 Years Avg. Sale Price $2,682,394 $2,292,920 H2 2022 H1 2022
recent sales comparables
Net Lease Tenant Report | 4
KEY STATISTICS Stock Symbol AZO Credit Rating (S&P) BBB Market Cap ±$46.31B Total Locations ±6,700 Headquarters Memphis, TN 5 Years Remaining 6.50% 10 Years Remaining 5.25% New Construction (15-20 Years) 4.50%
structure Lease Type Ground Lease Rent Increases 10% Every 5 Years in Options Lease Term 15 Years Avg. Annual Rent $100,000 Typical SF ±6,800 Avg. Sales $2,200,000
cap rate comparison
typical lease
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Muskego WI $2,025,000 5.87% 10 Years 2006 1/24/22 Alpharerra GA $2,425,000 5.49% 3 Years 1989 2/23/22 McDonough GA $1,325,000 5.50% 4 Years 2007 2/24/22 Canton OH $3,714,000 4.74% 10 Years 1987 4/12/22 Stockton CA $2,500,000 5.27% 3 Years - 4/21/22 Denton TX $2,390,000 3.95% 8 Years 2009 4/25/22 Vandalia OH $1,053,000 4.75% 9 Years 2015 5/16/22 Clermont FL $2,350,000 3.98% 15 Years 2009 5/16/22 Portland OR $3,794,697 4.45% 10 Years 1957 6/15/22 Dover TN $1,525,000 5.36% 10 Years 2010 7/29/22
data Number of Listings 21 Avg. Cap Rate 4.75% Avg. Lease Term Remaining 10 Years Avg. Price $2,100,000 Lowest Cap Rate 4.00% Highest Cap Rate 5.79% transactions Transactions 35 25 Avg. Cap Rate 4.50% 4.75% Avg. Term Remaining 12 Years 12 Years Avg. Sale Price $2,315,235 $2,278,348 H2 2022 H1 2022
rate correlation CAP RATE 6.00% 4.00% 5.00% 5 15 10 20 YEARS REMAINING ON LEASE 1 7.00%
current on market
cap
recent sales comparables
KEY STATISTICS cap rate comparison Stock Symbol BAC Credit Rating (S&P) AMarket Cap ±$289.45B Total Locations ±3,905 Headquarters Charlotte, NC 5 Years Remaining 6.00% 10 Years Remaining 5.25% New Construction (15-20 Years) 4.50%
Lease Type Ground Lease Rent Increases 10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $120,000 Typical SF ±3,250 Avg. Deposits $95,000,000 Net Lease Tenant Report | 5
typical lease structure
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Fort Worth TX $2,420,000 4.24% 10 Years 2017 9/30/22 Miami FL $4,570,000 5.00% 6 Years 1983 6/23/22 Saint Paul MN $6,000,000 5.08% 15 Years 2020 4/12/22 San Luis Obispo CA $12,000,000 4.20% 15 Years 2018 8/31/22 Chicago IL $4,500,000 6.05% 5 Years 2004 1/31/22 Columbus OH $1,920,000 4.50% 15 Years 2022 3/1/22 Columbus OH $2,450,000 4.40% 15 Years 2022 9/30/22
Number of Listings 12 Avg. Cap Rate 5.60% Avg. Lease Term Remaining 7 Years Avg. Price $3,800,000 Lowest Cap Rate 3.50% Highest Cap Rate 8.00% transactions Transactions 7 6 Avg. Cap Rate 5.00% 4.60% Avg. Term Remaining 9 Years 12 Years Avg. Sale Price $4,000,000 $4,500,000 H1 2022 2021 cap rate correlation CAP RATE 6.00% 3.00% 4.00% 5.00% 7.00% 5 15 10 20 YEARS REMAINING ON LEASE 1 8.00%
current on market data
typical lease structure
current on market data
recent sales comparables
Net Lease Tenant Report | 6 KEY STATISTICS cap rate comparison Stock SymbolCredit Rating (S&P) NR Market Cap ±$604.18M Total Locations ±760 Headquarters Charlotte, NC 5 Years Remaining 5.75% 10 Years Remaining 5.40% New Construction (15-20 Years) 4.75%
Lease Type NNN or Ground Lease Rent Increases 5-10% Every 5 Years, or 1-2% Annually Lease Term 20 Years Avg. Annual Rent $145,000 Typical SF ±3,250 Avg. Sales $1,750,000
Number of Listings 18 Avg. Cap Rate 5.42% Avg. Lease Term Remaining 13 Years Avg. Price $2,278,131 Lowest Cap Rate 4.50% Highest Cap Rate 6.22% transactions Transactions 20 13 Avg. Cap Rate 5.37% 5.59% Avg. Term Remaining 15 Years 12 Years Avg. Sale Price $2,461,626 $2,508,651 H2 2022 H1 2022
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Memphis TN $2,300,000 4.25% 20 Years 2022 11/1/22 Morristown TN $3,250,000 5.39% 11 Years 2012 7/20/22 Rockmart GA $3,284,211 5.70% 7 Years 2007 7/29/22 Mariett GA $3,541,700 5.60% 15 Years 2005 3/18/22 Augusta GA $2,604,000 6.00% 15 Years 1982 3/22/22 Greensboro NC $3,236,500 4.60% 15 Years 2018 3/11/22 Marion VA $2,411,323 6.65 11 Years 2017 2/24/22 McDonough GA $2,491,766 5.40 23 Years 2018 2/17/22 Fort Mill SC $3,125,000 5.24% 8 Years 2015 1/24/22 Villa Rica GA $2,200,000 5.24% 7 Years 2012 2/11/22 CAP RATE 5 15 10 1
rate correlation 4.00% YEARS REMAINING ON LEASE 7.00% 20 6.00% 5.00%
cap
typical lease structure
current
recent sales comparables
Net Lease Tenant Report | 7 KEY STATISTICS cap rate comparison Stock Symbol BWLD Credit Rating (S&P) NR Market Cap ±$2.437B Total Locations ±1,232 Headquarters Atlanta, GA 5 Years Remaining 7.00% 10 Years Remaining 6.50% New Construction (15-20 Years) 6.00%
Lease Type NN or NNN Rent Increases 10% Every 5 Years Lease Term 10 or 15 Years Avg. Annual Rent $242,386 Typical SF ±6,500 Avg. Sales $3,061,956
data Number of Listings 7 Avg. Cap Rate 6.60% Avg. Lease Term Remaining 7 Years Avg. Price $4,329,314 Lowest Cap Rate 5.95% Highest Cap Rate 8.00% transactions Transactions 3 6 Avg. Cap Rate 5.84% 6.28% Avg. Term Remaining 11 Years 14 Years Avg. Sale Price $3,755,000 $3,889,600 H2 2022 H1 2022
on market
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Crystal Lake IL $4,198,000 6.55% 9 Years 2008 10/27/22 Marion IL $2,725,000 - - 2017 10/24/22 Bridgewater NJ $6,000,000 6.35% 20 Years - 9/26/22 Princeton NJ $4,000,000 6.35% 20 Years - 9/26/22 Warrensville Heights OH $2,525,000 5.85% 9 Years 2012 9/14/22 Carlsbad NM $4,065,500 5.55% - 2015 6/7/22 Indianapolis IN $4,050,000 5.97% 7 Years 2013 4/11/22 Rome GA $3,150,000 6.00% 15 Years 2022 3/30/22 CAP RATE 5 15 10 1 cap rate correlation 5.00% YEARS REMAINING ON LEASE 8.00% 20 7.00% 6.00%
current on market data
Net Lease Tenant Report | 8 KEY STATISTICS cap rate comparison Stock Symbol QSR Credit Rating (S&P) BBMarket Cap ±$30.27B Total Locations ±7,141 Headquarters Miami, FL 5 Years Remaining 6.00% 10 Years Remaining 5.50% New Construction (15-20 Years) 4.50%
Lease Type NNN or Ground Lease Rent Increases 5-10% Every 5 Years or 1-2% Annually Lease Term 20 Years Avg. Annual Rent $135,000 Typical SF ±3,000 Avg. Sales $1,400,000
typical lease structure
Number of Listings 77 Avg. Cap Rate 5.43% Avg. Lease Term Remaining 14 Years Avg. Price $2,585,530 Lowest Cap Rate 4.00% Highest Cap Rate 12.00% transactions Transactions 35 32 Avg. Cap Rate 5.30% 5.10% Avg. Term Remaining 13 Years 12 Years Avg. Sale Price $2,400,000 $2,300,000 H2 2022 H1 2022
