net lease tenant report
W W W. M AT T H E W S . C O M
current on market data Number of Properties
29
Avg. Cap Rate
4.60%
Avg. Lease Term Remaining
13 Years
Avg. Price
$5,100,000
Lowest Cap Rate
3.50%
Highest Cap Rate
9.50%
cap rate correlation KEY STATISTICS Credit Rating
A
Market Cap
±$38.63B
Total Locations
±78,000
Headquarters
Dallas, TX
CAP RATE
7.00% 6.00% 5.00% 4.00%
1
5
5.50%
10 Years Remaining
4.85%
New Construction (15-20 Years)
4.25%
20
15
transactions
cap rate comparison 5 Years Remaining
10 YEARS REMAINING ON LEASE
2021
H1 2022
Transactions
150
66
Avg. Cap Rate
4.82%
4.50%
Avg. Term Remaining
11 Years
12 Years
Avg. Sale Price
$4,301,315
$2,515,200
recent sales comparables typical lease structure Lease Type
NNN or Ground Lease
Rent Increases
5-10% Every 5 Years
Lease Term
15 Years
Avg. Annual Rent
$300,000
Typical SF
±3,010
Avg. Sales
$2,620,216
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Dallas
TX
$3,641,000
4.24%
11 Years
2018
4/20/22
Chula Vista
CA
$1,875,000
4.22%
3 Years
1960
4/20/22
Victoria
TX
$2,267,000
4.50%
15 Years
1956
4/19/22
Fort Worth
TX
$7,381,000
4.00%
15 Years
2022
4/15/22
Kissimmee
FL
$7,200,000
4.01%
15 Years
2021
4/14/22
Westlake
FL
$12,192,000
4.00%
15 Years
2021
4/14/22
Jacksonville
FL
$3,700,000
4.15%
7 Years
2013
4/8/22
La Grange
IL
$2,699,946
5.65%
6 Years
1997
4/6/22
Gardena
CA
$6,900,000
3.96%
15 Years
2021
4/4/22
Blacksburg
SC
$8,032,967
4.55%
15 Years
2021
4/1/22
Net Lease Tenant Report | 2
current on market data Number of Properties
19
Avg. Cap Rate
6.10%
Avg. Lease Term Remaining Avg. Price
7 Years $2,200,000
Lowest Cap Rate
4.70%
Highest Cap Rate
7.50%
cap rate correlation
KEY STATISTICS 8.00%
BBB-
Market Cap
±$12.68B
Total Locations
±5,500
Headquarters
Raleigh, NC
7.00%
CAP RATE
Credit Rating
6.00% 5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions
cap rate comparison 5 Years Remaining
6.50%
10 Years Remaining
5.75%
New Construction (15-20 Years)
5.00%
2021
H1 2022
Transactions
294
101
Avg. Cap Rate
6.90%
6.50%
Avg. Term Remaining
7 Years
6 Years
Avg. Sale Price
$2,500,000
$2,100,000
recent sales comparables
typical lease structure CITY
STATE
PRICE
CAP
Lease Type
NN
TERM LEFT BUILT
SOLD
Kernersville
NC
$1,410,000
5.58%
9 Years
2022
4/25/22
Rent Increases
Flat
San Benito
TX
$1,120,000
6.84%
5 Years
2005
4/6/22
Lease Term
15 Years
Loris
SC
$1,420,000
6.18%
4 Years
2004
3/24/22
Waterloo
IA
$934,500
7.49%
2 Years
2000
1/28/22
Avg. Annual Rent
$105,000
Galax
VA
$931,111
6.30%
9 Years
1996
2/10/22
Typical SF
±7,000
Newnan
GA
$1,800,000
5.87%
10 Years
2010
3/2/22
Avg. Sales
$1,600,000
Charlotte
NC
$1,990,000
5.79%
10 Years
1998
2/22/22
Coal City
IL
$1,650,000
7.05%
9 Years
2012
3/24/21
Dolton
IL
$1,219,600
6.20%
8 Years
2005
11/24/21
Net Lease Tenant Report | 3
current on market data Number of Properties
19
Avg. Cap Rate
6.50%
Avg. Lease Term Remaining Avg. Price
11 Years $3,400,000
Lowest Cap Rate
5.00%
Highest Cap Rate
9.00%
cap rate correlation KEY STATISTICS
8.00%
-
Market Cap
±$1.261B
Total Locations
±1,680
Headquarters
Glendale, CA
7.00%
CAP RATE
Credit Rating
6.00% 5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
7.25%
10 Years Remaining
6.75%
New Construction (15-20 Years)
6.10%
2021
H1 2022
Transactions
44
47
Avg. Cap Rate
7.20%
6.4%
Avg. Term Remaining
13 Years
11 Years
Avg. Sale Price
$2,578,749
$2,326,572
recent sales comparables
typical lease structure Lease Type
NNN
Rent Increases
10% Every 5 Years
Lease Term
20 Years
Avg. Annual Rent
$180,000
Typical SF
±5,000
Avg. Sales
$2,626,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Lincoln
NE
$3,217,000
6.60%
15 Years
1999
4/7/22
Rochester
MN
$4,150,000
6.72%
6 Years
2000
3/16/22
Tampa
FL
$2,950,000
7.47%
6 Years
1999
1/3/22
Cortland
NY
$3,747,500
7.00%
16 Years
2001
12/30/21
Oklahoma City
OK
$2,308,000
5.85%
25 Years
1999
12/17/21
Moreno Valley
CA
$2,816,000
4.75%
10 Years
2006
10/15/21
Beaver Dam
WI
$3,038,600
6.00%
25 Years
2015
9/28/21
Springfield
OH
$2,549,000
6.75%
15 Years
1995
7/22/21
Pewaukee
WI
$1,630,000
6.64%
13 Years
1998
6/16/21
Winchester
KY
$1,450,000
7.25%
11 Years
2003
6/7/21
Net Lease Tenant Report | 4
current on market data Number of Properties
31
Avg. Cap Rate
4.80%
Avg. Lease Term Remaining Avg. Price
14 Years $2,800,000
Lowest Cap Rate
3.80%
Highest Cap Rate
6.80%
cap rate correlation
KEY STATISTICS 8.00%
Credit Rating
BBB-
Market Cap
-
Total Locations
±3,300
5.00%
Headquarters
Atlanta, GA
4.00%
CAP RATE
7.00% 6.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions
cap rate comparison 5 Years Remaining
5.50%
10 Years Remaining
5.00%
New Construction (15-20 Years)
4.50%
2021
H1 2022
Transactions
236
58
Avg. Cap Rate
5.40%
5.10%
Avg. Term Remaining
11 Years
10 Years
Avg. Sale Price
$1,700,000
$2,015,000
recent sales comparables
typical lease structure Lease Type
NNN
Rent Increases
10% Every 5 Years
Lease Term
20 Years
Avg. Annual Rent
$96,120
Typical SF
2,500 - 3,500
Avg. Sales
$1,250,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Kent
WA
$3,500,000
5.65%
14 Years
2016
2/24/22
Warren
MI
$2,040,380
5.25%
10 Years
1980
5/4/22
De Pere
WI
$1,732,000
4.85%
10 Years
2017
4/14/22
Des Moines
IA
$2,438,400
5.00%
13 Years
2015
4/15/22
Lubbock
TX
$2,888,888
4.50%
19 Years
2021
3/7/22
Canton
MI
$1,735,000
5.15%
10 Years
2003
3/7/22
Covington
GA
$2,195,000
4.78%
13 Years
1991
3/14/22
Norcross
GA
$2,522,700
4.40%
15 Years
1985
1/19/22
Indianapolis
IN
$1,585,000
5.95%
10 Years
1993
1/6/22
Peoria
AZ
$3,059,000
4.25%
19 Years
2001
4/11/22
Net Lease Tenant Report | 5
current on market data Number of Properties
15
Avg. Cap Rate
4.70%
Avg. Lease Term Remaining
9 Years
Avg. Price
$2,000,000
Lowest Cap Rate
3.85%
Highest Cap Rate
7.40%
cap rate correlation KEY STATISTICS Credit Rating
BBB
Market Cap
±$39.22B
Total Locations
±6,116
Headquarters
Memphis, TN
CAP RATE
7.00% 6.00% 5.00% 4.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
5.50%
10 Years Remaining
4.50%
New Construction (15-20 Years)
4.00%
Ground Lease or NNN
Rent Increases
Custom
Lease Term
15 Years
Avg. Annual Rent
$90,000
Typical SF
±7,200
Avg. Sales
H1 2022
Transactions
103
55
Avg. Cap Rate
4.85%
5.0%
Avg. Term Remaining
8 Years
8 Years
Avg. Sale Price
$1,983,147
$1,873,721
recent sales comparables
typical lease structure Lease Type
2021
$2,200,000
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Bradenton
FL
$1,665,000
4.00%
15 Years
2012
12/14/21
New Babylon
NY
$3,940,000
5.23%
7 Years
2001
12/1/21
Union City
GA
$1,625,000
4.00%
15 Years
2021
10/14/21
Aberdeen
WA
$2,362,000
5.25%
6 Years
2014
10/7/21
Cleveland
OH
$1,372,000
4.24%
15 Years
2005
8/30/21
Orlando
FL
$1,667,000
3.75%
15 Years
2021
8/10/21
San Bernardino
CA
$2,330,000
5.15%
5 Years
1986
6/28/21
Seattle
WA
$3,780,000
4.79%
9 Years
1967/2008
6/28/21
Claremont
NH
$1,065,000
6.00%
2 Years
2003
1/18/21
Livermore
CA
$3,653,000
4.60%
10 Years
1967/2008
1/8/21
Net Lease Tenant Report | 6
current on market data Number of Properties
10
Avg. Cap Rate
5.10%
Avg. Lease Term Remaining
7 Years
Avg. Price
$4,400,000
Lowest Cap Rate
3.50%
Highest Cap Rate
7.50%
cap rate correlation 9.00%
KEY STATISTICS Credit Rating
A-
Market Cap
±$299.72B
Total Locations
±4,300
Headquarters
CAP RATE
8.00% 7.00% 6.00% 5.00% 4.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
Charlotte, NC
transactions 2021
H1 2022
Transactions
49
41
Avg. Cap Rate
5.30%
5.35%
Avg. Term Remaining
10 Years
11 Years
Avg. Sale Price
$3,220,249
$4,038,684
cap rate comparison 5 Years Remaining
6.00% - 6.50%
10 Years Remaining
5.00% - 5.50%
New Construction (15-20 Years)
4.00% - 4.50%
typical lease structure Lease Type
Ground Lease or NNN
Rent Increases
10% Every 5 Years
Lease Term
15 - 20 Years
Avg. Annual Rent
$180,000
Typical SF
±4,000 - 6,000
Avg. Sales
$75,000,000 in Deposits
recent sales comparables CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Saint Paul
MN
$6,000,000
5.08%
14 Years
2020
4/12/22
Seneca
SC
$2,025,000
6.17%
8 Years
1993
6/18/21
Redding
CA
$1,625,000
5.14%
3 Years
1992
8/13/21
Port Jervis
NY
$1,400,000
8.95%
1 Year
1992
6/11/21
Columbus
OH
$1,920,000
4.25%
15 Years
2021
3/1/22
Rancho Cucamonga
CA
$6,150,000
5.33%
6 Years
1975
1/25/22
Pittsburgh
PA
$7,295,000
4.25%
17 Years
2018
1/6/22
San Antonio
TX
$5,000,000
4.40%
13 Years
2020
12/14/21
Chicago
IL
$4,500,000
6.00%
4 Years
2008
1/21/22
Orlando
FL
$3,625,000
6.92%
2 Years
2004
2/23/22
Net Lease Tenant Report | 7
current on market data Number of Properties
3
