Deline
Wawa
(310) 919-5711 jack.kulick@matthews.com
(602) 946-4862 haidyn.dejean@matthews.com
(858) 964-4505 jack.deline@matthews.com
(512) 430-4466 christian.becker@matthews.com
(954) 357-0614 dylan.schroeder@matthews.com
Mundo +1 (954) 357-0910 nicholas.mundo@matthews.com
Wendy’s Vincent Renna +1 (949) 207-6396 vincent.renna@matthews.com
Dutch Bros
Jack Deline +1 (858) 964-4505 jack.deline@matthews.com 17 Sherwin-Williams
18 Burger King
19, 20 AT&T, T-Mobile
21 AutoZone
21, 22 Del Taco, Church’s Chicken
22 Chick-fil-A
23 Food Lion
24 Valvoline
25 Crash Champions
26 Kum & Go
27 Mattress Firm
28 Take 5 Oil Change
29 Chili’s
30 Applebee’s
Chase Cameron +1 (214) 692-2040 chase.cameron@matthews.com
Harrison Wachtler +1 (615) 667-0160 harrison.wachtler@matthews.com
Ryan Foss +1 (972) 636-5722 ryan.foss@matthews.com
Dylan Schroeder +1 (954) 357-0614 dylan.schroeder@matthews.com
Nolan Lehman +1 (949) 336-3527 nolan.lehman@matthews.com
Tanner Sanford +1 (865) 419-0016 tanner.sanford@matthews.com
Roman Stuart +1 (214) 295-8565 roman.stuart@matthews.com
Megan Matthews
+1 (602) 946-4852 megan.matthews@matthews.com
Samuel Griffeth +1 (602) 807-6971 samuel.griffeth@matthews.com
Alex Goodman +1 (615) 667-0153 alex.goodman@matthews.com
Antonio Sibbio +1 (216) 201-9295 antonio.sibbio@matthews.com
Joe Polak +1 (612) 499-5184 joe.polak@matthews.com
Tucker Brock +1 (615) 216-7921 tucker.brock@matthews.com
Josh Lesaca +1 (602) 412-3775 josh.lesaca@matthews.com
31, 32 Jack in the Box, Dairy Queen Nathaniel Newhouse +1 (512) 361-2143 nathaniel.newhouse@matthews.com
33 Bank of America
34, 35 Hardee’s, Carl’s Jr
36 ALDI
36 Denny’s
37 Sprouts, Trader Joe’s
38 Circle K
39 Kroger, Smart & Final
40 Wells Fargo
John Simonson +1 (858) 301-6108 john.simonson@matthews.com
Nathan Roberto +1 (214) 295-8753 nathan.roberto@matthews.com
Cole Voyles +1 (972) 636-8441 cole.voyles@matthews.com
Zach Stevens +1 (602) 922-3427 zach.stevens@matthews.com
Cole Voyles +1 (972) 636-8441 cole.voyles@matthews.com
Kevin Sugavanam +1 (972) 366-6926 kevin.sugavanam@matthews.com
Rob Goldberg +1 (954) 237-4510 rob.goldberg@matthews.com
Gerard Hamas +1 (332) 900-5769 gerard.hamas@matthews.com
41-43 Bojangles, Taco Bell, Arby’s Harrison Wachtler +1 (615) 667-0160 harrison.wachtler@matthews.com
44 Walmart Neighborhood Market
45 CVS
46, 47 Goodyear, Firestone
48 Tractor Supply Company
49 DaVita Dialysis
Brandon Senia +1 (407) 745-0685 brandon.senia@matthews.com
James McGinnis +1 (424) 438-2817 james.mcginnis@matthews.com
Jake Sandresky +1 (512) 535-1759 jake.sandresky@matthews.com
Ryan Schulten +1 (562) 230-5606 ryan.schulten@matthews.com
Jaidyn Phonrath +1 (949) 269-7225 jaidyn.phonrath@matthews.com
1 Index (In Order of Tenants Reported) PAGE TENANT AGENT PHONE EMAIL 2 7-Eleven Nick Hahn +1
3 Advance Auto Parts Ryan Fitzgibbons +1
4 Caliber Collision Jeff Perkins +1
5 Dollar General Ayden Colbert +1
6 Family Dollar Scotty Latimer +1
7 IHOP Tucker Brock +1
8 Jiffy Lube Jack Kulick +1
9 KFC Haidyn Dejean +1
10 Rite Aid Antonio Sibbio +1
11 Starbucks Jack
12 Walgreens Christian
13
14