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Moreno Valley CA $2,468,000 4.00% 12 Years - 11/16/22 New Orleans CA $1,350,000 5.55% 20 Years 1980 11/2/22 Independence MO $1,500,000 5.50% 12 Years - 10/31/22 Kernersville NC $2,260,000 4.25% 16 Years 2018 10/14/22 Orlando FL $2,000,000 5.00% 7 Years 1985 9/23/22 Camden TN $1,123,000 4.65% 15 Years 2017 9/9/22 Goodyear AZ $2,350,000 4.68% 11 Years 2007 9/3/22 Kenosha WI $1,875,000 5.36% 10 Years 1985 8/26/22 Olive Branch MS $2,439,132 5.30% 15 Years 2016 8/18/22 Victoria TX $3,664,000 4.00% 20 Years 2021 8/4/22 CAP RATE 5 15 10 1 cap rate correlation 4.00% YEARS REMAINING ON LEASE 7.00% 20 5.00% 6.00%
recent sales comparables
current
recent
Net Lease Tenant Report | 9 KEY STATISTICS cap rate comparison Stock SymbolCredit Rating (S&P) Private Market Cap Private Total Locations ±1,500 Headquarters Lewisville, TX 5 Years Remaining 6.50% 10 Years Remaining 5.75% New Construction (15-20 Years) 5.25%
Lease Type NNN or NN Rent Increases 10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $199,783 Typical SF ±15,000 Avg. Sales Does Not Report
typical lease structure
data Number of Listings 39 Avg. Cap Rate 5.73% Avg. Lease Term Remaining 13 Years Avg. Price $3,761,000 Lowest Cap Rate 5.00% Highest Cap Rate 6.50% transactions Transactions 11 20 Avg. Cap Rate 5.60% 5.40% Avg. Term Remaining 10 Years 13 Years Avg. Sale Price $3,378,000 $3,743,000 H2 2022 H1 2022
on market
sales
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Deland FL $5,659,550 5.00% 15 Years 2022 12/22/22 Cudahy WI $1,986,300 5.35% 12 Years 2020 10/12/22 Orlando FL $7,800,000 4.75% 13 Years 2020 8/25/22 Dover DE $2,496,000 6.00% 8 Years 1983 8/1/22 Centennial CO $3,830,000 5.50% 3 Years 2000 7/8/22 Friendswood TX $3,550,000 5.60% 10 Years 2004 6/27/22 Milford OH $1,200,000 5.84% 6 Years 1986 6/10/22 San Antonio TX $7,100,000 4.75% 13 Years 2020 5/19/22 Schenectady NY $2,637,713 6.00% 7 Years 1970 4/4/22 Colonial Heights VA $3,840,650 5.60% 12 Years 1977 3/11/22 CAP RATE 5 15 10 1
rate correlation 5.00% YEARS REMAINING ON LEASE 7.00% 20 6.00%
comparables
cap
current
cap
recent
Net Lease Tenant Report | 10 KEY STATISTICS cap rate comparison Stock SymbolCredit Rating (S&P) Private Market Cap Private Total Locations ±1,100 Headquarters Franklin, TN 5 Years Remaining 6.00% 10 Years Remaining 5.25% New Construction (15-20 Years) 4.50%
Lease Type NNN Rent Increases 10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $118,000 Typical SF ±3,100 Avg. Sales $1,300,000
typical lease structure
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Baker CA $2,500,000 5.29% 7 Years 2010 7/5/22 Eugene OR $2,370,000 5.00% 9 Years 1994 7/18/22 Buttonwillow CA $2,467,829 5.25% 2 Years 1987 7/22/22 Oklahoma City OK $2,500,000 5.35% 11 Years 2012 8/30/22 Douglas AZ $1,656,000 6.50% 4 Years 2000 9/7/22 Murrieta CA $2,355,001 5.66% 10 Years 2013 9/16/22 Edmond OK $2,400,000 5.50% 8 Years 2009 9/28/22 Paso Robles CA $1,834,442 7.00% 12 Years 1975 9/30/22 Chino CA $3,726,000 4.00% 7 Years 2009 9/30/22 San Diego CA $2,862,155 - 3 Years 1990 10/7/22
sales comparables
Number of Listings 8 Avg. Cap Rate 4.70% Avg. Lease Term Remaining 10 Years Avg. Price $3,435,643 Lowest Cap Rate 3.75% Highest Cap Rate 5.50% transactions Transactions 15 11 Avg. Cap Rate 4.94% 5.50% Avg. Term Remaining 11 Years 8 Years Avg. Sale Price $2,874,429 $2,463,542 H2 2022 H1 2022
on market data
CAP RATE 5 15 10 1 YEARS REMAINING ON LEASE 20 4.00% 5.00% 10.00% 7.00% 8.00% 9.00% 6.00%
rate correlation
recent sales comparables
Net Lease Tenant Report | 11 KEY STATISTICS cap rate comparison Stock Symbol JPM Credit Rating (S&P) AMarket Cap ±$396.5B Total Locations ±4,818 Headquarters New York, NY 5 Years Remaining 4.75% 10 Years Remaining 4.25% New Construction (15-20 Years) 3.75%
structure Lease Type Ground Lease Rent Increases 10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $125,000 Typical SF ±3,250 Avg. Deposits $95,000,000
typical lease
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Aurora CO $3,100,000 4.19% 20 Years 2020 8/16/22 Oxford MS $2,900,000 5.22% 8 Years 2009 8/16/22 Matteson IL $5,200,000 4.22% 15 Years 2007 8/3/22 Denton TX $3,270,000 5.00% 6 Years 2008 6/23/22 Aurora CO $2,950,000 5.00% 6 Years 2008 5/18/22 Raleigh NC $5,700,000 3.68% 20 Years 2021 5/16/22 Ridgeland MS $3,840,000 4.00% 15 Years 2022 5/2/22 Schiller Park IL $3,050,000 4.94% 10 Years 2012 1/5/22
market data Number of Listings 11 Avg. Cap Rate 4.60% Avg. Lease Term Remaining 8 Years Avg. Price $4,700,000 Lowest Cap Rate 3.50% Highest Cap Rate 6.30% transactions Transactions 8 3 Avg. Cap Rate 4.37% 4.50% Avg. Term Remaining 10 Years 12 Years Avg. Sale Price $5,187,500 $3,733,333 H2 2022 H1 2022
rate correlation CAP RATE 6.00% 3.00% 5 15 10 20 YEARS REMAINING ON LEASE 1 8.00% 4.00% 5.00% 7.00%
current on
cap
current
recent
Net Lease Tenant Report | 12 KEY STATISTICS cap rate comparison Stock Symbol EAT Credit Rating (S&P) BBMarket Cap ±$1.47B Total Locations ±1,600 Headquarters Dallas, TX 5 Years Remaining 6.00% 10 Years Remaining 5.50% New Construction (15-20 Years) 5.00%
Lease Type Ground Lease Rent Increases 10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $120,000 Typical SF ±5,000 Avg. Sales $2,325,877
typical lease structure
data Number of Listings 5 Avg. Cap Rate 5.90% Avg. Lease Term Remaining 6 Years Avg. Price $3,262,897 Lowest Cap Rate 5.00% Highest Cap Rate 6.60% transactions Transactions 22 23 Avg. Cap Rate 5.48% 5.23% Avg. Term Remaining 8 Years 10 Years Avg. Sale Price $2,687,760 $2,687,814 H2 2022 H1 2022
on market
sales comparables CITY STATE PRICE CAP TERM LEFT BUILT SOLD Pensacola FL $1,995,000 5.01% 11 Years 2008 11/17/22 Snellville GA $3,180,000 5.00% 10 Years 2006 11/10/22 Richmond IN $1,555,902 4.80% 3 Years 1998 9/28/22 Plainfield IL $1,936,000 5.25% 5 Years 2007 8/11/22 Kingman AZ $3,975,000 5.00% 11 Years 2008 8/1/22 Evergreen Park IL $3,275,000 4.88% 10 Years 2005 7/22/22 Ithaca NY $2,200,000 4.50% 10 Years 2011 7/11/22 Auburndale FL $2,551,020 4.90% 10 Years 2008 5/22/22 Palestine TX $1,550,000 5.10% 5 Years 2017 5/12/22 Deland FL $2,385,000 4.75% 11 Years 2008 3/31/22 CAP RATE 5 15 10 1