Avg. Cap Rate
6.50%
Avg. Lease Term Remaining
5 Years
Avg. Price
$7,470,000
Lowest Cap Rate
5.00%
Highest Cap Rate
10.00%
KEY STATISTICS
cap rate correlation BBB+
Market Cap
±$21.62B
Total Locations
±984
Headquarters
Richfield, MN
9.00%
CAP RATE
Credit Rating
8.00%
7.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
cap rate comparison 5 Years Remaining
7.75%
10 Years Remaining
7.15%
New Construction (15-20 Years)
-
transactions 2021
H1 2022
Transactions
44
15
Avg. Cap Rate
8.11%
7.10%
Avg. Term Remaining
5 Years
5 Years
Avg. Sale Price
$6,120,000
$6,677,500
typical lease structure Lease Type
NNN
Rent Increases
Custom
Lease Term
15 Years
Avg. Annual Rent
$675,000
Typical SF
±45,996
Avg. Sales
$13,500,000
recent sales comparables CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Kohler
WI
$4,680,000
6.58%
14 Years
2006
4/4/22
Lake Geneva
WI
$4,560,000
8.60%
2 Years
2008
3/29/22
Peoria
IL
$7,970,000
9.23%
3 Years
2003
3/16/22
Glendale
AZ
$9,500,000
7.10%
8 Years
1994
2/28/22
Grand Junction
CO
$4,700,000
7.51%
5 Years
2006
12/28/21
Metairie
LA
$15,100,000
7.49%
8 Years
2003
9/15/21
Brownsville
TX
$7,530,000
7.50%
5 Years
2001
6/25/21
Net Lease Tenant Report | 8
current on market data Number of Properties
9
Avg. Cap Rate
6.00%
Avg. Lease Term Remaining
8 Years
Avg. Price
$2,700,000
Lowest Cap Rate
4.00%
Highest Cap Rate
7.60%
cap rate correlation KEY STATISTICS Credit Rating
Private
Market Cap
Private
Total Locations
±790
Headquarters
Charlotte, NC
CAP RATE
7.00%
6.00%
5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
6.75%
10 Years Remaining
6.00%
New Construction (15-20 Years)
≥5.50%
2020
2021
H1 2022
Transactions
12
48
21
Avg. Cap Rate
6.50%
5.90%
5.70%
Avg. Term Remaining
12 Years
11 Years
15 Years
Avg. Sale Price
$2,000,000
$2,500,000
$2,580,000
recent sales comparables
typical lease structure Lease Type
NNN
Rent Increases
5% - 10% Every 5 Years or 1% - 2% Annually
Lease Term
15 - 20 Years
Avg. Annual Rent
$1,350,000
Typical SF
±3,700
Avg. Sales
$1,900,000
CITY
STATE
PRICE
CAP
TERM LEFT
SOLD
Beaufort
SC
$2,400,000
6.15%
14 Years
12/29/21
Mt. Airy
NC
$1,451,613
6.20%
7 Years
11/30/21
Lincolnton
NC
$3,157,895
4.75%
15 Years
11/18/21
Spartanburg
SC
$3,135,000
5.58%
7 Years
11/5/21
Charlotte
NC
$3,190,964
5.40%
7 Years
11/3/21
Knoxville
TN
$2,991,453
5.85%
15 Years
10/18/21
Mt. Pleaseant
SC
$2,991,453
5.10%
12.5 Years
10/15/21
Augusta
GA
$2,500,000
7.85%
13 Years
10/14/21
Mebane
NC
$2,812,500
5.00%
14 Years
9/29/21
Greenville
SC
$2,400,000
5.69%
8 Years
9/20/21
Net Lease Tenant Report | 9
current on market data Number of Properties
3
Avg. Cap Rate
6.00%
Avg. Lease Term Remaining Avg. Price
9 Years $2,700,000
Lowest Cap Rate
5.70%
Highest Cap Rate
6.40%
cap rate correlation KEY STATISTICS
8.00%
-
Market Cap
±$2.437B
Total Locations
±1,220
Headquarters
Atlanta, GA
7.00%
CAP RATE
Credit Rating
6.00% 5.00%
5
1
10
15
20
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
30
21
Avg. Cap Rate
6.26%
5.70%
5 Years Remaining
6.50%
10 Years Remaining
6.00%
Avg. Term Remaining
9 Years
12 Years
New Construction (15-20 Years)
5.50%
Avg. Sale Price
$3,144,507
$2,334,772
recent sales comparables
typical lease structure Lease Type
NN or NNN
Rent Increases
10% Every 5 Years Three, 5-Year Options
Lease Term
10 or 15 Years
Avg. Annual Rent
$202,258
Typical SF
±6,438
Avg. Sales
$2,521,758
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Rome
GA
$3,150,000
6.00%
15 Years
2022
3/30/22
Cumberland
MD
$4,200,000
6.75%
9 Years
2016
12/20/21
Findlay
OH
$2,667,000
6.17%
10 Years
2002
12/10/21
Hattiesburg
MS
$3,664,000
6.55%
10 Years
2002
11/23/21
Clovis
NM
$3,400,000
6.40%
6 Years
2017
11/23/21
McAllen
TX
$4,360,000
6.68%
5 Years
2011
11/4/21
Abilene
TX
$4,583,333
6.00%
15 Years
2015
9/15/21
Austin
TX
$4,025,000
7.57%
3 Years
1978
7/15/21
Fresno
CA
$2,500,000
6.00%
5 Years
1995
6/10/21
Montgomery
AL
$2,376,146
5.45%
9 Years
2015
4/30/21
Net Lease Tenant Report | 10
current on market data Number of Properties
39
Avg. Cap Rate
5.00%
Avg. Lease Term Remaining
13 Years
Avg. Price
$2,800,000
Lowest Cap Rate
3.00%
Highest Cap Rate
9.00%
cap rate correlation
KEY STATISTICS Credit Rating
BB-
Market Cap
±$17.8B
Total Locations
±7,257
Headquarters
Miami, FL
CAP RATE
6.00%
5.00%
4.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
5.75%
10 Years Remaining
5.25%
New Construction (15-20 Years)
4.75%
2021
H1 2022
Transactions
93
85
Avg. Cap Rate
5.20%
5.30%
Avg. Term Remaining
12 Years
12 Years
Avg. Sale Price
$2,145,285
$3,157,096
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
5 - 10% Every 5 Years
Lease Term
20 Years
Avg. Annual Rent
$110,000
Typical SF
±2,500
Avg. Sales
$1,400,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Topeka
KS
$2,300,000
5.00%
15 Years
1985
5/5/22
Vero Beach
FL
$3,450,000
4.15%
20 Years
2020
4/22/22
Lake Worth
FL
$2,700,000
4.25%
15 Years
1987
4/20/22
Twentynine Palms
CA
$2,620,000
4.00%
15 Years
1988
4/1/22
Lawton
OK
$2,100,000
5.00%
12 Years
1996
3/29/22
Burbank
IL
$1,900,000
4.00%
17 Years
2020
3/28/22
Bridgeport
WV
$3,450,000
5.53%
10 Years
1986
3/23/22
Fairfield
CA
$2,130,000
4.50%
11 Years
1986
3/16/22
San Antonio
TX
$3,010,000
4.25%
18 Years
2000
3/11/22
Lee's Summit
MO
$1,850,000
5.32%
17 Years
1999
2/25/22
Net Lease Tenant Report | 11
current on market data Number of Properties
7
Avg. Cap Rate
4.60%
Avg. Lease Term Remaining
7 Years
Avg. Price
$2,700,000
Lowest Cap Rate
3.50%
Highest Cap Rate
5.50%
cap rate correlation KEY STATISTICS
7.00%
Private
Market Cap
Private
Total Locations
±1,100
Headquarters
Franklin, TN
6.00% CAP RATE
Credit Rating
5.00% 4.00% 3.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
5.75%
10 Years Remaining
5.00%
New Construction (15-20 Years)
4.25%
2021
H1 2022
Transactions
26
24
Avg. Cap Rate
4.30%
4.30%
Avg. Term Remaining
14 Years
11 Years
Avg. Sale Price
$3,000,000
$3,567,257
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
10% Every 5 Years
Lease Term
20 Years
Avg. Annual Rent
$116,810
Typical SF
±3,100
Avg. Sales
$1,300,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Prescott Valley
AZ
$2,961,000
5.25%
10 Years
2012
3/4/22
Las Vegas
NV
$3,600,000
5.00%
5 Years
1980
3/4/22
Henderson
NV
$3,380,000
5.51%
8 Years
2010
2/3/22
Escondido
CA
$2,625,000
3.98%
2.5 Years
1985
4/8/22
Barstow
CA
$4,130,000
5.32%
20 Years
2000
9/15/21
Inglewood
CA
$5,625,000
4.00%
4 Years
1989
9/7/21
Las Vegas
CA
$3,120,000
5.00%
10 Years
1983
8/19/21
Tucson
AZ
$2,192,871
5.09%
8 Years
1999
5/26/21
Anaheim
CA
$4,800,000
3.75%
20 Years
2000
5/11/21
Oceanside
CA
$2,725,000
4.24%
5.5 Years
2005
4/8/21
Net Lease Tenant Report | 12
current on market data Number of Properties
16
Avg. Cap Rate
4.40%
Avg. Lease Term Remaining
10 Years
Avg. Price
$5,600,000
Lowest Cap Rate
3.50%
Highest Cap Rate
6.00%
cap rate correlation KEY STATISTICS
8.00%
A-
Market Cap
±$364.3B
Total Locations
±4,925
Headquarters
New York, NY
CAP RATE
Credit Rating
7.00% 6.00% 5.00% 4.00% 3.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
35
28
5 Years Remaining
5.50%
Avg. Cap Rate
4.70%
4.30%
10 Years Remaining
4.25%
Avg. Term Remaining
10 Years
13 Years
New Construction (15-20 Years)
3.85%
Avg. Sale Price
$3,700,000
$3,700,000
recent sales comparables typical lease structure Lease Type
NNN or Ground Lease
Rent Increases
10% Every 5 Years
Lease Term
15 - 20 Years
Avg. Annual Rent
$197,600
Typical SF
±3,500
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Ridgeland
MS
$3,840,000
4.00%
15 Years
2022
5/2/22
Providence
RI
$2,710,000
4.00%
15 Years
2021
4/20/22
Peoria
AZ
$5,450,000
4.57%
6 Years
2008
1/31/22
Seattle
WA
$14,400,000
3.80%
23 Years
2021
1/21/22
Schiller Park
IL
$3,050,000
4.94%
10 Years
2012
1/5/22
Kissimmee
FL
$4,080,000
3.80%
15 Years
2021
12/30/21
Denver
CO
$3,300,000
4.35%
4 Years
2006
12/27/21
Carson
CA
$4,450,000
4.61%
5 Years
2006
12/23/21
Chicago
IL
$3,400,000
5.69%
12 Years
2014
12/13/21
Long Branch
NJ
$3,780,000
5.38%
4 Years
2006
12/8/21
Net Lease Tenant Report | 13
current on market data Number of Properties
6
Avg. Cap Rate
3.70%
Avg. Lease Term Remaining
16 Years
Avg. Price
KEY STATISTICS Credit Rating
Private
Market Cap
Private
Total Locations
±2,797
Headquarters
Atlanta, GA
5.00%
10 Years Remaining
4.00%
New Construction (15-20 Years)
3.50%
typical lease structure Lease Type
NNN
Rent Increases
10% Every 5 Years
Lease Term
15 - 20 Years
Avg. Annual Rent
$140,000
Typical SF
±4,500
Avg. Sales
$8,100,000
Lowest Cap Rate