15
(949) 662-2267 nick.hahn@matthews.com
(818) 206-4468 ryan.fitzgibbons@matthews.com
(646) 216-8104 jeff.perkins@matthews.com
(949) 544-1756 ayden.colbert@matthews.com
(214) 692-2927 scotty.latimer@matthews.com
(615) 216-7921 tucker.brock@matthews.com
(216) 201-9295 antonio.sibbio@matthews.com
+1
Becker +1
O’Reilly Auto Parts Dylan Schroeder +1
Nicholas
16
Stock Symbol SVNDY Credit Rating (S&P) A Market Cap ±$38B # of Locations ±84,500 Headquarters Irving, TX
TYPICAL LEASE STRUCTURE
Lease Type Fee Simple/NNN or Ground Lease Rent Increases 10% Every 5 Years or 7.5% Every 5 Years
Lease Term 15 - 20 Years
Avg. Annual Rent $355,072 Typical SF 2,500 - 6,000 SF
Avg. Sales -
NEW CONSTRUCTION RENT COMPARABLES
2 ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties.
TENANT TRANSACTIONS 2023 Q1 2024 Transactions 160 100 Avg. Cap Rate 5.25% 5.50% Avg. Term Remaining 12 Years 12 Years Avg. Sale Price $4.5M $5.5M $355,072 $439,333 $270,812 $523,594 $186,551 CAP RATE COMPARISON New Construction (15 - 20 Years) 5.15% 10 Years Remaining 5.50% 5 Years Remaining 5.75%
CONVENIENCE STORE CURRENT ON MARKET DATA # of Properties 92 Avg. Cap Rate 5.22% Avg. Lease Term Remaining 12 Years Avg. Price $5.6M Lowest Cap Rate 4.00% Highest Cap Rate 6.35%
7 - ELEVEN
KEY STATISTICS
NICK HAHN nick.hahn@matthews.com +1 (949) 662-2267
CAP RATE CORRELATION 1
6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 6.5% 6.0% 5.5% 5.0% 4.5% YEARS
2 3 4 5
REMAINING ON LEASE
ADVANCE AUTO PARTS
RENT COMPARABLES 3 ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less in-place rent than 98% of all properties. Less in-place rent than 2% - 16% of all properties. Less in-place rent than 16% - 50% of all properties. Higher in-place rent than 50% - 84% of all properties. Higher in-place rent than 84% - 98% of all properties. Higher in-place rent than 98% of all properties. TENANT TRANSACTIONS 2023 Q1 2024 Transactions 55 12 Avg. Cap Rate 7.00% 7.25% Avg. Term Remaining 7 Years 6 Years Avg. Sale Price $1.4M $1.3M CAP RATE COMPARISON New Construction (15 - 20 Years) 6.00% 10 Years Remaining 6.75% 5 Years Remaining 8.00% TYPICAL LEASE
Lease Type NN Rent Increases 5 - 10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $100,100 Typical SF 7,000 - 10,000 SF Avg. Sales $1.75M
Stock Symbol AAP Credit Rating (S&P) BB+ Market Cap ±$5.07B # of Locations ±4,484 Headquarters
NC
STRUCTURE
KEY STATISTICS
Raleigh,
AUTO PARTS CURRENT ON MARKET DATA # of Properties 74 Avg. Cap Rate 6.64% Avg. Lease Term Remaining 7.65 Years Avg. Price $1.73M Lowest Cap Rate 5.00% Highest Cap Rate 9.00% $100,100 $130,500 $69,600 $161,000 $39,100 RYAN
ryan.fitzgibbons@matthews.com +1 (818) 206-4468 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 12% 10% 8% 6% 4% YEARS REMAINING ON LEASE
FITZGIBBONS
CALIBER COLLISION
RENT COMPARABLES ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 4 TENANT TRANSACTIONS 2023 Transactions 24 Avg. Cap Rate 6.22% Avg. Term Remaining 13 Years Avg. Sale Price $3.8M CAP RATE COMPARISON New Construction (15 - 20 Years) 6.50% 10 Years Remaining 7.00% 5 Years Remaining 7.25% TYPICAL