rate correlation YEARS REMAINING ON LEASE 20 4.00% 5.00% 7.00% 6.00%
cap
current on market data
recent sales comparables
typical lease structure
Net Lease Tenant Report | 13 KEY STATISTICS
rate comparison Stock Symbol CMG Credit Rating (S&P) NR Market Cap ±$45.1B Total Locations ±3,000 Headquarters Newport Beach, CA 5 Years Remaining 5.00% - 5.50% 10 Years Remaining 4.50% New Construction (15-20 Years) 4.00% - 4.25%
cap
Lease Type NN or NNN Rent Increases 10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $134,169 Typical SF ±2,400 Avg. Sales -
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Fort Worth TX $2,910,000 3.65% 18 Years 2020 12/2/22 Marietta GA $4,060,000 4.00% 15 Years 2022 11/29/22 Hudson Oaks TX $3,600,000 3.75% 15 Years 2022 11/21/22 Green Bay WI $2,400,000 4.50% 10 Years 2022 10/26/22 Valrico FL $3,150,000 4.00% 15 Years 2022 10/10/22 Lee’s Summit MO $2,410,000 4.44% 15 Years 2022 9/27/22 Birmingham AL $2,890,000 4.14% 15 Years 2022 9/22/22 Lawrenceville GA $2,820,000 4.00% 11 Years 2018 8/9/22 Greenfield IN $2,960,000 4.35% 10 Years 2022 7/26/22 Casselberry FL $3,600,000 3.46% 15 Years 2022 6/17/22
Number of Listings 43 Avg. Cap Rate 4.39% Avg. Lease Term Remaining 13 Years Avg. Price $3,083,063 Lowest Cap Rate 3.90% Highest Cap Rate 5.42% transactions Transactions 24 20 Avg. Cap Rate 4.40% 4.22% Avg. Term Remaining 13 Years 14 Years Avg. Sale Price $3,000,000 $2,987,557 H2 2022 H1 2022
CAP RATE 3.00% 5 15 10 20 YEARS REMAINING ON LEASE 1 6.00% 4.00% 5.00%
cap rate correlation
KEY STATISTICS
Symbol CRK
Rating (S&P) BBB
Cap ±$47.14B
Locations ±14,850
Laval, Quebec, Canada
cap rate comparison
typical lease structure
Type NNN
current on market data
SF ±3,000
cap rate correlation
recent sales comparables
Net Lease Tenant Report | 14
Credit
Market
Total
Headquarters
5
10
New
Stock
Years Remaining 6.45%
Years Remaining 5.35%
Construction (15-20 Years) 4.70%
Lease
Rent
Lease
Avg.
Typical
Avg.
Increases Custom
Term 10-20 Years
Annual Rent $97,000
Sales -
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Cary NC $2,420,000 5.05% 6 Years 1989 11/14/22 Sanford NC $1,000,000 6.83% 4 Years 2000 10/21/22 Madison AL $1,300,000 6.50% 5 Years 1998 10/4/22 Soddy Daisy TN $1,200,000 7.85% 1 Years 1982 10/16/22 Greer SC $1,200,000 7.20% 2 Years 1993 9/14/22 Streator IL $1,310,000 6.99% 4 Years 1987 9/1/22 Palmetto FL $3,160,000 4.18% 20 Years 2022 8/12/22 Tempe AZ $1,300,000 6.15% 5 Years 1980 8/10/22 Grove City OH $2,380,000 5.37% 10 Years 1997 7/26/22 Erie CO $1,860,000 5.20% 11 Years 1999 7/6/22
Number of Listings 26 Avg. Cap Rate 6.90% Avg. Lease Term Remaining 5.5 Years Avg. Price $1,950,000 Lowest Cap Rate 4.25% Highest Cap Rate 8.65% transactions Transactions 27 35 Avg. Cap Rate 6.70% 6.45% Avg. Term Remaining 7 Years 9.5 Years Avg. Sale Price $1,740,000 $2,450,000 H2 2022 H1 2022 CAP RATE
6.00% 4.00% 5.00% 5 15 10 20 YEARS REMAINING ON LEASE 1 8.00% 7.00%
typical lease structure
current on market data
recent sales comparables
Net Lease Tenant Report | 15
KEY STATISTICS
Stock Symbol CVS Credit Rating (S&P) BBB Market Cap ±$124.98B Total Locations ±9,967 Headquarters Woonsocket, RI 5 Years Remaining 6.75% 10 Years Remaining 5.65% New Construction (15-20 Years) 4.85%
cap rate comparison
Lease Type NN or NNN Rent Increases Flat or 5% Every 5 Years Lease Term 25 Years Avg. Annual Rent $350,000 Typical SF ±12,000 Avg. Sales -
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Hialeah FL $10,725,000 5.59% 14 Years 2011 10/27/22 Marietta GA $7,000,000 6.06% 9 Years 2006 10/24/22 Virginia Beach VA $10,551,847 5.04% 13 Years 2009 9/29/22 Chandler AZ $5,095,836 6.25% 5 Years 2002 9/22/22 Orlando FL $6,250,000 6.50% 2 Years 2004 9/12/22 McKees Rocks PA $6,611,302 5.77% 12 Years 2008 9/8/22 Stanley NC $3,900,000 5.05% 15 Years 1998 9/2/22 Sugar Land TX $6,900,000 4.74% 15 Years 2004 8/19/22 Baltimore MD $13,437,000 5.00% 24 Years 2020 7/27/22 Naples FL $11,855,862 5.67% 12 Years 2009 7/15/22
Number of Listings 114 Avg. Cap Rate 5.25% Avg. Lease Term Remaining 10 Years Avg. Price $7,000,000 Lowest Cap Rate 4.25% Highest Cap Rate 7.00% transactions Transactions 86 59 Avg. Cap Rate 5.30% 5.60% Avg. Term Remaining 10 Years 10 Years Avg. Sale Price $5,500,000 $6,100,000 H2 2022 H1 2022 CAP RATE
6.00% 4.00% 5.00% 5 10 1 8.00% 7.00% 15 YEARS REMAINING ON LEASE 20
cap rate correlation
current on market data
KEY STATISTICS
cap rate correlation
typical lease structure
Net Lease Tenant Report | 16
Stock Symbol DG Credit Rating (S&P) BBB Market CapTotal Locations ±18,770 Headquarters Goodlettsville, TN 5 Years Remaining 6.46% 10 Years Remaining 5.66% New Construction (10 Years) 5.48%
cap rate comparison
Lease Type NNN or NN Rent Increases 10% Increase in Options Lease Term 15 Years Avg. Annual Rent $95,000 Typical SF 9,100 or 10,640 Avg. Sales -
Number of Listings 483 Avg. Cap Rate 5.87% Avg. Lease Term Remaining 10 Years Avg. Price $1,979,109 Lowest Cap Rate 10.00% Highest Cap Rate 4.04% transactions Transactions 426 301 Avg. Cap Rate 5.74% 6.05% Avg. Term Remaining 10 Years 10 Years Avg. Sale Price $1,619,052 $1,451,825 H2 2022 H1 2022
CAP RATE 7.00% 5.00% 5 10 1 11.00% 9.00% 15 YEARS REMAINING ON LEASE 20
current on market data
KEY STATISTICS
cap rate correlation
recent sales comparables
Net Lease Tenant Report | 17
Stock SymbolCredit Rating (S&P) Private Market Cap Private Total Locations ±8,500 Headquarters Canton, MA cap rate comparison 5 Years Remaining 5.50% 10 Years Remaining 5.00% New Construction (15-20 Years) 4.75% typical lease structure Lease Type NNN Rent Increases 5% Every 5 Years Lease Term 20 or 15 Years with 4-5 Year Options Avg. Annual Rent $97,000 Typical SF ±2,000 Avg. Sales $559,722 (Non-Drive-Thru) $1,336,281 (Drive-Thru)
Number of Listings 29 Avg. Cap Rate 5.35% Avg. Lease Term Remaining 11 Years Avg. Price $1,818,976 Lowest Cap Rate 3.90% Highest Cap Rate 6.50% transactions Transactions 23 12 Avg. Cap Rate 4.92% 5.76% Avg. Term Remaining 11 Years 12 Years Avg. Sale Price $1,810,000 $1,657,500 H2 2022 H1 2022