3.50%
Highest Cap Rate
4.00%
transactions
cap rate comparison 5 Years Remaining
$4,700,000
2021
H1 2022
Transactions
51
22
Avg. Cap Rate
4.08%
3.70%
Avg. Term Remaining
12 Years
15 Years
Avg. Sale Price
$4,000,000
$3,600,000
recent sales comparables CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Beckley
WV
$2,535,067
3.75%
11 Years
2017
5/6/22
Alexander City
AL
$4,660,000
4.08%
15 Years
2021
4/7/22
Wichita Falls
TX
-
-
-
-
4/7/22
West Covina
CA
$8,580,000
3.40%
-
2019
3/16/22
La Place
LA
$3,067,000
3.75%
15 Years
2021
3/15/22
Carson
CA
$9,900,000
3.54%
20 Years
2021
2/15/22
Woodbury
MN
$3,666,000
4.00%
15 Years
2021
2/9/22
Palestine
TX
$6,326,000
-
14 Years
2020
1/4/22
Vestavia
AL
$3,667,000
3.50%
15 Years
2021
12/23/21
Palm Desert
CA
$7,246,000
3.45%
15 Years
2022
12/22/21
Net Lease Tenant Report | 14
current on market data Number of Properties
12
Avg. Cap Rate
4.26%
Avg. Lease Term Remaining Avg. Price
12 Years $3,151,060
Lowest Cap Rate
3.40%
Highest Cap Rate
5.42%
cap rate correlation
KEY STATISTICS -
Market Cap
±$37B
Total Locations
±2,966
Headquarters
Newport Beach, CA
6.00% 5.00%
CAP RATE
Credit Rating
4.00% 3.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions
cap rate comparison
2021
H1 2022
5 Years Remaining
5.10%
Transactions
43
24
10 Years Remaining
4.91%
Avg. Cap Rate
4.50%
4.40%
New Construction (15-20 Years)
4.35%
Avg. Term Remaining
13 Years
13 Years
Avg. Sale Price
$2,910,465
$3,000,000
recent sales comparables
typical lease structure Lease Type
NNN
Rent Increases
10% Every 5 Years
Lease Term
15 or 20 Years
Avg. Annual Rent
$125,200
Typical SF
±2,000
Avg. Sales
$2,200,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Los Banos
CA
$2,755,000
4.08%
15 Years
2021
5/6/21
Syracuse
NY
$1,629,000
5.40%
11 Years
2015
1/28/21
Decatur
IL
$1,646,000
5.25%
14 Years
2019
2/1/21
Jackson
TN
$2,925,000
4.17%
15 Years
2021
3/21/22
Brunswick
GA
$3,058,823
4.25%
15 Years
2021
3/1/22
Greenville
OH
$2,200,000
4.68%
15 Years
2022
3/1/22
Chicago
IL
$3,600,000
4.00%
15 Years
2013
3/28/22
Roanoke
TX
$3,662,000
3.55%
18 Years
2019
3/25/22
Smyrna
TN
$3,800,000
4.10%
-
2013
3/23/22
Orlando
FL
$2,275,000
4.88%
7 Years
2004
3/23/22
Net Lease Tenant Report | 15
current on market data Number of Properties
16
Avg. Cap Rate
5.40%
Avg. Lease Term Remaining
7 Years
Avg. Price
$3,000,000
Lowest Cap Rate
4.15%
Highest Cap Rate
7.40%
cap rate correlation KEY STATISTICS
8.00%
BBB
Market Cap
±47.61B
Total Locations
±15,000
Headquarters
Laval, Quebec, Canada
7.00% CAP RATE
Credit Rating
6.00% 5.00% 4.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
51
37
5 Years Remaining
6.90%
Avg. Cap Rate
6.70%
5.90%
10 Years Remaining
5.35%
Avg. Term Remaining
7 Years
6.5 Years
New Construction (15-20 Years)
4.70%
Avg. Sale Price
$1,630,000
$1,964,640
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
Custom
Lease Term
10 - 20 Years
Avg. Annual Rent
$115,000
Typical SF
±3,000
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Raleigh
NC
$3,900,000
5.05%
20 Years
1999
3/29/22
Phoenix
AZ
$2,100,000
4.29%
17 Years
1985
3/23/22
Dolton
IL
$3,100,000
6.50%
15 Years
1998
1/31/22
Decatur
GA
$6,400,000
5.55%
15 Years
2020
12/30/21
Casselbury
FL
$1,400,000
6.50%
4.7 Years
1986
12/30/21
Forrest Park
GA
$4,100,000
5.75%
15 Years
2014
12/16/21
Land O Lakes
FL
$4,400,000
4.44%
20 Years
2021
10/13/21
Hixson
TN
$1,900,000
6.90%
3 Years
1990
10/4/21
Tampa
FL
$1,700,000
5.37%
10 Years
1987
9/13/21
Clearwater
FL
$3,800,000
4.50%
19.7 Years
1983
6/21/21
Net Lease Tenant Report | 16
current on market data Number of Properties
118
Avg. Cap Rate
5.00%
Avg. Lease Term Remaining
10 Years
Avg. Price
$7,000,000
Lowest Cap Rate
4.25%
Highest Cap Rate
6.25%
cap rate correlation KEY STATISTICS
8.00%
BBB
Market Cap
±$116.26B
Total Locations
±9,932
Headquarters
Woonsocket, RI
7.00% CAP RATE
Credit Rating
6.00% 5.00% 4.00%
1
5
15
10
20
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
6.50%
10 Years Remaining
5.25%
New Construction (15-20 Years)
4.50%
2021
H1 2022
Transactions
324
100
Avg. Cap Rate
4.80%
5.10%
Avg. Term Remaining
16 Years
10 Years
Avg. Sale Price
$7,200,000
$5,700,000
recent sales comparables typical lease structure Lease Type
NN or NNN
Rent Increases
Flat or 5% in Options
Lease Term
25 Years
Avg. Annual Rent
$350,000
Typical SF
±12,000
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Cleveland
OH
$5,760,000
5.00%
10 Years
2000
12/29/21
Jacksonville
FL
$6,540,000
5.48%
10 Years
2010
12/28/21
Johnstown
PA
$4,950,000
4.58%
20 Years
2015
12/27/21
Olathe
KS
$7,770,000
5.40%
15 Years
2009
12/23/21
Nocatee
FL
$11,360,000
4.14%
20 Years
2021
12/22/21
Columbus
OH
$2,430,000
4.61%
10 Years
1999
12/22/21
Watertown
CT
$4,550,000
4.70%
19 Years
2013
12/13/21
Macon
GA
$6,930,000
5.65%
13 Years
2009
12/10/21
Leigh Acres
FL
$4,500,000
4.22%
20 Years
1999
11/18/21
South Jordan
UT
$4,750,000
4.00%
19 Years
2015
10/19/21
Net Lease Tenant Report | 17
current on market data Number of Properties
28
Avg. Cap Rate
5.82%
Avg. Lease Term Remaining
12 Years
Avg. Price
$3,898,798
Lowest Cap Rate
4.25%
Highest Cap Rate
10.25%
cap rate correlation KEY STATISTICS
9.00%
BB
Market Cap
±$10.3B
Total Locations
±2,600
Headquarters
Denver, CO
8.00% CAP RATE
Credit Rating
7.00% 6.00% 5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
103
22
5 Years Remaining
7.00%
Avg. Cap Rate
6.10%
5.00%
10 Years Remaining
5.75%
Avg. Term Remaining
-
-
New Construction (15-20 Years)
5.25%
Avg. Sale Price
$3,500,000
$4,200,000
recent sales comparables typical lease structure Lease Type
NN or NNN
Rent Increases
10% Every 5 Years, 1 - 2% Annual
Lease Term
15 Years
Avg. Annual Rent
$265,048
Typical SF
±6,000 - 12,500
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Springville
AL
$1,255,000
7.00%
4 Years
2012
4/29/22
Pomona
CA
$7,730,000
5.12%
7 Years
2014
2/18/22
Watertown
WI
$3,120,000
4.65%
12 Years
2019
1/5/22
El Paso
TX
$895,000
6.25%
11 Years
2011
12/22/21
Fresno
CA
$7,191,667
4.50%
15 Years
2021
11/18/21
Elizabeth
NC
$4,500,000
5.41%
10 Years
2016
9/16/21
Florissant
MO
$4,380,952
5.25%
14 Years
2020
6/30/21
Houston
TX
$4,408,391
6.40%
5 Years
1933
9/14/21
Saginaw
MI
$1,800,000
6.00%
12 Years
2012
6/18/21
West Palm Beach
FL
$1,825,000
5.99%
7 Years
1973
5/24/21
Net Lease Tenant Report | 18
current on market data Number of Properties
166
Avg. Cap Rate
5.55%
Avg. Lease Term Remaining
9 Years
Avg. Price
$1,750,000
Lowest Cap Rate
4.50%
Highest Cap Rate
9.00%
cap rate correlation KEY STATISTICS Credit Rating
BBB
Market Cap
±$56B
Total Locations
±17,250
Headquarters
Goodlettsville, TN
CAP RATE
8.00% 7.00% 6.00% 5.00%
1
5
15
10
20
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
1,338
352
5 Years Remaining
6.25%
Avg. Cap Rate
6.25%
5.90%
10 Years Remaining
5.65%
Avg. Term Remaining
7 Years
6 Years
New Construction (10 Years)
5.25%
Avg. Sale Price
$1,500,000
$1,896,793
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
Custom, 10% in Options
Lease Term
15 Years
Avg. Annual Rent
$90,000
Typical SF
±9,100 - 10,640
Avg. Sales
$1,800,000
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Panama City
FL
$2,977,894
4.65%
15 Years
2021
2/24/22
Broken Arrow
OK
$1,910,000
4.98%
14 Years
2020
12/17/21
Lillington
NC
$1,675,000
5.35%
13 Years
2019
1/25/22
Wilmer
AL
$1,700,000
5.50%
12 Years
2018
12/20/21
Rocky Mount
VA
$1,850,000
5.64%
11 Years
2017
2/18/22
Mountain Home
AR
$1,439,575
5.65%
10 Years
2016
3/11/22
Ocean Springs
MS
$1,913,044
5.75%
9 Years
2015
10/26/21
Indianapolis
IN
$1,600,000
5.91%
8 Years
2014
8/17/21
Ridgely
MD
$1,825,000
6.17%
7 Years
2013
8/19/21
Wayne City
IL
$1,342,600
6.30%
6 Years
2012
10/10/21
Net Lease Tenant Report | 19
current on market data Number of Properties
10
Avg. Cap Rate
6.25%
Avg. Lease Term Remaining
9 Years
Avg. Price
$2,300,000
Lowest Cap Rate
4.75%
Highest Cap Rate
10.00%
cap rate correlation
KEY STATISTICS Credit Rating
BBB-
Market Cap
±$36.5B
Total Locations
±15,500
Headquarters
Chesapeake, VA
CAP RATE
9.00% 8.00% 7.00% 6.00%
1
5
7.15%
10 Years Remaining
6.15%
New Construction (10 Years)
6.15%
20
15
transactions
cap rate comparison 5 Years Remaining
10 YEARS REMAINING ON LEASE
2021
H1 2022
Transactions
64
50
Avg. Cap Rate
7.00%
6.30%
Avg. Term Remaining
7 Years
9 Years
Avg. Sale Price
$1,800,000
$2,000,000
recent sales comparables typical lease structure Lease Type
NN
Rent Increases
Custom, $0.50/SF in Options
Lease Term
10 Years
Avg. Annual Rent
$110,000
Typical SF
±10,500