Lease Type NNN or NN Rent Increases 2% Annually
10% Every 5 Years Lease Term 10 - 15 Years Avg. Annual Rent $272,119 Typical SF
SF Avg. Sales -
Stock Symbol Private Credit Rating (S&P) Private Market Cap Private # of Locations ±1,700 Headquarters Lewisville, TX
AUTO SERVICE CURRENT ON MARKET DATA # of Properties 47 Avg. Cap Rate 6.22% Avg. Lease Term Remaining 12 Years Avg. Price $4.1M Lowest Cap Rate 5.50% Highest Cap Rate 7.50% JEFF PERKINS jeff.perkins@matthews.com +1 (646) 216-8104 $272,119 $380,598 $163,639 $489,078 $55,160 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 10% 9% 8% 7% 6% 5% YEARS REMAINING ON LEASE
LEASE STRUCTURE
or
±15,500
KEY STATISTICS
KEY STATISTICS
Stock
LEASE STRUCTURE
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 5 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 160 20 Avg. Cap Rate 6.20% 6.70% Avg. Term Remaining -Avg. Sale Price $1.8M $1.5M CAP RATE COMPARISON New Construction (15 Years) 6.19% 10 Years Remaining 6.22% 5 Years Remaining 7.32% TYPICAL
COMPARABLES
Years Avg. Annual Rent $100,440 Typical SF ±10,640 SF
Lease Type NNN Rent Increases 10% Every 5 Years In Options Lease Term 15
DOLLAR
DOLLAR STORE CURRENT ON MARKET DATA # of PropertiesAvg. Cap Rate 6.59% Avg. Lease Term Remaining 15 Years Avg. Price $1.8M Lowest Cap Rate 5.25% Highest Cap Rate 9.00% AYDEN COLBERT ayden.colbert@matthews.com +1 (949) 544-1756 CAP RATE CORRELATION 10% 9% 8% 7% 6% 3 4 5 6 7 8 9 10 11 12 13 14 15 1 2 YEARS REMAINING ON LEASE $100,440 $128,893 $71,987 $157,346 >$185,799 $45,534 <$15,081.81
Symbol DG Credit Rating (S&P) BBB Market Cap ±$33B # of Locations ±19,500 Headquarters Goodlettsville, TN
GENERAL
SCOTTY LATIMER scotty.latimer@matthews.com +1 (214) 692-2927
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 6 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 350 100 Avg. Cap Rate 6.80% 7.25% Avg. Term Remaining -Avg. Sale Price $1.4M $1.3M CAP RATE COMPARISON New Construction (15 - 20 Years)10 Years Remaining 7.35% 5 Years Remaining 7.85% TYPICAL LEASE
Lease Type NN Rent Increases In Options Lease Term 10 Years Avg. Annual Rent $83,753 Typical SF ±8,320 SF Avg. Sales $1.6M
Stock Symbol DTLR
Rating (S&P) BBBMarket Cap
of
DOLLAR STORE CURRENT ON MARKET DATA # of Properties 220 Avg. Cap Rate 7.5% Avg. Lease Term Remaining 7 Years Avg. Price $1.5M Lowest Cap Rate 6.17% Highest Cap Rate 9.51% $83,753 $108,349 $59,157 $132,946 $34,560 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 12% 10% 8% 6% 4% YEARS REMAINING ON LEASE
COMPARABLES
STRUCTURE
KEY STATISTICS
Credit
±$5.48B #
Locations ±8,000 Headquarters Chesapeake, VA FAMILY DOLLAR
KEY STATISTICS
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 7 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 12 4 Avg. Cap Rate 6.38% 5.50% Avg. Term Remaining 10 Years 7 Years Avg. Sale Price $2.0M $2.6M CAP RATE COMPARISON New Construction (15 - 20 Years) 6.25% 10 Years Remaining 6.75% 5 Years Remaining 7.25% TYPICAL
Lease Type NNN Rent Increases 5 - 10% Every 5 Years Lease Term 10 Years Avg. Annual Rent $140,831 Typical SF ±4,500 SF Avg. Sales $1.9M