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Orange Park FL $2,600,000 4.38% 12 Years 2013 5/20/22 Goshen IN $2,425,000 5.00% 20 Years 1981 5/16/22 Nutley NJ $2,000,000 5.00% 8 Years 1970 2/14/22 Birmingham AL $1,654,205 5.35% 9 Years 1997 10/25/21 Burlington NC $1,873,684 4.75% 20 Years 2022 10/26/22 Ellenville NY $1,450,000 5.15% 20 Years 1970 7/29/21 Shreveport LA $1,600,000 6.25% 5 Years 2015 12/2/21 East Peoria IL $1,365,000 4.99% 7 Years 2018 1/4/22 College Station TX $2,190,000 5.70% 10 Years 2020 1/26/21 Maryville TN $2,000,000 5.75% 15 Years - 1/22/21 CAP RATE 5 15 10 1
4.00% YEARS REMAINING ON LEASE 7.00% 20 6.00% 5.00%
typical lease structure
current on market data
cap rate correlation
Net Lease Tenant Report | 18
cap rate comparison Stock Symbol BRDCY Credit Rating (S&P) A Market Cap ±$26.22B Total Locations ±2,200 Headquarters Nashville, TN 5 Years Remaining 6.75% 10 Years Remaining 5.75% New Construction (15-20 Years) 5.25%
KEY STATISTICS
Lease Type NNN or NN Rent Increases 5-10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $180,000 Typical SF ±6,500 Avg. Sales -
Number of Listings 8 Avg. Cap Rate 5.60% Avg. Lease Term Remaining 11 Years Avg. Price $3,947,000 Lowest Cap Rate 4.50% Highest Cap Rate 7.75% transactions Transactions 23 16 Avg. Cap Rate 5.50% 5.25% Avg. Term Remaining 8 Years 12 Years Avg. Sale Price $2,954,000 $3,462,000 H2 2022 H1 2022
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Newington CT $2,610,000 4.65% 18 Years 2015 12/7/22 Bluffton SC $4,074,700 5.00% 12 Years 2018 11/1/22 Colorado Springs CO $4,398,000 4.50% 13 Years 2020 11/29/22 Terrell TX $850,000 8.20% 3 Years 1973 8/25/22 Redondo Beach CA $8,421,000 4.75% 5 Years 1954 8/26/22 Lombard IL $5,125,000 6.00% 6 Years 2012 8/19/22 Nashville TN $2,331,500 7.80% 3 Years 2000 6/8/22 Eads TN $4,000,000 4.50% 15 Years 2022 8/9/22 Vestal NY $450,000 8.00% 3 Years 1994 6/17/22 Portage IN $3,866,555 4.50% 15 Years 2022 8/2/22 CAP RATE 5 15 10 1
recent sales comparables
4.00% YEARS REMAINING ON LEASE 8.00% 5.00% 6.00% 7.00% 20
KEY STATISTICS
cap rate comparison
typical lease structure
current on market data
cap rate correlation
recent sales comparables
Net Lease Tenant Report | 19
Stock Symbol
Credit Rating (S&P)
Market Cap
Total Locations
Headquarters
Homburg,
5 Years Remaining 7.00% 10 Years Remaining 5.75% New Construction (15-20 Years) 5.25%
FMS
BBB
±$9.75B
±2,600
Bad
Germany
Lease Type NN or NNN Rent Increases 1-2% Annually or 10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $177,520 Typical SF ±9,750 Avg. Sales -
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Baton Rouge LA $1,430,000 5.84% 5 Years 2006 8/31/22 Metairie LA $2,225,000 7.20% 4 Years 1995 6/27/22 Del Rio TX $1,611,000 5.88% 3 Years 1996/2001 6/27/22 Ewing NJ $3,780,000 5.52% 8 Years 1955 6/27/22 Scranton PA $4,915,654 5.85% 9 Years 2017 6/3/22 Winslow AZ $4,555,336 6.04% 7 Years 2014 6/3/22 Suwanee GA $2,162,480 6.99% 4 Years 2006 5/25/22 Bennettsville SC $995,000 6.59% 4 Years 2000 5/12/22 Chicago IL $3,100,000 7.24% 4 Years 1988/2016 1/7/22 Kenner LA $1,800,000 7.07% 5Years 2006 1/4/22
Number of Listings 30 Avg. Cap Rate 5.56% Avg. Lease Term Remaining 7 Years Avg. Price $4,642,272 Lowest Cap Rate 3.72% Highest Cap Rate 6.68% transactions Transactions 46 36 Avg. Cap Rate 6.20% 6.50% Avg. Term Remaining 8 Years 6 Years Avg. Sale Price $4,100,000 $3,900,000 H2 2022 H1 2022 CAP RATE
7.00% 5.00% 6.00% 5 15 10 20 YEARS REMAINING ON LEASE 1 9.00% 8.00%
current
Net Lease Tenant Report | 20 KEY STATISTICS cap rate comparison Stock Symbol GT Credit Rating (S&P) BBMarket Cap ±$3.06B Total Locations ±2,000 Headquarters Akron, OH 5 Years Remaining 6.75% 10 Years Remaining 6.00% New Construction (15-20 Years) 5.50%
lease
Lease Type NN Rent Increases 5-10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $140,000 Typical SF ±6,500 Avg. Sales -
typical
structure
data Number of Listings 9 Avg. Cap Rate 6.45% Avg. Lease Term Remaining 7 Years Avg. Price $1,255,332 Lowest Cap Rate 5.00% Highest Cap Rate 8.50% transactions Transactions 32 16 Avg. Cap Rate 6.75% 7.15% Avg. Term Remaining 9 Years 6 Years Avg. Sale Price $1,432,600 $1,318,400 H2 2022 H1 2022
sales
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Albany GA $675,000 6.25% 4 Years 1969 7/1/22 Joplin MO $1,219,000 5.00% 4 Years 2012 7/22/22 Savannah GA $2,633,280 5.00% 10 Years 2000 9/9/22 Weslaco TX $795,257 7.00% 2 Years 1994 8/29/22 Lawton OK $620,000 6.00% 2 Years 1968 8/19/22 Rocklin CA $5,035,000 4.50% 9 Years 2016 7/14/22 Spring Hill FL $1,464,006 7.00% 3 Years 2005 10/25/22 Perrysburg OH $1,175,000 7.65% 3 Years 1992 11/26/22 Miami FL $3,813,100 6.00% 15 Years 1963 6/29/22 Jacksonville FL $2,092,200 6.00% 15 Years 1991 6/29/22 CAP RATE 5 15 10 1 cap rate correlation 5.00% YEARS REMAINING ON LEASE 8.00% 6.00% 7.00% 20
on market
recent
comparables
current on market
cap rate correlation
Net Lease Tenant Report | 21 KEY
cap rate comparison Stock SymbolCredit Rating (S&P) Private Market Cap Private Total Locations ±1,700 Headquarters Franklin, TN 5 Years Remaining 7.00% 10 Years Remaining 5.50% New Construction (15-20 Years) 4.50%
Lease Type NNN Rent Increases 10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $103,000 Typical SF ±3,000 Avg. Sales $1,100,000
STATISTICS
typical lease structure
Number of Listings 18 Avg. Cap Rate 5.50% Avg. Lease Term Remaining 9 Years Avg. Price $2,031,170 Lowest Cap Rate 4.70% Highest Cap Rate 8.00% transactions Transactions 22 15 Avg. Cap Rate 5.31% 6.59% Avg. Term Remaining 10 Years 7 Years Avg. Sale Price $1,893,246 $1,400,049 H2 2022 H1 2022
data
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Columbia TN $2,516,000 5.00% 16 Years 1983 4/13/22 Greensboro NC $2,275,000 4.50% 9 Years 1973 4/19/22 Madison AL $1,800,000 7.07% 2 Years 1977 5/26/22 Virden IL $1,807,900 4.00% 10 Years 1999 5/31/22 Springfield IL $960,000 10.68% 3 Years 1983 6/10/22 Laurel MS $1,000,000 5.00% 10 Years 1999 7/28/22 Huber Heights OH $1,950,000 5.46% 15 Years 2017 9/1/22 Indianapolis IN $3,100,000 4.50% 8 Years 1983 9/6/22 Columbia SC $2,300,000 5.75% 11 Years 1983 9/6/22 Morristown TN $720,000 7.00% 7 Years 1970 10/18/22 CAP RATE 5 15 10 1