Avg. Sales
$1,700,000
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Mauldin
SC
$2,600,000
5.80%
10 Years
2020
3/1/22
Redford
MI
$1,617,034
7.10%
5 Years
2015
4/4/22
Milford
OH
$1,900,000
6.40%
7 Years
2017
4/25/22
Webster City
IA
$1,276,309
7.20%
8 Years
2018
3/16/22
Springfield
MO
$1,409,835
6.00%
8 Years
2018
1/31/22
Palmrya
ME
$1,614,577
6.80%
5 Years
2015
1/13/22
Soperton
GA
$1,400,000
6.27%
10 Years
2014/2021
10/18/21
Fridley
MN
$2,153,846
6.00%
10 Years
2022
1/28/22
Abilene
TX
$1,758,778
6.55%
9 Years
2021
2/15/22
Dilworth
MN
$1,114,286
7.00%
6 Years
2011
10/29/21
Net Lease Tenant Report | 20
current on market data Number of Properties
2
Avg. Cap Rate
4.30%
Avg. Lease Term Remaining
16 Years
Avg. Price
$3,250,000
Lowest Cap Rate
4.07%
Highest Cap Rate
4.67%
cap rate correlation KEY STATISTICS
6.00%
-
Market Cap
±$404.18M
Total Locations
±487
Headquarters
Costa Mesa, CA
5.00% CAP RATE
Credit Rating
4.00% 3.00% 2.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
8
4
5 Years Remaining
6.00%
10 Years Remaining
5.00%
Avg. Cap Rate
4.65%
2.90%
Avg. Term Remaining
10 Years
-
New Construction (15-20 Years)
4.50%
Avg. Sale Price
$3,865,000
$2,300,000
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
10% Every 5 Years
Lease Term
20 Years
Avg. Annual Rent
$115,000
Typical SF
±2,600
Avg. Sales
$1,525,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Orange
CA
$3,355,000
2.95%
15 Years
1953
1/4/22
Downey
CA
$5,250,000
4.00%
13 Years
1990
9/21/21
Las Vegas
NV
$6,410,000
5.40%
10 Years
2006
9/2/21
Newbury Park
CA
$2,585,000
4.50%
10 Years
1999
2/9/21
Tucson
AZ
$1,632,000
5.00%
20 Years
2020
12/30/20
Orem
UT
$2,222,222
4.50%
18 Years
-
12/9/20
Garden Grove
CA
$3,000,000
4.60%
9 Years
1984
6/19/20
Las Vegas
NV
$2,750,000
4.36%
20 Years
2020
5/15/20
Lancaster
CA
$3,300,000
4.00%
15 Years
2016
2/21/20
Houston
TX
$2,600,000
5.46%
16 Years
2015
10/3/19
Net Lease Tenant Report | 21
current on market data Number of Properties
22
Avg. Cap Rate
6.10%
Avg. Lease Term Remaining
7 Years
Avg. Price
$1,600,000
Lowest Cap Rate
4.80%
Highest Cap Rate
10.10%
cap rate correlation KEY STATISTICS Credit Rating
BBB-
Market Cap
±$36.5B
Total Locations
±15,500
Headquarters
Chesapeake, VA
CAP RATE
9.00% 8.00% 7.00% 6.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
7.25%
10 Years Remaining
6.25%
New Construction (10 Years)
6.25%
2021
H1 2022
Transactions
176
89
Avg. Cap Rate
7.85%
6.80%
Avg. Term Remaining
5 Years
6 Years
Avg. Sale Price
$1,300,000
$1,000,000
recent sales comparables typical lease structure Lease Type
NN
Rent Increases
Custom, 5% - 10% in Options, or $0.50/SF
Lease Term
10 Years
Avg. Annual Rent
$85,000
Typical SF
±8,320
Avg. Sales
$1,700,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Parkersburg
WV
$1,951,000
5.75%
11 Years
2016
2/14/22
Memphis
TN
$1,640,000
7.35%
3 Years
2011
3/28/22
Atlanta
GA
$1,668,500
7.10%
1.5 Years
2013
2/17/22
Decatur
GA
$1,520,000
6.00%
5 Years
2011
12/23/21
Aubrey
TX
$1,638,942
6.76%
6.5 Years
2018
9/30/21
West Memphis
AR
$1,487,747
5.77%
4 Years
2013
5/11/21
Chicago
IL
$1,629,419
7.75%
6 Years
2016
1/5/22
Federal Heights
CO
$1,445,000
7.23%
4 Years
2011
5/21/21
Scottsboro
AL
$1,000,000
6.60%
9 Years
2020
1/7/22
South Bend
IN
$1,932,201
5.45%
12 Years
2017
12/15/21
Net Lease Tenant Report | 22
current on market data Number of Properties
19
Avg. Cap Rate
4.80%
Avg. Lease Term Remaining
10 Years
Avg. Price
$3,700,000
Lowest Cap Rate
4.30%
Highest Cap Rate
8.20%
cap rate correlation KEY STATISTICS
8.00%
A
Market Cap
±$26.7B
Total Locations
±2,200
Headquarters
Nashville, TN
7.00% CAP RATE
Credit Rating
6.00% 5.00% 4.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
6.50%
10 Years Remaining
5.25%
New Construction (15-20 Years)
4.50%
2021
H1 2022
Transactions
60
20
Avg. Cap Rate
5.28%
5.60%
Avg. Term Remaining
12 Years
10 Years
Avg. Sale Price
$4,600,000
$3,000,000
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
5 - 10% Every 5 Years
Lease Term
15 Years
Avg. Annual Rent
$180,000
Typical SF
±6,500
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Lake Orion
MI
$4,130,677
4.73%
15 Years
2021
3/9/22
Johnson City
TN
$4,200,000
4.49%
15 Years
2021
2/9/22
Shreveport
LA
$942,860
7.00%
2 Years
1968
2/1/22
Bethany
OK
$1,230,322
7.14%
3 Years
1983
1/30/22
Joliet
IL
$2,600,000
9.35%
2 Years
2008
12/30/21
Cincinnati
OH
$990,754
6.50%
6 Years
2012
12/30/21
Muscle Shoals
AL
$3,400,000
4.91%
15 Years
2021
12/31/21
Flowery Branch
GA
$3,936,000
4.70%
15 Years
2021
10/8/21
Elk Grove
CA
$4,665,000
5.50%
2 Years
2008
9/27/21
Phoenix
AZ
$1,550,000
5.89%
7 Years
1964
7/14/21
Net Lease Tenant Report | 23
current on market data Number of Properties
24
Avg. Cap Rate
5.66%
Avg. Lease Term Remaining
12 Years
Avg. Price
$3,721,275
Lowest Cap Rate
4.50%
Highest Cap Rate
6.85%
cap rate correlation KEY STATISTICS
9.00%
BBB
Market Cap
±$18.24B
Total Locations
±2,400
Headquarters
Bad Homburg, Germany
8.00% CAP RATE
Credit Rating
7.00% 6.00% 5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions
cap rate comparison
2021
H1 2022
Transactions
131
34
5 Years Remaining
7.00%
Avg. Cap Rate
6.30%
6.00%
10 Years Remaining
5.75%
Avg. Term Remaining
-
-
New Construction (15-20 Years)
5.25%
Avg. Sale Price
$3,100,000
$3,800,000
recent sales comparables typical lease structure Lease Type
NN or NNN
Rent Increases
10% Every 5 Years, 1% - 2% Annual
Lease Term
15 Years
Avg. Annual Rent
$204,676
Typical SF
±7,500 - 12,000
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Carson City
NV
$4,200,000
5.68%
7 Years
2008
3/31/22
Chicago
IL
$3,100,000
7.24%
4 Years
1998/2016
1/7/22
Kenner
LA
$1,800,000
7.07%
5 Years
2006
1/4/22
Essexville
MI
$1,701,741
6.50%
7 Years
1991
1/1/22
Apex
NC
$3,350,000
5.56%
4 Years
2006
12/16/21
Wind Gap
PA
$1,659,000
5.85%
4 Years
1998
12/2/21
Robstown
TX
$1,261,085
6.62%
5 Years
2002
11/30/21
Columbus
OH
$1,735,000
6.75%
5 Years
1989
11/16/21
Mountain Grove
MO
$2,100,000
6.71%
7 Years
1998
11/10/21
North Tonawna
NY
$2,200,000
7.91%
5 Years
2011
10/6/21
Net Lease Tenant Report | 24
current on market data Number of Properties
16
Avg. Cap Rate
6.50%
Avg. Lease Term Remaining
7 Years
Avg. Price
$1,941,539
Lowest Cap Rate
5.00%
Highest Cap Rate
7.40%
KEY STATISTICS
cap rate correlation BB-
8.00%
Market Cap
±3.74B
7.00%
Total Locations
±2,000
Headquarters
Akron, OH
CAP RATE
Credit Rating
6.00% 5.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
cap rate comparison 5 Years Remaining
7.00%
10 Years Remaining
5.75%
New Construction (15-20 Years)
5.25%
transactions 2021
H1 2022
Transactions
30
9
Avg. Cap Rate
6.79%
5.30%
Avg. Term Remaining
4 Years
7 Years
Avg. Sale Price
$2,900,000
$1,673,502
typical lease structure 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
-
recent sales comparables CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Wheeling
IL
$1,540,000
5.68%
9 Years
1970
12/7/21
Boynton Beach
FL
$4,000,000
5.93%
6 Years
1995
12/2/21
Murphy
TX
$2,027,000
7.00%
5 Years
2005
8/18/21
Altoona
IA
$1,442,500
7.00%
7 Years
1997
8/17/21
Marrietta
GA
$1,705,000
5.86%
4 Years
2015
7/30/21
Bradley
IL
$750,000
6.48%
10 Years
2001
7/13/21
Net Lease Tenant Report | 25
current on market data Number of Properties
4
Avg. Cap Rate
6.30%
Avg. Lease Term Remaining
8 Years
Avg. Price
$9,449,667
Lowest Cap Rate
6.50%
Highest Cap Rate
7.40%
KEY STATISTICS
cap rate correlation Private
Market Cap
Private
Total Locations
±974
Headquarters
Oklahoma City, OK
7.00%
CAP RATE
Credit Rating
6.00%
5.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
cap rate comparison 5 Years Remaining
6.50%
10 Years Remaining
6.00%
New Construction (15-20 Years)
5.50%
transactions 2021
H1 2022
Transactions
40
3
Avg. Cap Rate
6.46%
7.50%
Avg. Term Remaining
8 Years
7 Years
Avg. Sale Price
$8,135,000
$5,500,000
typical lease structure Lease Type
NNN
Rent Increases
Custom, In Option Periods
Lease Term
15 Years
Avg. Annual Rent
$486,338
Typical SF
±55,000 - 64,000
Avg. Sales
$6,000,000
recent sales comparables CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Corpus Christi
TX
$8,370,000
5.57%
15 Years
2021
12/17/21
West Des Moines
IA
$10,545,194
5.50%
10 Years
2018
12/3/21
Saint Paul
MN
$6,380,000
7.65%
6 Years
2017
7/21/21
Hialeah
FL
$14,000,000
5.90%
10 Years
2016
7/12/21
Papillion
NE
$6,550,000
6.48%
7 Years
2013
6/24/21
Niagara Falls
NY
$6,900,000
6.23%
10.5 Years
2011
3/24/21
Montgomery
AL
$8,020,000
6.48%
11 Years
2017
10/14/20
Weatherford
TX