Stock Symbol DIN Credit Rating (S&P)Market Cap ±$671.43M # of Locations
IHOP CASUAL DINING $140,831 $190,645
CURRENT ON MARKET DATA # of Properties 19 Avg. Cap Rate 7.39% Avg. Lease Term Remaining 8 Years Avg. Price $2.3M Lowest Cap Rate 5.00% Highest Cap Rate 10.00%
CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 10% 9% 8% 7% 6% 5% YEARS REMAINING ON LEASE
COMPARABLES
LEASE STRUCTURE
±1,700 Headquarters Pasadena, CA
$91,017 $240,459 $41,203
TUCKER BROCK tucker.brock@matthews.com +1 (615) 216-7921
LUBE
JACK KULICK (310) 919-5711
jack.kulick@matthews.com
Stock Symbol VVV
Credit Rating (S&P) Private/Franchisee Market Cap Private # of Locations ±2,000 Headquarters Houston, TX
TYPICAL LEASE STRUCTURE
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 8 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 60 7 Avg. Cap Rate 6.96% 7.08% Avg. Term Remaining 7.8 Years 7.4 Years Avg. Sale Price $1.8M $1.6M CAP RATE COMPARISON New Construction (15 - 20 Years) 6.25% 10 Years Remaining 7.00% 5 Years Remaining 8.00%
COMPARABLES
Term 15 - 20 Years Avg. Annual Rent $100,936 Typical SF ±2,500 SF Avg. Sales $1.05M
Lease Type Absolute NNN Rent Increases 5 - 10% Every 5 Years Or 2% Annually Lease
KEY STATISTICS
JIFFY
AUTO SERVICE $100,936
ON
# of Properties 48 Avg. Cap Rate 6.30% Avg. Lease Term Remaining 8 Years Avg. Price $1.9M Lowest Cap Rate 4.97% Highest Cap Rate 7.50%
$143,594 $58,278 $186,252 $15,619 CURRENT
MARKET DATA
CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 10% 9% 8% 7% 6% 5% YEARS REMAINING ON LEASE
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 9 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 68 8 Avg. Cap Rate 5.90% 6.27% Avg. Term Remaining 14.8 Years 8 Years Avg. Sale Price $1.75M $1.35M CAP RATE COMPARISON New Construction (15 - 20 Years) 5.48% 10 Years Remaining 5.75% 5 Years Remaining 6.50% TYPICAL
Lease Type NNN or Ground Lease Rent Increases 5 - 10% Every 5 Years or 1 - 2% Ann. Increase Lease Term 15 - 20 Years Avg. Annual Rent $95,708 Typical SF ±2,800 SF Avg. Sales $1.30M
Stock Symbol YUM Credit Rating (S&P) BB+ Market Cap ±$11.08B # of Locations ±3,925 Headquarters Louisville, KY KFC QUICK SERVICE RESTAURANT $95,708 $127,195 $64,222 $158,681 $32,735 CURRENT ON MARKET DATA # of Properties 45 Avg. Cap Rate 5.60% Avg. Lease Term Remaining 14 Years Avg. Price $1.82M Lowest Cap Rate 4.25% Highest Cap Rate 6.50%
CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 8% 7% 6% 5% 4% YEARS REMAINING ON LEASE
COMPARABLES
LEASE STRUCTURE
KEY STATISTICS
HAIDYN DEJEAN haidyn.dejean@matthews.com +1 (602) 946-4862
TYPICAL LEASE STRUCTURE
Lease Type NNN or NN Rent Increases None or 10% Every 5 Years Lease Term 10 Years
ANTONIO SIBBIO antonio.sibbio@matthews.com +1 (216) 201-9295
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 10
TRANSACTIONS 2023 Transactions 11 Avg. Cap Rate 7.67% Avg. Term Remaining 7.15 Years Avg. Sale Price $3.63M CAP RATE COMPARISON New Construction (15 - 20 Years)10 Years Remaining 7.22% 5 Years Remaining 9.72%
COMPARABLES
TENANT
Avg.