recent sales comparables
YEARS REMAINING ON LEASE 20 4.00% 5.00% 11.00% 6.00% 7.00% 8.00% 9.00% 10.00%
recent sales comparables
Net Lease Tenant Report | 22 KEY STATISTICS cap rate comparison Stock SymbolCredit Rating (S&P) Private Market Cap Private Total Locations ±986 Headquarters Oklahoma City, OK 5 Years Remaining 7.25% 10 Years Remaining 6.50% New Construction (15-20 Years) 5.75%
Lease Type NNN Rent Increases Custom Lease Term 15 Years Avg. Annual Rent $486,338 Typical SF ±55,000 Avg. Sales $6,000,000
typical lease structure
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Apopka FL $9,418,043 6.50% 10 Years 1985 11/1/22 Bluffton SC $9,751,940 5.95% 13 Years 2017 9/13/22 Arnold MO $8,500,000 6.70% 10 Years 1970 8/4/2022 McAlester OK $7,710,280 5.35% 15 Years 2021 6/17/2022 Jackson TN $8,250,000 5.75% 15 Years 2005 4/18/2022 Pembroke Pines FL $13,185,000 6.00% 13 Years 2020 4/6/2022 Round Rock TX $10,830,000 7.00% 6 Years 2000 3/30/2022 Holland OH $5,400,000 5.85% 15 Years 2018 3/30/2022 Great Falls MT $10,100,000 7.64% 5 Years 2005 3/18/2022 Oregon City OR $15,100,000 6.75% 8 Years 1989 1/26/2022
Number of Listings 4 Avg. Cap Rate 6.10% Avg. Lease Term Remaining 6 Years Avg. Price $9,717,750 Lowest Cap Rate 5.00% Highest Cap Rate 8.00% transactions Transactions 6 4 Avg. Cap Rate 6.50% 6.13% Avg. Term Remaining 10 Years 12 Years Avg. Sale Price $9,936,000 $8,845,065 H2 2022 H1 2022 CAP RATE 5 15 10 1
current on market data
5.00% 6.00% YEARS REMAINING ON LEASE 8.00% 20 7.00%
cap rate correlation
typical lease structure
current on market data
cap rate correlation
recent sales comparables
Net Lease Tenant Report | 23
Stock SymbolCredit Rating (S&P) Private Market Cap Private Total Locations ±420 Headquarters Atlanta, GA 5 Years Remaining 6.50% 10 Years Remaining 5.75% New Construction (15-20 Years) 5.25%
Lease Type NNN or Ground Lease Rent Increases 10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $165,000 Typical SF ±5,000 Avg. Sales $2,000,000
KEY STATISTICS cap rate comparison
Number of Listings 5 Avg. Cap Rate 5.92% Avg. Lease Term Remaining 9 Years Avg. Price $3,449,678 Lowest Cap Rate 5.20% Highest Cap Rate 7.80% transactions Transactions 7 7 Avg. Cap Rate 5.44% 6.10% Avg. Term Remaining 10 Years 12 Years Avg. Sale Price $3,317,889 $2,845,714 H2 2022 H1 2022
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Lubbock TX $3,317,808 6.25% 7 Years 1989 4/28/22 Mishakawa IN $3,244,000 5.25% 14 Years 2015 10/12/22 Topeka KS $2,750,000 7.13% 9 Years 2005 9/30/22 Flint MI $1,000,000 8.53% 3 Years 1979 6/29/22 Savannah GA $2,540,000 6.10% 5 Years 2001 5/17/22 Lansing IL $3,700,000 6.70% 15 Years 1982 4/22/22 Yuma AZ $3,490,000 5.99% 10 Years 2006 3/31/22 Buford GA $3,800,000 5.57% 13 Years 2015 2/15/22 San Marcos CA $1,320,000 5.25% 10 Years 1987 1/25/22 Amarillo TX $2,500,000 5.75% 8 Years 1992 1/18/22 CAP RATE 5 15 10 1
YEARS REMAINING ON LEASE 20 4.00% 5.00% 8.00% 6.00% 7.00%
KEY STATISTICS
Symbol YUM
Rating (S&P) BB
Cap -
cap rate comparison
typical lease structure
Lease Type NNN or Ground Lease
Increases 5-10% Every 5 Years
Term 15-20 Years
SF ±2,700
current on market data
cap rate correlation
recent sales comparables
Net Lease Tenant Report | 24
Stock
Credit
Market
Total
Headquarters
5
10
New
(15-20
Locations ±3,904
Louisville, KY
Years Remaining 5.65%
Years Remaining 5.15%
Construction
Years) 4.65%
Rent
Lease
Avg. Annual
Typical
Avg.
Rent $85,000
Sales -
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Aurora IL $1,397,000 4.75% 20 Years 1985 9/26/22 Liberal KS $1,200,000 4.75% 15 Years 1998 9/15/22 Chicago IL $1,470,000 4.75% 15 Years 2005 9/2/22 Rosenberg TX $1,225,000 4.80% 15 Years 1986 9/1/22 Nottingham MD $1,889,000 4.50% 20 Years 1986 9/1/22 Saint Louis MO $1,375,000 4.80% 14 Years 1983 8/23/22 Dawsonville GA $3,092,000 4.50% 4 Years 2021 8/9/22 Hoffman Estate IL $1,415,000 4.95% 10 Years 1991 8/5/22 Grand Prairie TX $1,800,000 4.55% 16 Years 1997 8/4/22 Ventura CA $3,250,000 4.07% 4 Years 2010 8/1/22
Number of Listings 36 Avg. Cap Rate 5.00% Avg. Lease Term Remaining 13 Years Avg. Price $2,100,000 Lowest Cap Rate 4.00% Highest Cap Rate 5.75% transactions Transactions 32 21 Avg. Cap Rate 4.50% 4.75% Avg. Term Remaining 15 Years 15 Years Avg. Sale Price $2,300,000 $1,900,000 H2 2022 H1 2022
CAP RATE 5 10 1 4.00% 3.00% 5.00% 15 YEARS REMAINING ON LEASE 20
current on market data
cap rate correlation
recent sales comparables
Net Lease Tenant Report | 25
cap rate comparison Stock SymbolCredit Rating (S&P) Private Market Cap Private Total Locations ±390 Headquarters Des Moines, IA 5 Years Remaining 6.00% 10 Years Remaining 5.50% New Construction (15-20 Years) 5.15% typical lease structure Lease Type NNN Rent Increases 7.5% Every 5 Years Lease Term 15 Years Avg. Annual Rent $350,000 Typical SF ±5,300 Avg. Sales $6,500,000
KEY STATISTICS
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Pleasant Hill IA $7,200,000 5.00% 15 Years 2022 12/1/22 Tulsa OK $3,266,000 6.75% 4 Years 2006 10/24/22 Tulsa OK $3,821,000 5.25% 12 Years 2012 10/24/22 Jenks OK $3,334,500 6.61% 4 Years 2006 10/24/22 Williamsburg IA $5,700,000 5.10% 15 Years 2017 10/7/22 Norwalk IA $2,675,000 5.25% 11 Years 2004 10/5/22 Bono AR $3,492,500 5.00% 12 Years 2004 10/5/22 Jonesboro AR $7,770,796 5.18% 18 Years 2021 9/19/22 Joplin MO $4,308,270 5.23% 11 Years 2013 9/8/22 Johnston IA $2,791,000 5.00% 15 Years 1998 8/29/22
Number of Listings 12 Avg. Cap Rate 4.92% Avg. Lease Term Remaining 15 Years Avg. Price $7,192,493 Lowest Cap Rate 4.50% Highest Cap Rate 5.15% transactions Transactions 7 24 Avg. Cap Rate 5.02% 5.30% Avg. Term Remaining 15 Years 12 Years Avg. Sale Price $3,357,372 $5,223,164 H2 2022 H1 2022
CAP RATE 7.00% 6.00% 5 15 10 20 YEARS REMAINING ON LEASE 1 8.00% 4.00% 5.00%
current on market data
cap rate correlation
typical lease structure
Lease Type NN or NNN
10% Every 5 Years
recent sales comparables
SF ±5,000
Net Lease Tenant Report | 26