$7,700,000
6.45%
8 Years
2017
10/6/20
Net Lease Tenant Report | 26
current on market data Number of Properties
16
Avg. Cap Rate
5.70%
Avg. Lease Term Remaining Avg. Price
8 Years $2,469,970
Lowest Cap Rate
4.70%
Highest Cap Rate
7.80%
cap rate correlation
KEY STATISTICS -
Market Cap
±$1.261B
Total Locations
±1,750
Headquarters
Glendale, CA
8.00%
CAP RATE
Credit Rating
7.00% 6.00% 5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions
cap rate comparison
2021
H1 2022
5 Years Remaining
7.15%
Transactions
42
32
10 Years Remaining
6.00%
Avg. Cap Rate
5.90%
5.30%
Avg. Term Remaining
10 Years
12 Years
Avg. Sale Price
$2,831,000
$2,502,812
New Construction (15-20 Years)
5.50%
recent sales comparables
typical lease structure Lease Type
NNN
Rent Increases
10% Every 5 Years
Lease Term
20 Years
Avg. Annual Rent
$160,000
Typical SF
±4,500
Avg. Sales
$1,900,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Superior
CO
$1,315,000
6.27%
2 Years
2001
4/5/22
Lumberton
NC
$2,850,000
6.32%
13 Years
2013
2/10/22
Gainesville
GA
$2,798,000
6.00%
3 Years
1999
2/4/22
Lansing
IL
$2,950,000
6.50%
16 Years
1986
1/31/22
Fairfield
CA
$2,225,000
4.32%
4 Years
2020
1/28/22
Columbia
SC
$3,595,000
4.45%
18 Years
2014
11/1/21
Oklahoma City
OK
$4,053,000
5.75%
15 Years
2007
10/18/21
Grandville
MI
$3,000,000
7.01%
6 Years
2002
10/13/21
Kissimmee
FL
$6,250,000
4.79%
7 Years
1986
10/6/21
Santa Ana
CA
$2,825,000
4.12%
6 Years
2002
9/24/21
Net Lease Tenant Report | 27
current on market data Number of Properties
20
Avg. Cap Rate
4.40%
Avg. Lease Term Remaining
10 Years
Avg. Price
$3,240,383
Lowest Cap Rate
4.00%
Highest Cap Rate
11.30%
cap rate correlation
KEY STATISTICS NR
Market Cap
±$1.7B
Total Locations
±2,200
Headquarters
San Diego, CA
7.00% 6.00% CAP RATE
Credit Rating
5.00% 4.00% 3.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions
cap rate comparison
2021
H1 2022
5 Years Remaining
5.25%
Transactions
35
23
10 Years Remaining
4.50%
Avg. Cap Rate
4.80%
5.00%
Avg. Term Remaining
11 Years
8 Years
Avg. Sale Price
$2,600,000
$2,723,365
New Construction (15-20 Years)
4.00%
recent sales comparables
typical lease structure Lease Type
NNN
Rent Increases
Custom
Lease Term
20 Years
Avg. Annual Rent
$120,000
Typical SF
±2,850
Avg. Sales
$1,600,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Hayward
CA
$3,100,000
4.44%
8 Years
1987
4/11/22
Bakersfield
CA
$2,030,000
4.48%
7 Years
2009
3/29/22
Ontario
OR
$2,470,000
5.50%
5 Years
1995
3/1/22
San Antonio
TX
$1,900,000
4.74%
10 Years
1997
1/28/22
San Antonio
TX
$2,183,000
5.73%
7 Years
1998
1/28/22
Sherman
TX
$2,110,000
3.99%
20 Years
1973
12/30/21
Suisun City
CA
$2,820,000
5.00%
6 Years
1999
12/27/21
Phoenix
AZ
$2,650,000
5.18%
4 Years
1998
12/23/21
Sierra Vista
AZ
$1,180,000
6.80%
5 Years
2006
12/22/21
Saint Charles
MO
$978,460
6.53%
2 Years
2000
11/18/21
Net Lease Tenant Report | 28
current on market data Number of Properties
43
Avg. Cap Rate
5.10%
Avg. Lease Term Remaining Avg. Price
9 Years $2,594,096
Lowest Cap Rate
3.80%
Highest Cap Rate
11.10%
cap rate correlation
KEY STATISTICS -
Market Cap
-
Total Locations
±2,000
Headquarters
Houston, TX
7.00%
CAP RATE
Credit Rating
6.00%
5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions
cap rate comparison 5 Years Remaining
≥6.00%
10 Years Remaining
5.50%
New Construction (15-20 Years)
5.00%
2021
H1 2022
Transactions
120
32
Avg. Cap Rate
6.00%
5.80%
Avg. Term Remaining
9 Years
10 Years
Avg. Sale Price
$1,800,000
$1,671,849
recent sales comparables
typical lease structure Lease Type
NNN
Rent Increases
10% Every 5 Years
Lease Term
15 Years
Avg. Annual Rent
$80,000
Typical SF
±3,200
Avg. Sales
$822,226
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Logan
UT
$2,160,000
5.00%
15 Years
1988
4/26/22
Houston
TX
$3,060,000
4.91%
15 Years
2021
1/31/22
Colorado Springs
CO
$2,160,000
4.30%
2 Years
1987
1/10/22
Redding
CA
$2,000,000
6.00%
10 Years
1990
12/28/21
Monument
CO
$2,276,000
5.25%
6 Years
2012
12/27/21
Texas City
TX
$3,330,000
6.00%
15 Years
1987
12/10/21
Noblesville
IN
$1,400,000
6.00%
10 Years
1995
12/9/21
Cinnaminson
NJ
$1,440,000
4.50%
15 Years
2022
11/29/21
Lynnwood
WA
$3,660,000
4.51%
15 Years
1989
11/1/21
Miami
FL
$2,200,000
5.35%
10 Years
1988
11/1/21
Net Lease Tenant Report | 29
current on market data Number of Properties
54
Avg. Cap Rate
4.90%
Avg. Lease Term Remaining
12 Years
Avg. Price
$3,328,578
Lowest Cap Rate
4.80%
Highest Cap Rate
12.30%
cap rate correlation
KEY STATISTICS Credit Rating
BB
Market Cap
±$3.4M
Total Locations
±4,331
Headquarters
Louisville, KY
CAP RATE
7.00% 6.00% 5.00% 4.00%
1
5
15
10
20
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
264
69
5 Years Remaining
5.50%
10 Years Remaining
4.75%
Avg. Cap Rate
5.40%
4.60%
Avg. Term Remaining
14 Years
15 Years
New Construction (15-20 Years)
4.25%
Avg. Sale Price
$1,900,000
$2,036,037
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
7.50%
Lease Term
20 Years
Avg. Annual Rent
$94,600
Typical SF
±2,500
Avg. Sales
$1,305,000
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Collinsville
VA
$2,366,000
4.65%
20 Years
1983
3/16/22
Covington
VA
$2,244,897
4.75%
20 Years
1993
3/16/22
Tampa
FL
$3,041,000
4.25%
18 Years
1999
3/1/22
Saint Augustine
FL
$3,490,000
4.11%
14 Years
1977
2/24/22
Hialeah
FL
$2,941,000
4.25%
15 Years
2001
2/19/22
Memphis
TN
$2,565,827
5.02%
19 Years
1986
2/14/22
Johnson City
TN
$2,260,000
4.99%
13 Years
1989
2/8/22
Amarillo
TX
$2,600,000
4.25%
11 Years
1969
2/8/22
Montgomery
AL
$2,530,000
4.74%
18 Years
2019
2/7/22
Danville
VA
$3,088,000
4.75%
11 Years
1989
1/31/22
Net Lease Tenant Report | 30
current on market data Number of Properties
14
Avg. Cap Rate
5.40%
Avg. Lease Term Remaining Avg. Price
12 Years $2,878,912
Lowest Cap Rate
5.30%
Highest Cap Rate
10.20%
cap rate correlation
KEY STATISTICS Private
Market Cap
Private
Total Locations
±408
Headquarters
Des Moines, IA
8.00% 7.00% CAP RATE
Credit Rating
6.00% 5.00% 4.00%
1
5
6.50%
10 Years Remaining
5.00%
New Construction (15-20 Years)
4.50%
NNN
Rent Increases
Custom, 7.5% Every 5 Years
Lease Term
20 Years
Avg. Annual Rent
$350,000
Typical SF
±5,300
Avg. Sales
-
20
2021
H1 2022
Transactions
56
12
Avg. Cap Rate
5.68%
6.10%
Avg. Term Remaining
14 Years
16 Years
Avg. Sale Price
$4,615,997
$2,330,167
recent sales comparables
typical lease structure Lease Type
15
transactions
cap rate comparison 5 Years Remaining
10 YEARS REMAINING ON LEASE
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Bono
AR
$2,886,000
6.05%
3 Years
2004
1/24/22
Colorado Springs
CO
$5,403,137
4.75%
11 Years
2013
12/30/21
Thornton
CO
$44,524
5.00%
20 Years
2014
11/24/21
Conway
AR
$6,075,000
5.15%
20 Years
2013
11/23/21
Claremore
OK
$3,125,000
5.35%
10 Years
2012
9/29/21
Sioux City
IA
$4,045,000
5.00%
10 Years
2011
9/20/21
Little Rock
AR
$3,900,000
6.00%
11 Years
2012
6/30/21
Jonesboro
AR
$3,500,000
5.50%
15 Years
2007
4/28/21
Clive
IA
$3,827,586
5.80%
13 Years
2010
4/16/21
Littleton
CO
$7,300,000
5.37%
19 Years
2019
3/23/21
Net Lease Tenant Report | 31
current on market data Number of Properties
31
Avg. Cap Rate
6.00%
Avg. Lease Term Remaining
6 Years
Avg. Price
$2,923,660
Lowest Cap Rate
3.30%
Highest Cap Rate
8.90%
cap rate correlation KEY STATISTICS Credit Rating
B
Market Cap
±$2.39B
Total Locations
±2,300
Headquarters
Houston, TX
CAP RATE
7.00%
6.00%
5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
20
18
5 Years Remaining
6.18%
Avg. Cap Rate
7.14%
7.70%
10 Years Remaining
5.70%
Avg. Term Remaining
5 Years
4.3 Years
New Construction (15-20 Years)
-
Avg. Sale Price
$2,243,033
$5,085,915
recent sales comparables typical lease structure Lease Type
NN or NNN
Rent Increases
10% Every 5 Years
Lease Term
10 Years
Avg. Annual Rent
$157,523
Typical SF
±5,000
Avg. Sales
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Vernon Hills
IL
$2,820,000
6.64%
5 Years
1980/2014
4/25/22
Arlington Hills
IL
$1,340,000
8.54%
3 Years
1999/2022
2/25/22
Loveland
CO
$3,000,000
6.20%
5 Years
2016
2/7/22
Rock Hill
SC
$2,050,000
5.70%
5 Years
2016
12/31/21
Howell
MI
$1,004,143
6.90%
2 Years
1995
12/30/21
Salt Lake City
UT
$3,826,088
5.75%
10 Years
1924/2021
12/16/21
Richmond
IN
$2,271,000
7.75%
10 Years
2016
12/6/21
Panama City
FL
$2,750,000
6.94%
3 Years
1999/2019
11/15/21
Goose Creek
SC
$2,200,000
7.20%
3 Years
2015
9/23/21
Net Lease Tenant Report | 32
current on market data Number of Properties
7
Avg. Cap Rate
6.10%
Avg. Lease Term Remaining
5 Years
Avg. Price
$2,703,617