Annual Rent $276,769 Typical SF ±11,180 SF Avg. Sales -
Market Cap
#
RITE AID DRUGSTORE $276,769 $396,434 $157,104 $516,099 $37,439 CURRENT ON MARKET DATA # of Properties 43 Avg. Cap Rate 7.35% Avg. Lease Term Remaining 7 Years Avg. Price $3.15M Lowest Cap Rate 6.35% Highest Cap Rate
CAP RATE CORRELATION 1 2 3 4 5 6 7 12% 10% 8% 6% YEARS REMAINING ON LEASE
KEY STATISTICS Stock Symbol RADCQ Credit Rating (S&P) D
±$6.41M
of Locations ±1,690 Headquarters Camp Hill, PA
11.78%
STARBUCKS
RENT COMPARABLES ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 11
QUICK SERVICE RESTAURANT $126,437 $165,331 $87,542 $204,255 $48,649 TENANT TRANSACTIONS 2023 Transactions 26 Avg. Cap Rate 4.96% Avg. Term Remaining 9 Years Avg. Sale Price $2.91M KEY STATISTICS Stock Symbol SBUX Credit Rating (S&P) BBB+ Market Cap ±$97.65B # of Locations ±29,000 Headquarters Seattle, WA
Type NN Rent Increases 10% Every 5 Years Lease Term 10 Years Avg. Annual Rent $126,437 Typical SF ±2,200 SF Avg. Sales $1.70M CURRENT ON MARKET DATA # of Properties 178 Avg. Cap Rate 5.15% Avg. Lease Term Remaining 10 Years Avg. Price $2.95M Lowest Cap Rate 3.00% Highest Cap Rate 6.35% JACK DELINE jack.deline@matthews.com +1 (858) 964-4505
TYPICAL LEASE STRUCTURE Lease
CHRISTIAN BECKER christian.becker@matthews.com +1 (512) 430-4466
Stock Symbol WBA Credit Rating (S&P) BBBMarket Cap ±$18.35B # of Locations ±8,706 Headquarters Deerfield, IL
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 12 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 304 54 Avg. Cap Rate 6.17% 6.84% Avg. Term Remaining 10.34 Years 10.31 Years Avg. Sale Price $5.77M $4.49M CAP RATE COMPARISON New Construction (15 - 20 Years) 5.48% 10 Years Remaining 6.29% 5 Years Remaining 7.05%
COMPARABLES
TYPICAL LEASE STRUCTURE
Absolute
Rent Increases
Term 15 Years Avg. Annual Rent $334,513 Typical SF ±14,520 SF Avg. Sales $8.28M
Lease Type
NNN or NN
5% Every 5 Years or Flat Lease
KEY STATISTICS
WALGREENS DRUGSTORE $334,513
CURRENT ON MARKET DATA # of Properties 407 Avg. Cap Rate 6.46% Avg. Lease Term Remaining 9.13 Years Avg. Price $4.97M Lowest Cap Rate 3.67% Highest Cap Rate 9.50%
$452,424 $216,603 $570,334 $98,694
CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 9% 8% 7% 6% 5% 4% YEARS REMAINING ON LEASE
AUTO PARTS
RENT COMPARABLES ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 13 TENANT TRANSACTIONS 2023 Transactions 51 Avg. Cap Rate 5.73% Avg. Term Remaining 9.42 Years Avg. Sale Price $2.2M CAP RATE COMPARISON New Construction (15 - 20 Years) 5.39% 10 Years Remaining 5.67% 5 Years Remaining 5.93% KEY STATISTICS Stock Symbol ORLY Credit Rating (S&P) BBB+ Market Cap ±$65.65B # of Locations ±6,095 Headquarters Springfield, MO
AUTO PARTS CURRENT ON MARKET DATA # of Properties 34 Avg. Cap Rate 5.66% Avg. Lease Term Remaining 13 Years Avg. Price $2.19M Lowest Cap Rate 4.50% Highest Cap Rate 6.12%
NN Rent
11 10% in Options Lease
15
Avg. Annual Rent $114,516 Typical SF ±7,500 SF Avg. Sales $2.3M DYLAN
dylan.schroeder@matthews.com +1 (954) 357-0614 $114,516 $144,033 $85,000 $173,549 $55,484
O’REILLY
TYPICAL LEASE STRUCTURE Lease Type
Increases 6% Year