Stock Symbol MFRM Credit Rating (S&P) NR Market Cap ±$2.39B Total Locations ±2,300 Headquarters Houston, TX 5 Years Remaining 6.18% 10 Years Remaining 5.70% New Construction (15-20
KEY STATISTICS cap rate comparison
Years) -
Avg. Annual
Typical
Avg. Sales
Rent Increases
Lease Term 10 Years
Rent ±$150,000
-
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Aurora CO $1,925,000 5.80% 6 Years 2003 11/16/22 Murrieta CA $3,900,000 6.17% 4 Years 2016 11/15/22 Georgetown TX $7,350,000 5.29% 10 Years 2015 9/9/22 Derby KS $2,000,000 7.76% 5 Years 2015 7/6/22 Indianapolis IN $1,850,000 6.18% 4 Years 2016 12/6/21 Reynoldsburg OH $1,700,000 7.37% 2 Years 2013 5/24/22 Vernon Hills IL $2,820,000 6.64% 5 Years 1980/2015 4/23/22 Vero Beach FL $1,703,500 6.00% 7 Years 2001 7/25/22
Number of Listings 11 Avg. Cap Rate 6.33% Avg. Lease Term Remaining 9 Years Avg. Price $2,370,217 Lowest Cap Rate 6.00% Highest Cap Rate 7.00% transactions Transactions 3 8 Avg. Cap Rate 7.13% 6.46% Avg. Term Remaining 4.3 Years 5 Years Avg. Sale Price $2,386,667 $3,375,000 H2 2022 H1 2022
CAP RATE 7.00% 6.00% 5 15 10 20 YEARS REMAINING ON LEASE 1 8.00% 4.00% 5.00%
current
recent sales comparables
Net Lease Tenant Report | 27
Stock SymbolCredit Rating (S&P) Private Market Cap Private Total Locations ±400 Headquarters Palm Beach Gardens, FL 5 Years Remaining 6.25% 10 Years Remaining 5.95% New Construction (15-20 Years) 4.97%
Lease Type ABS NNN Rent Increases Custom or Varies Lease Term 10-15 Years Avg. Annual Rent ±$180,000 Typical SF ±6,600 Avg. Sales -
KEY STATISTICS cap rate comparison
typical lease structure
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Lynchburg VA $3,240,000 5.00% 14 Years 2020 11/23/21 Winston-Salem NC $3,045,000 5.17% 12 Years 2015 8/31/21 Fort Worth TX $2,761,000 5.88% 8 Years 2007 5/14/21 Burleson TX $4,200,000 5.95% 10 Years 2005 5/13/21 Fredericksburg VA $3,693,207 4.97% 19 Years 2014 5/13/21
Number of Listings 3 Avg. Cap Rate 6.75% Avg. Lease Term Remaining 5 Years Avg. Price $2,998,615 Lowest Cap Rate 6.25% Highest Cap Rate 7.01% transactions Transactions 5Avg. Cap Rate 6.75%Avg. Term Remaining -Avg. Sale Price $2,998,615 -
on market data
CAP RATE 5 15 10 20 YEARS REMAINING ON LEASE 1 6.00% 4.00% 5.00% H2 2022 H1 2022
cap rate correlation
current on market data
recent sales comparables
Net Lease Tenant Report | 28 KEY STATISTICS cap rate comparison Stock Symbol ORLY Credit Rating (S&P) BB+ Market Cap ±$44.7B Total Locations ±5,800 Headquarters Springfield, MO 5 Years Remaining 6.75% 10 Years Remaining 5.85% New Construction (15-20 Years) 5.00%
Lease Type NN or NNN Rent Increases 6% on Year 11 & 10% in Options Lease Term 15 Years Avg. Annual Rent $150,000 Typical SF ±7,500 Avg. Sales $2,300,000
typical lease structure
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Immokalee FL $3,000,000 5.00% 15 Years 2021 2/18/22 Orem UT $2,400,000 4.50% 5 Years 2000 2/18/22 Greenfield OH $2,035,000 5.10% 14 Years 2021 3/15/22 Sun Valley NV $1,520,000 6.10% 5 Years 1997 4/27/22 Minden LA $1,190,000 6.39% 5 Years 2001 5/22/22 Tempe AZ $2,195,000 4.50% 5 Years 1980 7/28/22 Marysville CA $2,476,000 5.00% 5 Years 1997 9/9/22 Midland GA $2,524,865 5.20% 15 Years 2022 10/18/22 Jonesboro GA $1,571,000 5.50% 10 Years 2000 11/15/22 Williston FL $2,210,000 5.15% 15 Years 2022 11/30/22
Number of Listings 36 Avg. Cap Rate 5.35% Avg. Lease Term Remaining 10 Years Avg. Price $2,750,000 Lowest Cap Rate 4.00% Highest Cap Rate 5.75% transactions Transactions 99 60 Avg. Cap Rate 5.45% 5.65% Avg. Term Remaining 8 Years 7 Years Avg. Sale Price $2,165,000 $2,286,000 H2 2022 H1 2022 YEARS REMAINING ON LEASE CAP RATE 5 15 10 1
5.00% 6.00% 8.00% 20 7.00%
cap rate correlation
recent sales comparables
typical lease structure
Net Lease Tenant Report | 29
cap rate comparison Stock Symbol RAD Credit Rating (S&P) CCC Market Cap ±$210M Total Locations ±2,451 Headquarters Camp Hill, PA 5 Years Remaining 9.00% 10 Years Remaining 5.95% New Construction (15-20 Years) -
KEY STATISTICS
Lease Type NN or ABS NNN Rent Increases 5-10% Every 5 Years Lease Term 10-15 Years Avg. Annual Rent ±$294,939 Typical SF ±12,775 Avg. Sales -
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Erie PA $6,000,000 6.30% 10 Years 1999 11/1/22 Detroit MI $2,550,000 6.26% 10 Years 1993 9/23/22 East Palestine OH $2,455,950 6.10% 10 Years 1999 8/30/22 Pittsburg PA $4,772,653 7.50% 6 Years 2000 8/9/22 Renton WA $6,400,000 5.54% 11 Years 2000 9/1/22 Portsmouth VA $5,342,371 7.04% 6 Years 2004 8/9/22 Richmond MI $1,738,000 7.98% 4 Years 1996 8/9/22 Belpre OH $3,600,000 6.57% 11 Years 1999 8/9/22 East Haven CT $7,800,000 8.27% 6 Years 2008 9/29/22 Vermillion OH $1,854,000 8.68% 2 Years 1997 6/28/22
Number of Listings 110 Avg. Cap Rate 7.05% Avg. Lease Term Remaining 7 Years Avg. Price $4,050,000 Lowest Cap Rate 4.05% Highest Cap Rate 9.22% transactions Transactions 55 62 Avg. Cap Rate 6.80% 7.13% Avg. Term Remaining 6 Years 6.5 Years Avg. Sale Price $4,168,504 $4,036,541 H2 2022 H1 2022 YEARS REMAINING ON LEASE CAP RATE 5 15 10 1
current on market data
5.00% 7.00% 9.00% 20 8.00% 6.00%
cap rate correlation
typical lease structure
current on market data
cap rate correlation
recent sales comparables
Net Lease Tenant Report | 30
Stock Symbol Private Credit Rating (S&P) B+ Market Cap ±$1.55B Total Locations ±3,500 Headquarters Oklahoma City, OK 5 Years Remaining 6.25% 10 Years Remaining 5.75% New Construction (15-20 Years) 5.25%
KEY STATISTICS cap rate comparison
Lease Type NNN Rent Increases 5-10% Every 5 Years, Four, 5-Year Options Lease Term 15-20 Years Avg. Annual Rent $120,000 Typical SF ±1,500 Avg. Sales $1,681,000
CITY STATE PRICE CAP TERM LEFT BUILT SOLD London KY $3,015,114 5.22% 20 Years 2017 11/1/22 Rexburg ID $2,375,000 5.14% 15 Years 2010 10/21/22 Fredericksburg VA $2,800,000 5.44% 13 Years 2015 9/30/22 Westmoreland TN $1,315,000 5.32% 10 Years 1997 8/22/22 Houston TX $900,000 6.93% 3 Years 2005 7/25/22 Lawrenceville GA $1,938,000 5.24% 20 Years 2001 6/2/22 Perry FL $2,500,000 4.80% 20 Years 2006 5/11/22 Moultrie GA $2,356,000 5.65% 20 Years 1985 4/7/22 Holly Hill GA $1,412,629 4.83% 10 Years 2004 3/22/22 Saint Charles MO $1,940,000 5.00% 19 Years 2003 1/19/22