Lowest Cap Rate
4.50%
Highest Cap Rate
10.20%
KEY STATISTICS
cap rate correlation Private
Market Cap
Private
Total Locations
±400
Headquarters
Palm Beach Gardens, FL
6.00%
CAP RATE
Credit Rating
5.00%
4.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
cap rate comparison 5 Years Remaining
6.25%
10 Years Remaining
5.95%
New Construction (15-20 Years)
4.97%
transactions 2021
H1 2022
Transactions
5
4
Avg. Cap Rate
5.39%
5.00%
Avg. Term Remaining
13 Years
-
Avg. Sale Price
$2,998,615
$2,133,333
typical lease structure Lease Type
NNN
Rent Increases
Custom
Lease Term
10 - 15 Years
Avg. Annual Rent
$183,045
Typical SF
±6,600
Avg. Sales
-
recent sales comparables 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
Net Lease Tenant Report | 33
current on market data Number of Properties
38
Avg. Cap Rate
5.00%
Avg. Lease Term Remaining
12 Years
Avg. Price
$2,837,687
Lowest Cap Rate
4.60%
Highest Cap Rate
9.70%
cap rate correlation KEY STATISTICS Credit Rating
BBB
Market Cap
±$40.56B
Total Locations
±5,811
Headquarters
Springfield, MO
CAP RATE
7.00% 6.00% 5.00% 4.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
65
48
5 Years Remaining
6.00%
10 Years Remaining
5.50%
Avg. Cap Rate
5.70%
5.10%
Avg. Term Remaining
11 Years
9 Years
New Construction (15-20 Years)
5.00%
Avg. Sale Price
$1,855,400
$2,049,702
recent sales comparables typical lease structure Lease Type
NN, NNN, or Ground Lease
Rent Increases
6% in Year 11 or 6% in Year 11 and Year 6
Lease Term
15 - 20 Years
Avg. Annual Rent
$80,000
Typical SF
±7,200
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Madison
WI
$3,220,000
5.55%
10 Years
1993
4/8/22
Independence
LA
$1,385,000
5.46%
11 Years
2013
12/30/21
Theodore
AL
$1,450,000
5.79%
8 Years
2009
12/17/21
Lindale
TX
$514,000
4.50%
6 Years
2007
10/28/21
Greenfield
OH
$2,035,000
5.10%
15 Years
2021
3/15/22
Kileen
TX
$1,645,000
5.75%
4 Years
1989
3/11/22
Latrobe
PA
$2,628,000
5.25%
15 Years
2021
1/21/22
Clifton
TX
$2,375,000
5.00%
15 Years
2021
10/18/21
Seymour
WI
$1,000,000
6.00%
10 Years
2021
9/30/21
Tarboro
NC
$821,000
6.20%
6 Years
1997
9/3/21
Net Lease Tenant Report | 34
current on market data Number of Properties
6
Avg. Cap Rate
6.20%
Avg. Lease Term Remaining
5 Years
Avg. Price
$3,325,942
Lowest Cap Rate
5.60%
Highest Cap Rate
7.50%
cap rate correlation
KEY STATISTICS Private
Market Cap
Private
Total Locations
±1,000
Headquarters
Philadelphia, PA
9.00% 8.00% CAP RATE
Credit Rating
7.00% 6.00% 5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions
cap rate comparison 5 Years Remaining
6.75%
10 Years Remaining
5.85%
New Construction (15-20 Years)
5.50%
2021
H1 2022
Transactions
41
14
Avg. Cap Rate
6.70%
5.00%
Avg. Term Remaining
-
-
Avg. Sale Price
$4,000,000
$2,197,531
recent sales comparables
typical lease structure Lease Type
NN or NNN
Rent Increases
5 - 10% Every 5 Years
Lease Term
15 Years
Avg. Annual Rent
$125,000
Typical SF
±6,500
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Temecula
CA
$4,670,000
3.40%
7 Years
1993
2/24/22
Meza
AZ
$3,080,000
4.92%
5 Years
2001
4/4/22
Houston
TX
$2,000,000
5.50%
10 Years
1999
1/4/22
Houston
TX
$2,000,000
5.52%
10 Years
1999
4/22/22
Tampa
FL
$1,540,000
5.75%
10 Years
2015
8/23/21
Tampa
FL
$2,085,000
6.00%
10 Years
1983
4/27/21
Leesburg
FL
$2,020,000
6.25%
8 Years
2003
12/20/21
Sugar Land
TX
$4,930,000
6.60%
7 Years
2013
10/28/21
Tucson
AZ
$3,750,000
7.97%
2 Years
1982
5/20/21
Orlando
FL
$2,560,000
12.44%
2 Years
1990
12/20/20
Net Lease Tenant Report | 35
current on market data Number of Properties
41
Avg. Cap Rate
4.60%
Avg. Lease Term Remaining
15 Years
Avg. Price
$2,894,952
Lowest Cap Rate
4.50%
Highest Cap Rate
10.70%
cap rate correlation KEY STATISTICS Credit Rating
BB-
Market Cap
±$25.13B
Total Locations
±3,200
Headquarters
Miami, FL
CAP RATE
6.00%
5.00%
4.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
5.50%
10 Years Remaining
5.00%
New Construction (15-20 Years)
4.25%
2021
H1 2022
Transactions
200
35
Avg. Cap Rate
5.50%
4.80%
Avg. Term Remaining
11 Years
15 Years
Avg. Sale Price
$1,800,000
$2,147,076
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
10% Every 5 Years
Lease Term
20 Years
Avg. Annual Rent
$150,000
Typical SF
±3,000
Avg. Sales
$1,600,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Madison
FL
$2,090,000
4.25%
20 Years
2021
3/21/22
Montgomery
AL
$2,510,000
5.25%
10 Years
2019
3/21/22
Mableton
GA
$2,220,000
4.50%
20 Years
1996
3/11/22
Gurley
AL
$1,830,000
5.25%
20 Years
2019
2/21/22
Dallas
GA
$2,650,000
4.85%
15 Years
2021
2/1/22
Alexandria
VA
$4,350,000
5.00%
8 Years
1966
1/27/22
Dequincy
LA
$2,770,000
4.75%
15 Years
1995
1/7/22
Aiken
SC
$1,700,000
5.00%
10 Years
2008
12/28/21
Gray
GA
$2,320,000
5.00%
13 Years
2019
12/23/21
Raceland
LA
$2,730,000
4.50%
15 Years
1985
12/21/21
Net Lease Tenant Report | 36
current on market data Number of Properties
7
Avg. Cap Rate
4.60%
Avg. Lease Term Remaining Avg. Price
KEY STATISTICS Market Cap
Private
6.00%
Total Locations
±904
5.00%
Headquarters
Tulsa, OK
CAP RATE
Private
cap rate comparison 10 Years Remaining
4.65%
New Construction (15-20 Years)
4.25%
typical lease structure Lease Type
NN or NNN
Rent Increases
Custom
Lease Term
15 Years
Avg. Annual Rent
$275,000
Typical SF
±4,195
Avg. Sales
-
Lowest Cap Rate
4.30%
Highest Cap Rate
5.15%
4.00% 3.00%
5.00%
$4,993,071
cap rate correlation
Credit Rating
5 Years Remaining
7 Years
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions 2021
H1 2022
Transactions
30
10
Avg. Cap Rate
5.38%
4.60%
Avg. Term Remaining
6 Years
10 Years
Avg. Sale Price
$3,752,997
$4,960,253
recent sales comparables CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Mauldin
SC
$6,035,000
4.50%
15 Years
2013
3/31/22
Phoenix
AZ
$5,422,000
4.85%
6 Years
2009
4/7/22
Kannapolis
NC
$4,670,000
4.50%
15 Years
2013
1/19/22
McDonough
GA
$4,337,000
4.15%
15 Years
2023
1/19/22
Net Lease Tenant Report | 37
current on market data Number of Properties
114
Avg. Cap Rate
6.80%
Avg. Lease Term Remaining Avg. Price
7 Years $5,836,349
Lowest Cap Rate
4.50%
Highest Cap Rate
14.40%
cap rate correlation KEY STATISTICS
9.00%
B-
Market Cap
±$359M
Total Locations
±2,500
Headquarters
Camp Hill, PA
8.00% CAP RATE
Credit Rating
7.00% 6.00% 5.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
7.22%
10 Years Remaining
5.69%
New Construction (15-20 Years)
-
2021
H1 2022
Transactions
175
55
Avg. Cap Rate
7.34%
6.80%
Avg. Term Remaining
6 Years
8 Years
Avg. Sale Price
$4,168,504
$3,318,779
recent sales comparables typical lease structure Lease Type
NN or NNN
Rent Increases
10% Every 5 Years
Lease Term
20 Years
Avg. Annual Rent
$288,923
Typical SF
±12,500
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Belleville
MI
$4,135,000
7.80%
4 Years
2005
5/2/22
Erie
PA
$2,450,000
6.65%
11 Years
1996
4/20/22
Three Rivers
MI
$775,000
6.51%
4 Years
1986
4/1/22
Englewood
OH
$1,900,000
6.00%
3 Years
1995
4/16/22
McKees Rocks
PA
$7,863,790
5.65%
13 Years
2016
3/10/22
Lorain
OH
$2,677,893
7.50%
5 Years
1997
3/7/22
Buffalo
NY
$2,200,000
7.50%
3 Years
2000
1/25/22
Manchester
NH
$3,950,000
6.29%
6 Years
1998
2/4/22
Ottawa
OH
$2,475,000
5.25%
15 Years
1997
4/21/22
Van Buren Charter Township
MI
$4,132,500
7.95%
4 Years
2006
5/22/22
Net Lease Tenant Report | 38
current on market data Number of Properties
24
Avg. Cap Rate
5.10%
Avg. Lease Term Remaining Avg. Price
6 Years $1,641,940
Lowest Cap Rate
5.00%
Highest Cap Rate
14.00%
cap rate correlation
KEY STATISTICS BBB
Market Cap
±$70.94B
Total Locations
±4,900
Headquarters
Cleveland, OH
8.00% 7.00%
CAP RATE
Credit Rating
6.00% 5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
transactions
cap rate comparison
2021
H1 2022
5 Years Remaining
6.33%
Transactions
43
31
10 Years Remaining
5.35%
Avg. Cap Rate
5.91%
5.50%
New Construction (10 Years)
5.35%
Avg. Term Remaining
8 Years
8 Years
Avg. Sale Price
$1,821,396
$1,562,285
recent sales comparables
typical lease structure Lease Type
NN or NNN
Rent Increases
10% Every 5 Years, 8% Every 5 Years
Lease Term
10 - 5 Years
Avg. Annual Rent
$98,000
Typical SF
±5,000
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Wetumpka
AL
$1,714,286
5.60%
10 Years
2021
3/31/22
Champaign
IL
$1,462,000
5.53%
10 Years
1999
3/25/22
Mansfield
OH
$361,625
7.37%
6 Years
1972
3/10/22
Madison
AL
$1,125,000
5.52%
4 Years
1995
3/1/22
Redford
MI
$665,000
5.11%
9 Years
1967
2/16/22
Panama City
FL
$2,126,199
5.00%
10 Years
2021
2/11/22
Costa Mesa
CA
$4,250,000
4.17%
10 Years
1976
12/22/21
Gallup
NM
$760,000
5.92%
9 Years
1999
12/20/21
Milledgeville
GA
$835,000
5.10%
10 Years
1983
12/13/21
Fort Lauderdale
FL
$5,100,000
5.20%
10 Years
2021
12/10/21
Net Lease Tenant Report | 39
current on market data Number of Properties
62
Avg. Cap Rate
4.80%
Avg. Lease Term Remaining
14 Years
Avg. Price
$2,434,784
Lowest Cap Rate
4.00%
Highest Cap Rate
6.50%
cap rate correlation KEY STATISTICS Credit Rating
BBB
Market Cap
±$1.55B
Total Locations
±3,600
Headquarters
CAP RATE
7.00%
6.00%
5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
Oklahoma City, OK
transactions cap rate comparison 5 Years Remaining
6.00%
10 Years Remaining
5.50%
New Construction (15-20 Years)
4.75%
2021
H1 2022
Transactions
113
93
Avg. Cap Rate
5.85%
5.30%
Avg. Term Remaining
18 Years
17 Years
Avg. Sale Price
$1,883,702
$1,967,957
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
5% - 10%
Lease Term
15 - 20 Years
Avg. Annual Rent
$129,446
Typical SF
±1,586
Avg. Sales
$1,610,000
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Winter Haven
FL
$2,282,665
4.75%
20 Years
2002
8/31/21
Edwardsville
IL
$1,846,515
4.85%
20 Years
2006
10/25/21
Saint Charles
MO
$1,907,860
5.50%
19 Years
2003
1/19/22
Seymour
TN
$1,265,000
5.51%
3 Years
2007
1/28/22
De Soto
MO
$1,918,340
5.00%
19 Years
2006
2/4/22
Bainbridge
GA
$2,634,000
5.50%
20 Years
2006
3/10/22
Palatka
FL
$3,081,000
5.75%
20 Years
1995
3/15/22
Lake City
FL
$2,356,000
5.50%
20 Years
1999
3/23/22
Thomaston
GA
$1,909,000
5.50%
20 Years
2005
3/29/22
Tallahassee
FL
$2,620,000
5.50%
20 Years
1994
3/31/22
Net Lease Tenant Report | 40
current on market data Number of Properties
11
Avg. Cap Rate
5.60%
Avg. Lease Term Remaining
6 Years
Avg. Price
$2,316,070
Lowest Cap Rate
5.50%
Highest Cap Rate
11.30%
cap rate correlation KEY STATISTICS
9.00%
CCC-
Market Cap
±$428.514M
Total Locations
±500
Headquarters
Indianapolis, IN
8.00% CAP RATE
Credit Rating
7.00% 6.00% 5.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
6.75%
10 Years Remaining
6.00%
New Construction (15-20 Years)
5.00%
2021
H1 2022
Transactions
26
2
Avg. Cap Rate
7.80%
-
Avg. Term Remaining
6 Years
6 Years
Avg. Sale Price
$1,600,000
$1,941,827
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
Custom
Lease Term
18 Years
Avg. Annual Rent
$101,000
Typical SF
±3,500
Avg. Sales
$1,400,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Huber Heights
OH
$1,880,000
5.81%
3 Years
2001
2/24/22
Bellbrook
OH
$1,640,000
6.55%
7 Years
1996
2/14/22
Morton
IL
$1,500,000
11.26%
4 Years
2006
12/1/21
Peoria
IL
$1,500,000
10.12%
4 Years
2004
12/1/21
Indianapolis
IN
$1,300,000
7.00%
6 Years
1999
11/24/21
Topeka
KS
$1,600,000
6.30%
8 Years
2001
11/17/21
Glenview
IL
$2,280,000
7.80%
4 Years
2004
10/15/21
Brownsburg
IN
$1,500,000
9.96%
4 Years
2003
10/8/21
Union City
GA
$2,000,000
7.00%
10 Years
2014
9/3/21
Lithonia
GA
$1,900,000
8.00%
4 Years
2003
7/14/21
Net Lease Tenant Report | 41
current on market data Number of Properties
34
Avg. Cap Rate
4.60%
Avg. Lease Term Remaining Avg. Price
18 Years $4,154,193
Lowest Cap Rate
4.00%
Highest Cap Rate
12.00%
cap rate correlation KEY STATISTICS Credit Rating
BBB
Market Cap
±$34.15B
Total Locations
±7,831
Headquarters
Irvine, CA
CAP RATE
7.00% 6.00% 5.00% 4.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
5.45%
10 Years Remaining
5.04%
New Construction (15-20 Years)
4.56%
2021
H1 2022
Transactions
282
94
Avg. Cap Rate
5.00%
4.50%
Avg. Term Remaining
15 Years
17 Years
Avg. Sale Price
$2,002,677
$2,309,757
recent sales comparables typical lease structure Lease Type
NNN or Ground Lease
Rent Increases
10% Every 5 Years, 1% Annually
Lease Term
20 - 25 Years
Avg. Annual Rent
$105,000
Typical SF
±2,500
Avg. Sales
$1,673,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Cincinnati
OH
$2,644,444
4.50%
17 Years
2019
2/23/22
Milton Freewater
OR
$2,585,000
4.50%
25 Years
2022
2/3/22
Las Vegas
NV
$3,625,000
4.00%
20 Years
2021
3/31/22
Warren
OH
$643,840
6.25%
5 Years
1972
2/22/22
Harlan
KY
$1,783,671
4.25%
25 Years
2021
3/15/22
Pulaski
VA
$2,444,000
4.50%
20 Years
2021
1/11/22
Birmingham
AL
$2,319,247
4.25%
21 Years
2018
2/2/22
Fort Myers
FL
$2,512,500
6.34%
5 Years
1991
3/8/22
Lees Summit
MO
$2,955,000
4.50%
20 Years
2022
1/20/22
Cordele
GA
$1,834,188
4.25%
24 Years
2020
3/3/22
Net Lease Tenant Report | 42
current on market data Number of Properties
21
Avg. Cap Rate
5.10%
Avg. Lease Term Remaining Avg. Price
13 Years $1,512319
Lowest Cap Rate
4.20%
Highest Cap Rate
8.90%
cap rate correlation KEY STATISTICS Credit Rating
BBB-
Market Cap
±$4.78B
Total Locations
±500
Headquarters
Charlotte, NC
CAP RATE
6.00%
5.00%
4.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
60
22
5 Years Remaining
5.50%
10 Years Remaining
5.25%
Avg. Cap Rate
5.70%
5.20%
Avg. Term Remaining
10 Years
12 Years
New Construction (15-20 Years)
5.00%
Avg. Sale Price
$1,300,000
$1,326,340
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
10% Every 5 Years
Lease Term
10 - 15 Years
Avg. Annual Rent
$76,980
Typical SF
±1,765
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Oklahoma City
OK
$1,500,000
5.50%
5 Years
2017
3/11/22
Wadsworth
OH
$1,484,350
5.75%
7 Years
1998
2/1/22
Belton
TX
$900,000
5.00%
10 Years
2020
1/26/22
Fort Walton Beach
FL
$1,670,000
4.50%
15 Years
2021
1/17/22
Corpus Christi
TX
$1,030,000
4.88%
15 Years
2021
1/4/22
Columbus
OH
$1,040,000
5.00%
15 Years
1996
12/31/21
Snellville
GA
$2,180,000
5.50%
15 Years
1998
12/28/21
Rocky Mount
NC
$1,950,000
5.95%
10 Years
2021
12/15/21
Venice
FL
$1,660,000
5.20%
11 Years
2021
12/14/21
Pflugerville
TX
$909,090
5.50%
5 Years
1989
11/30/21
Net Lease Tenant Report | 43
current on market data Number of Properties
15
Avg. Cap Rate
5.60%
Avg. Lease Term Remaining
14 Years
Avg. Price
$1,872,696
Lowest Cap Rate
4.50%
Highest Cap Rate
9.10%
cap rate correlation KEY STATISTICS Credit Rating
BB
Market Cap
±$5.56B
Total Locations
±1,400
Headquarters
Lexington, KY
CAP RATE
6.00%
5.00%
4.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
20
24
5 Years Remaining
5.60%
10 Years Remaining
5.20%
Avg. Cap Rate
5.60%
5.50%
Avg. Term Remaining
9 Years
9 Years
New Construction (15-20 Years)
5.00%
Avg. Sale Price
$1,800,000
$1,467,935
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
10% Every 5 Years
Lease Term
15 Years
Avg. Annual Rent
$77,500
Typical SF
±2,350
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Lexington
KY
$1,130,000
5.40%
2 Years
1992
4/8/22
Dandridge
TN
$1,360,000
5.23%
10 Years
2005
3/31/22
Columbus
OH
$1,470,000
5.00%
10 Years
2021
3/17/22
Kansas City
MO
$2,360,000
5.00%
10 Years
1996
1/27/22
Dekalb
IL
$1,200,000
6.50%
10 Years
1988
1/5/22
Riverside
CA
$3,200,000
5.78%
3 Years
2004
1/3/22
Kansas City
MO
$1,720,000
5.05%
15 Years
2000
12/29/21
Conyers
GA
$2,210,000
4.75%
14 Years
2020
12/22/21
Richmond
VA
$1,630,000
5.01%
15 Years
2021
12/2/21
Tustin
CA
$3,200,000
5.66%
5 Years
1956
9/3/21
Net Lease Tenant Report | 44
current on market data Number of Properties
295
Avg. Cap Rate
5.50%
Avg. Lease Term Remaining Avg. Price
10 Years $7,698,069
Lowest Cap Rate
4.20%
Highest Cap Rate
14.50%
cap rate correlation KEY STATISTICS
8.00%
BBB
Market Cap
±$37.88B
Total Locations
±8,904
Headquarters
Deerfield, IL
7.00% CAP RATE
Credit Rating
6.00% 5.00% 4.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
575
271
5 Years Remaining
6.00%
10 Years Remaining
5.50%
Avg. Cap Rate
6.10%
5.60%
Avg. Term Remaining
8 Years
10 Years
New Construction (15-20 Years)
4.75%
Avg. Sale Price
$5,769,526
$5,792,944
recent sales comparables typical lease structure Lease Type
NNN
Rent Increases
Custom
Lease Term
25 Years
Avg. Annual Rent
$360,000
Typical SF
±14,820
Avg. Sales
$2,500,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Barnhart
MO
$5,200,000
5.79%
7 Years
2004
3/30/22
Port Saint Lucie
FL
$9,340,000
5.00%
12 Years
2009
4/1/22
Roselle
NJ
$7,140,000
6.02%
5 Years
2002
4/29/22
Long Beach
MS
$4,755,000
5.79%
8 Years
2005
2/17/22
Lewisburg
TN
$4,318,117
5.75%
8 Years
2005
1/24/22
Colorado Springs
CO
$7,869,904
6.25%
5 Years
2001
1/14/22
Anderson
IN
$5,125,000
5.85%
8 Years
2004
1/10/22
South Holland
IL
$6,956,522
5.75%
9 Years
2006
1/4/22
Elizabeth City
NC
$5,909,091
5.50%
10 Years
2007
12/31/21
Spokane
WA
$8,400,000
5.63%
9 Years
2000
12/20/21
Net Lease Tenant Report | 45
current on market data Number of Properties
9
Avg. Cap Rate
4.20%
Avg. Lease Term Remaining
13 Years
Avg. Price
$5,969,552
Lowest Cap Rate
3.80%