Number of Listings 90 Avg. Cap Rate 5.19% Avg. Lease Term Remaining 18 Years Avg. Price $2,111,123 Lowest Cap Rate 4.37% Highest Cap Rate 6.75% transactions Transactions 41 23 Avg. Cap Rate 5.37% 5.44% Avg. Term Remaining 17 Years 16 Years Avg. Sale Price $2,134,639 $2,362,309 H2 2022 H1 2022 YEARS REMAINING ON LEASE CAP RATE 5 15 10 1
20 5.00% 7.00% 6.00%
typical lease structure
current on market data
cap rate correlation
recent sales comparables
Net Lease Tenant Report | 31
cap rate comparison Stock Symbol SBUX Credit Rating (S&P) BBB+ Market Cap ±$119.14B Total Locations ±33,833 Headquarters Seattle, WA 5 Years Remaining 5.60% 10 Years Remaining 5.25% New Construction (15-20 Years) 4.50%
KEY STATISTICS
Lease Type NN or NNN Rent Increases 10% Every 5 Years, 7.5% Every 5 Years Lease Term 10-15 Years Avg. Annual Rent $128,313 Typical SF ±2,500 Avg. Sales -
Number of Listings 126 Avg. Cap Rate 4.87% Avg. Lease Term Remaining 9.2 Years Avg. Price $4,368,030 Lowest Cap Rate 3.00% Highest Cap Rate 10.00% transactions Transactions 46 44 Avg. Cap Rate 4.78% 4.86% Avg. Term Remaining 8.4 Years 8.5 Years Avg. Sale Price $2,994,658 $4,085,808 H2 2022 H1 2022
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Tampa FL $3,844,000 4.25% 10 Years 2016/2022 12/6/22 Kill Devil Hills NC $3,175,000 4.75% 10 Years 2022 11/1/22 San Bernardino CA $4,000,000 3.87% 9 Years 2021 10/25/22 McKinney TX $3,025,000 4.38% 10 Years 2022 10/12/22 Franklin VA $2,340,000 5.30% 10 Years 2022 10/12/22 Stockton CA $3,400,000 3.97% 10 Years 2022 10/10/22 Granite Bay CA $2,870,000 3.97% 10 Years 2001/2022 10/4/22 Columbia City IN $1,980,000 6.00% 10 Years 2022 9/29/22 Coachella CA $3,158,500 4.50% 10 Years 2022 9/28/22 Jacksonville FL $3,650,000 4.46% 10 Years 2014/2022 9/15/22 CAP RATE 5 15 10 1
4.00% YEARS REMAINING ON LEASE 7.00% 20 6.00% 5.00%
current
recent sales comparables
Net Lease Tenant Report | 32 KEY STATISTICS cap rate comparison Stock Symbol YUM Credit Rating (S&P) BB+ Market Cap ±$36.52B Total Locations ±7,000 Headquarters Irvine, CA 5 Years Remaining 5.25% 10 Years Remaining 5.00% New Construction (15-20 Years) 4.75%
Lease
Lease Rent Increases 5-10%
5 Years,
Annually Lease Term 20-25 Years Avg. Annual Rent $120,000 Typical SF ±3,000 Avg. Sales $1,640,000
typical lease structure
Type NNN or Ground
Every
1-2%
Number of Listings 55 Avg. Cap Rate 4.75% Avg. Lease Term Remaining 15 Years Avg. Price $2,445,193 Lowest Cap Rate 3.60% Highest Cap Rate 6.50% transactions Transactions 92 60 Avg. Cap Rate 4.53% 4.86% Avg. Term Remaining 15 Years 12 Years Avg. Sale Price $2,568,382 $2,323,805 H2 2022 H1 2022
on market data
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Long Beach CA $3,696,000 4.00% 19 Years 1972 11/4/22 Portland OR $3,200,000 5.78% 20 Years 1995 11/17/22 Dallas TX $2,830,000 3.89% 25 Years 2017 8/15/22 Lake City FL $3,619,775 4.00% 17 Years 2018 7/16/22 Clearwater FL $2,500,000 4.50% 8 Years 2007 11/16/22 Henderson KY $1,686,746 4.15% 20 Years 2021 7/29/22 Wake Forest NC $2,590,000 4.25% 20 Years 2022 8/8/22 Dunn NC $2,200,000 4.60% 20 Years 2021 12/2/22 Anderson IN $1,350,000 5.00% 11 Years 1996 12/5/22 Pittsburg PA $2,300,000 4.54% 22 Years 2006 8/22/22 CAP RATE 5 15 10 1
4.00% YEARS REMAINING ON LEASE 7.00% 20 5.00% 6.00%
cap rate correlation
current
Net Lease Tenant Report | 33 KEY STATISTICS cap rate comparison Stock Symbol TSCO Credit Rating (S&P) BBB Market Cap ±$24.25B Total Locations ±2,016 Headquarters Brentwood, TN 5 Years Remaining 6.00% 10 Years Remaining 5.65% New Construction (15-20 Years) 5.15%
Lease Type NN Rent Increases 5-10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $300,000 Typical SF ±19,000 Avg. Sales -
typical lease structure
Number of Listings 19 Avg. Cap Rate 5.18% Avg. Lease Term Remaining 12.62 Years Avg. Price $5,819,235 Lowest Cap Rate 4.75% Highest Cap Rate 5.50% transactions Transactions 23 20 Avg. Cap Rate 5.30% 5.45% Avg. Term Remaining 12 Years 13 Years Avg. Sale Price $5,850,000 $6,125,000 H2 2022 H1 2022
on market data
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Fountain Hills AZ $6,251,000 5.45% 8 Years 2015 11/4/22 Sylva NC $5,787,500 4.50% 15 Years 2022 5/26/22 Oakland FL $10,000,000 4.99% 15 Years 2021 2/7/22 Lake Wylie SC $6,840,000 5.00% 15 Years 2021 1/19/22 Belen NM $5,926,622 5.15% 14 Years 2020 12/28/21 Woodruff SC $5,625,000 4.76% 14 Years 2020 12/24/21 Elizabethtown KY $6,096,660 5.18% 12 Years 2018 12/10/21 Garner NC $5,500,000 5.00% 14 Years 2021 2/24/22 Truth or Consequences NM $2,241,731 5.95% 5 Years 1998 6/6/22 Hanford CA $6,436,269 5.20% 8 Years 2015 2/14/22 CAP RATE 5 15 10 1 cap rate correlation 4.00% YEARS REMAINING ON LEASE 7.00% 20 6.00% 5.00%
recent sales comparables
typical lease structure
current on market data
cap rate correlation
recent sales comparables
Net Lease Tenant Report | 34 KEY STATISTICS cap rate comparison Stock Symbol WBA Credit Rating (S&P) BBB Market Cap ±$35B Total Locations ±8,886 Headquarters Deerfield, IL 5 Years Remaining 7.00% 10 Years Remaining 6.00% New Construction (15-20 Years) 5.30%
Number of Listings 365 Avg. Cap Rate 5.50% Avg. Lease Term Remaining 11 Years Avg. Price $5,550,000 Lowest Cap Rate 4.00% Highest Cap Rate 10.95% transactions Transactions 271 318 Avg. Cap Rate 5.60% 5.60% Avg. Term Remaining 10 Years 10 Years Avg. Sale Price $5,792,944 $6,800,000 H2 2022 H1 2022
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Champaign IL $5,800,000 5.05% 12 Years 1998 11/30/22 Tampa FL $5,266,800 4.00% 13 Years 1996 11/16/22 Greenville NC $3,715,000 5.85% 9 Years 2001 10/28/22 Novi MI $4,800,000 5.83% 10 Years 1998 10/18/22 Loganville GA $7,100,000 5.90% 8 Years 2005 9/30/22 Eagle Pass TX $5,258,065 5.00% 15 Years 2014 10/13/22 Fridley MN $3,880,000 6.96% 6 Years 1998 10/12/22 Birmingham AL $4,485,000 6.85% 5 Years 1998 10/5/22 Leominster MA $10,000,000 5.94% 11 Years 2008 9/13/22 Miami FL $35,250,000 4.59% 12 Years 1995 10/20/22 CAP RATE 5 15 10 1
YEARS REMAINING ON LEASE 20 4.00% 5.00% 10.00% 6.00% 7.00% 8.00% 9.00% Lease Type NNN Rent Increases Custom, None or 5% every 5 Years Lease Term 25 Years Avg. Annual Rent $350,000 Typical SF ±14,400 Avg. Deposits -