Highest Cap Rate
9.50%
cap rate correlation KEY STATISTICS Credit Rating
Private
Market Cap
Private
Total Locations
±900
Headquarters
Wawa, PA
CAP RATE
6.00%
5.00%
4.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison 5 Years Remaining
5.50% - 6.00%
10 Years Remaining
4.75% - 5.00%
New Construction (15-20 Years)
4.25% - 4.50%
2021
H1 2022
Transactions
55
11
Avg. Cap Rate
4.60%
4.30%
Avg. Term Remaining
13 Years
14 Years
Avg. Sale Price
$5,800,000
$4,420,687
recent sales comparables typical lease structure Lease Type
NNN or Ground Lease
Rent Increases
5 - 10% Every 5 Years
Lease Term
20 Years
Avg. Annual Rent
$222,500
Typical SF
±4,600 - 6,000
Avg. Sales
-
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Allentown
PA
$9,150,000
4.50%
20 Years
2022
12/15/21
Sebring
FL
$5,858,000
4.50%
20 Years
2021
10/14/21
Bellmawr
NJ
$5,800,000
5.00%
14 Years
2015
5/14/21
Okeechobee
FL
$5,665,000
4.50%
20 Years
2021
7/21/21
Richmond
VA
$5,300,000
4.46%
14 Years
2015
10/7/21
Miami
FL
$9,042,553
4.00%
19 Years
2020
3/10/21
Edison
NJ
$7,575,000
4.42%
20 Years
2021
12/13/21
Bridgeville
DE
$5,368,000
5.00%
14 Years
2014
5/17/21
Warminster
PA
$7,030,927
4.85%
14 Years
2013
5/6/21
Morrisville
PA
$6,718,086
4.65%
19 Years
2018
7/21/21
Net Lease Tenant Report | 46
current on market data Number of Properties
4
Avg. Cap Rate
4.80%
Avg. Lease Term Remaining
6 Years
Avg. Price
$5,810,500
Lowest Cap Rate
6.60%
Highest Cap Rate
7.80%
KEY STATISTICS
cap rate correlation BBB+
Market Cap
±$170.16B
Total Locations
±4,988
Headquarters
San Francisco, CA
9.00% 8.00% CAP RATE
Credit Rating
7.00% 6.00% 5.00% 4.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
cap rate comparison 5 Years Remaining
5.50%
10 Years Remaining
5.00%
New Construction (15-20 Years)
4.50%
transactions 2021
H1 2022
Transactions
6
1
Avg. Cap Rate
5.74%
-
Avg. Term Remaining
5 Years
-
Avg. Sale Price
$2,957,333
$1,437,500
typical lease structure Lease Type
NNN or Ground Lease
Rent Increases
Custom, 10% Every 5 Years
Lease Term
15 Years
Avg. Annual Rent
$159,500
Typical SF
±3,500
Avg. Sales
-
recent sales comparables CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Upper Marlboro
MD
$3,990,000
5.63%
5 Years
2006
6/15/21
Falls Church
VA
$3,300,000
4.56%
4 Years
1995
5/25/21
Yankton
SD
$1,116,000
6.25%
3 Years
2017
4/15/21
Lady Lake
FL
$2,270,000
4.98%
4 Years
2004
4/14/21
Houston
TX
$5,768,000
6.00%
5 Years
1984
3/26/21
Net Lease Tenant Report | 47
current on market data Number of Properties
39
Avg. Cap Rate
5.00%
Avg. Lease Term Remaining
17 Years
Avg. Price
$3,366,928
Lowest Cap Rate
4.40%
Highest Cap Rate
13.60%
cap rate correlation KEY STATISTICS
9.00%
B
Market Cap
±$5.04B
Total Locations
±6,949
Headquarters
Dublin, OH
8.00% CAP RATE
Credit Rating
7.00% 6.00% 5.00% 4.00%
1
5
10
20
15
YEARS REMAINING ON LEASE
transactions cap rate comparison
2021
H1 2022
Transactions
140
80
5 Years Remaining
6.50%
10 Years Remaining
5.00%
Avg. Cap Rate
5.30%
4.80%
Avg. Term Remaining
14 Years
16 Years
New Construction (15-20 Years)
4.25%
Avg. Sale Price
$2,600,000
$2,216,516
recent sales comparables typical lease structure Lease Type
NNN or Ground Lease
Rent Increases
5% - 12% Every 5 Years
Lease Term
20 Years
Avg. Annual Rent
$127,000
Typical SF
±3,200
Avg. Sales
$1,850,000
CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Cleveland
TN
$2,050,000
5.24%
6 Years
1976
8/19/22
Cleveland
OH
$4,950,000
4.50%
15 Years
2007
8/4/22
Mason
MI
$2,118,000
5.50%
14 Years
2004
4/10/22
Hillsborough
NC
$3,506,540
5.00%
16 Years
2006
4/9/22
Las Cruces
NM
$3,150,000
4.95%
16 Years
2006
2/22/22
South Hill
VA
$2,435,000
4.86%
16 Years
1984
2/15/22
Grand Rapids
MI
$2,700,000
5.06%
14 Years
2015
2/1/22
Land O'Lakes
FL
$2,278,481
3.95%
15 Years
2022
1/26/22
Roxboro
NC
$2,650,000
5.00%
16 Years
1984
1/10/22
Jackson
TN
$2,711,115
4.75%
20 Years
2000
1/31/22
Net Lease Tenant Report | 48
current on market data Number of Properties
8
Avg. Cap Rate
4.40%
Avg. Lease Term Remaining
9 Years
Avg. Price
KEY STATISTICS B
Market Cap
$2.698B
Total Locations
±790
Headquarters
San Antonio, TX
10 Years Remaining
4.50%
New Construction (15-20 Years)
Highest Cap Rate
10.70%
5.00%
cap rate comparison 5.00%
4.10%
6.00%
4.00%
5 Years Remaining
Lowest Cap Rate
cap rate correlation
CAP RATE
Credit Rating
$3,634,601
1
5
10
transactions 2021
4.00%
typical lease structure Lease Type
NNN or Ground Lease
Rent Increases
5% - 10%
Lease Term
15 Years
Avg. Annual Rent
$131,454
Typical SF
±2,500
Avg. Sales
$3,197,000
20
15
YEARS REMAINING ON LEASE
H1 2022
Transactions
6
14
Avg. Cap Rate
4.69%
4.30%
Avg. Term Remaining
10 Years
15 Years
Avg. Sale Price
$2,784,714
$3,647,921.25
recent sales comparables CITY
STATE
PRICE
CAP
TERM LEFT BUILT
SOLD
Mesa
AZ
$3,549,613
3.80%
15 Years
2022
3/25/22
Athens
AL
$2,421,000
4.75%
15 Years
2022
3/17/22
Bossier City
LA
$2,518,072
3.85%
15 Years
2016
3/10/22
San Antonio
TX
$6,032,000
4.50%
15 Years
2020
2/24/22
Net Lease Tenant Report | 49
index
7-Eleven
Alex Goodman
(615) 667-0153 | alex.goodman@matthews.com
Applebee's
Josh Lesaca
(602) 412-3775 | josh.lesaca@matthews.com
Arby's
Nathan Roberto
(214) 295-8753 | nathan.roberto@matthews.com
AutoZone
Kevin McKenna
(214) 295-6517 | kevin.mckenna@matthews.com
Bank of America
Nick Kaye
(949) 662-2253 | nick.kaye@matthews.com
Best Buy
Ryan Marmaros
(216) 255-9337 | ryan.marmaros@matthews.com
Bojangles
Harrison Wachtler
(615) 667-0160 | harrison.wachtler@matthews.com
Buffalo Wild Wings
Saxon Gallegos
(949) 945-6007 | saxon.gallegos@matthews.com
Burger King
Jack Rottman
(925) 208-0345 | jack.rottman@matthews.com
Carl's Jr
Cade Norland
(949) 662-2265 | cade.norland@matthews.com
Chase Bank
Gerard Hamas
(615) 535-0105 | gerard.hamas@matthews.com
Chick-Fil-A
Meghan Carroll
(949) 200-7903 | meghan.carroll@matthews.com
Chipotle
Mitchell Glasson
(949) 432-4502 | mitchell.glasson@matthews.com
Circle K
Chris Sands
(925) 718-7524 | chris.sands@matthews.com
CVS
Courtney Haubach
(949) 336-3541 | courtney.haubach@matthews.com
DaVita Healthcare
Andrew Fagundo
(310) 955-5834 | andrew.fagundo@matthews.com
Dollar General
Josh Bishop
(214) 692-2289 | josh.bishop@matthews.com
Dollar Tree
Josh Bishop
(214) 692-2289 | josh.bishop@matthews.com
El Pollo Loco
Tim Campbell
(949) 200-7165 | tim.campbell@matthews.com
Family Dollar
Josh Bishop
(214) 692-2289 | josh.bishop@matthews.com
Firestone Complete Auto Care
Jake Sandresky
(512) 535-1759 | jake.sandresky@matthews.com
Fresenius Medical Care
Andrew Fagundo
(310) 955-5834 | andrew.fagundo@matthews.com
Goodyear Tires
Jake Sandresky
(512) 535-1759 | jake.sandresky@matthews.com
Hobby Lobby
Ryan Marmoros
(216) 255-9337 | ryan.marmaros@matthews.com
IHOP
Josh Lesaca
(602) 412-3775 | josh.lesaca@matthews.com
Jack In the Box
Belall Ahmed
(925) 718-7522 | belall.ahmed@matthews.com
Jiffy Lube
Christian Finke
(949) 200-7916 | christian.finke@matthews.com
KFC
Nathan Roberto
(949) 200-7916 | nathan.roberto@matthews.com
Kum & Go
Alex Goodman
(214) 295-8753 | alex.goodman@matthews.com
Mattress Firm
Antonio Sibbio
(216) 201-9295 | antonio.sibbio@matthews.com
National Tire and Battery
Antonio Sibbio
(216) 201-9295 | antonio.sibbio@matthews.com
O'Reilly Auto Parts
Jack Collins
(773) 572-8594 | jack.collins@matthews.com
Panera Bread
Meghan Carroll
(949) 200-7903 | meghan.carroll@matthews.com
Pep Boys
Simon Assaf
(949) 873-0275 | simon.assaf@matthews.com
Popeyes
Blake Wagenseller
(949) 209-8963 | blake.wagenseller@matthews.com
QuikTrip
Lee Cordova
(214) 692-2191 | lee.cordova@matthews.com
Rite Aid
Tarik Fattah
(949) 544-1723 | tarik.fattah@matthews.com
Sherwin-Williams
Jake Marthens
(949) 544-1724 | jake.marthens@matthews.com
Sonic
Saxon Gallegos
(949) 945-6007 | saxon.gallegos@matthews.com
Steak 'n Shake
Blake Wagenseller
(949) 209-8963 | blake.wagenseller@matthews.com
Taco Bell
Jake Linsky
(602) 975-0804 | jake.linsky@matthews.com
Take 5 Oil Change
Christian Finke
(949) 200-7916 | christian.finke@matthews.com
Valvoline Oil Change
Christian Finke
(949) 200-7916 | christian.finke@matthews.com
Walgreens
Emma Pirnar
(512) 535-1015 | emma.pirnar@matthews.com
Wawa
Jason Mandell
(512) 535-0268 | jason.mandell@matthews.com
Wells Fargo
Gerard Hamas
(615) 535-0105 | gerard.hamas@matthews.com
Wendy's
Vincent Chapey
(925) 718-7525 | vincent.chapey@matthews.com
Whataburger
Chase Cameron
(214) 692-2040 | chase.cameron@matthews.com
net lease tenant report
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