recent
Net Lease Tenant Report | 35
STATISTICS cap rate comparison Stock Symbol
Credit Rating
Market Cap
Total Locations
Headquarters
5 Years Remaining 5.75% 10 Years Remaining 5.25% New Construction (15-20 Years) 4.75%
KEY
WFC
(S&P) BBB+
±$175.05B
±4,766
San Francisco, CA
Lease
Rent Increases
Lease
Avg. Annual Rent $125,000 Typical SF
Avg. Deposits $75,000,000
typical lease structure
Type NNN
10% Every 5 Years
Term 15 Years
±3,250
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Hendersonville TN $2,420,000 5.00% 10 Years 2006 9/27/22 The Villages FL $4,350,000 4.98% 3 Years 2004 6/21/22 Davie FL $3,960,000 5.00% 4 Years 1977 5/30/22 Fayetteville NC $5,470,000 5.45% 3 Years 1978 5/10/22 Bessemer AL $2,280,000 5.74% 6 Years 2008 4/21/22
sales comparables
data Number of Listings 13 Avg. Cap Rate 5.50% Avg. Lease Term Remaining 8 Years Avg. Price $2,500,000 Lowest Cap Rate 4.00% Highest Cap Rate 6.00% transactions Transactions 5 2 Avg. Cap Rate 5.76% 5.00% Avg. Term Remaining 5 Years 10 Years Avg. Sale Price $3,720,000 $2,475,000 H2 2022 H1 2022 CAP RATE 5 15 10 1 cap rate correlation 4.00% 6.00% YEARS REMAINING ON LEASE 9.00% 20 7.00% 8.00% 5.00%
current on market
current on market data
recent sales comparables
Net Lease Tenant Report | 36 KEY
cap rate comparison Stock Symbol WEN Credit Rating (S&P) B Market Cap ±$4.9B Total Locations ±6,949 Headquarters Dublin, OH 5 Years Remaining 7.25% 10 Years Remaining 6.00% New Construction (15-20 Years) 4.25%
STATISTICS
Lease Type NNN or Ground Lease Rent Increases 5-10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $132,000 Typical SF ±3,200 Avg. Sales $1,900,000
typical lease structure
Number of Listings 29 Avg. Cap Rate 5.30% Avg. Lease Term Remaining 15 Years Avg. Price $2,600,000 Lowest Cap Rate 3.85% Highest Cap Rate 5.95% transactions Transactions 33 20 Avg. Cap Rate 4.90% 4.60% Avg. Term Remaining 16 Years 17 Years Avg. Sale Price $2,900,000 $2,400,000 H2 2022 H1 2022
CITY STATE PRICE CAP TERM LEFT BUILT SOLD Land O'Lakes FL $2,278,481 3.95% 15 Years 2022 1/26/22 Jackson TN $2,711,115 4.75% 18 Years 2000 1/31/22 Tuscaloosa AL $2,440,000 4.18% 17 Years 1996 7/15/22 Morristown TN $3,450,000 4.70% 30 Years 1996 9/30/22 Hopewell VA $2,592,400 4.95% 19 Years 1985 11/1/22 Holland MI $2,950,000 4.75% 18 Years 2020 11/10/22 Jackson TN $2,300,000 5.22% 19 Years 2022 12/6/22 Grand Rapids MI $2,700,000 5.06% 14 Years 2015 2/1/22 Hesperia CA $2,500,000 4.00% 23 Years 2020 10/28/22 Las Cruces NM $3,150,000 4.95% 16 Years 2006 2/22/22 CAP RATE 5 15 10 1 cap rate correlation 4.00% 7.00% YEARS REMAINING ON LEASE 9.00% 20 6.00% 5.00% 8.00%
current on market
typical lease structure
cap rate correlation
Net Lease Tenant Report | 37 KEY STATISTICS cap rate comparison Stock SymbolCredit Rating (S&P) Private Market Cap Private Total Locations ±941 Headquarters Athens, GA 5 Years Remaining 7.50% 10 Years Remaining 6.00% New Construction (15-20 Years) 5.50%
Lease Type NNN Rent Increases 10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $191,712 Typical SF ±3,300 Avg. Sales $2,250,000
data Number of Listings 12 Avg. Cap Rate 5.77% Avg. Lease Term Remaining 17 Years Avg. Price $3,119,219 Lowest Cap Rate 5.35% Highest Cap Rate 6.25% transactions Transactions 7 8 Avg. Cap Rate 6.50% 6.75% Avg. Term Remaining 15 Years 14 Years Avg. Sale Price $2,650,000 $2,850,000 H2 2022 H1 2022 CAP RATE 5 15 10 1
YEARS REMAINING ON LEASE 20 4.00% 5.00% 11.00% 6.00% 7.00% 8.00% 9.00% 10.00%
index
7-Eleven
Alex Goodman (615) 667-0153 • alex.goodman@matthews.com
Advanced Auto Parts Jeff Perkins (646) 216-8104 • jeff.perkins@matthews.com
AutoZone
Bank of America
Bojangles
Buffalo Wild Wings
Burger King
Caliber Collision
Carl’s Jr
Chase Bank
Chili’s
Chipotle
Circle K
CVS
Dollar General
Dunkin’
Firestone Complete Auto Care
Fresenius Medical Care
Goodyear Tires
Kevin McKenna (214) 295-6517 • kevin.mckenna@matthews.com
Gerard Hamas (615) 535-0105 • gerard.hamas@matthews.com
Harrison Wachtler (615) 667-0160
• harrison.wachtler@matthews.com
Saxon Gallegos (949) 945-6007 • saxon.gallegos@matthews.com
Cade Norland (949) 662-2265 • cade.norland@matthews.com
Jake Marthens (949) 544-1724 • jake.marthens@matthews.com
Vincent Renna (949) 207-6396 • vincent.renna@matthews.com
Gerard Hamas (615) 535-0105
• gerard.hamas@matthews.com
Tucker Brock (615) 216-7921 • tucker.brock@matthews.com
Michael Wolsiefer (704) 209-4046
• michael.wolsiefer@matthews.com
Chris Sands (925) 718-7524 • chris.sands@matthews.com
Preston Schwartz (972) 587-9149
Eddie DeSimone (310) 919-5696
• preston.schwartz@matthews.com
• edward.desimone@matthews.com
Jonathon Tako (415) 342-9252
Jake Sandresky (512) 535-1759
Andrew Fagundo (310) 955-5834
Jake Sandresky (512) 535-1759
• jonathon.tako@matthews.com
• jake.sandresky@matthews.com
• andrew.fagundo@matthews.com
• jake.sandresky@matthews.com
Hardee’s Vincent Renna (949) 207-6396 • vincent.renna@matthews.com
Hobby Lobby Ryan Marmoros (216) 255-9337 • ryan.marmoros@matthews.com
Hooters
KFC
Kum & Go
Nathan Roberto (949) 200-7916 • nathan.roberto@matthews.com
Tim Campbell (949) 200-7165 • tim.campbell@matthews.com
Alex Goodman (214) 295-8753 • alex.goodman@matthews.com
Mattress Firm Antonio Sibbio (330) 931-9780 • antonio.sibbio@matthews.com
NTB
O’Reilly Auto Parts
Rite Aid
Antonio Sibbio (330) 931-9780 • antonio.sibbio@matthews.com
Kevin McKenna (214) 295-6517 • kevin.mckenna@matthews.com
Antonio Sibbio (330) 931-9780 • antonio.sibbio@matthews.com
Sonic Saxon Gallegos (949) 945-6007 • saxon.gallegos@matthews.com
Starbucks Jack Morrell (925) 236-3827 • jack.morrell@matthews.com
Taco Bell
Tractor Supply Co.
Walgreens
Wells Fargo
Wendy’s
Zaxby’s
Harrison Wachtler (615) 667-0160 • harrison.wachtler@matthews.com
Ryan Schulten (949) 432-4519 • ryan.schulten@matthews.com
Tarik Fattah (949) 544-1723 • tarik.fattah@matthews.com
Gerard Hamas (615) 535-0105
Vince Chapey (925) 718-7525
Ryan Schulten (949) 432-4519
• gerard.hamas@matthews.com
• vincent.chapey@matthews.com
• ryan.schulten@matthews.com
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