Term
- 20 Years
SCHROEDER
14 TENANT TRANSACTIONS 2023 Transactions 31 Avg. Cap Rate 5.27% Avg. Term Remaining 9.5 Years Avg. Sale Price $4.96M CAP RATE COMPARISON New Construction (15 - 20 Years) 4.25% - 4.50% 10 Years Remaining 4.75% - 5.00% 5 Years Remaining 5.50% - 6.00%
Type Ground Lease/Absolute NNN Rent Increases 5 - 10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $264,750 Typical SF 4,600 - 6,000 SF Avg. SalesKEY STATISTICS Stock Symbol Private Credit Rating (S&P) Private Market Cap Private # of Locations
Headquarters
PA WAWA CONVENIENCE STORE CURRENT ON MARKET DATA # of Properties 32 Avg. Cap Rate 5.39% Avg. Lease Term Remaining 15 Years Avg. Price $4.47M Lowest Cap Rate 4.00% Highest Cap Rate 4.76%
(954) 357-0910 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 7% 6% 5% 4% 3% YEARS REMAINING ON LEASE
TYPICAL LEASE STRUCTURE Lease
±992
Wawa,
NICHOLAS MUNDO nicholas.mundo@matthews.com +1
TYPICAL LEASE STRUCTURE
Lease Type NNN or Ground Lease Rent Increases 5 - 10% Every 5 Years or Annual Increases Lease Term 20 Years
VINCENT RENNA vincent.renna@matthews.com
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 15 TENANT TRANSACTIONS 2023 Transactions 50 Avg. Cap Rate 5.77% Avg. Term Remaining 16.1 Years Avg. Sale Price $2.32M CAP RATE COMPARISON New Construction (15 - 20 Years) 5.25% 10 Years Remaining 5.75% 5 Years Remaining 6.25%
COMPARABLES
Avg. Annual Rent
Typical SF ±2,800 SF Avg. Sales $1.70M
$128,527
Rating
B+ Market Cap
# of Locations
WENDY’S QUICK SERVICE RESTAURANT $128,527 $166,158
CURRENT ON MARKET DATA # of Properties 48 Avg. Cap Rate 5.46% Avg. Lease Term Remaining 15 Years Avg. Price $2.5M Lowest Cap Rate 4.25% Highest Cap Rate 6.50%
KEY STATISTICS Stock Symbol WEN Credit
(S&P)
±$3.84B
±7,095 Headquarters Dublin, OH
$90,896 $203,789 $53,266
207-6396 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 9% 8% 7% 6% 5% 4% YEARS REMAINING ON LEASE
+1 (949)
RENT COMPARABLES ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 16 DUTCH
QUICK SERVICE RESTAURANT $104,663 $128,278 $81,047 $151,894 $57,432 JACK DELINE jack.deline@matthews.com +1 (858) 964-4505 CAP RATE COMPARISON New Construction (15 - 20 Years) 5.00% - 6.00% 10 Years Remaining 5.00% - 6.00% 5 Years Remaining -
Type NNN Rent Increases 10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $104,663 Typical SF ±950 SF Avg. Sales $1.90M KEY
Stock Symbol BROS Credit Rating (S&P) NR Market Cap ±$4.17B # of Locations
Headquarters
CURRENT ON MARKET DATA # of Properties 60 Avg. Cap Rate 5.08% Avg. Lease Term Remaining 15 Years Avg. Price $2.2M Lowest Cap Rate 4.00% Highest Cap Rate 6.00%
2023 Transactions 39 Avg. Cap Rate 5.09% Avg. Term Remaining 14.7 Years Avg. Sale Price $2.03M
BROS.
TYPICAL LEASE STRUCTURE Lease
STATISTICS
±850
Grants Pass, OR
TENANT TRANSACTIONS
SHERWIN WILLIAMS
RENT COMPARABLES ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 17 CAP RATE
New Construction (15 - 20 Years)10 Years Remaining 5.00% - 5.75% 5 Years Remaining 6.25 - 6.75% TYPICAL LEASE
Lease Type NN Rent Increases 5 - 10% Every 5 Years Lease Term 10 Years Avg. Annual Rent $44,697 Typical SF 4,000 - 6,000 SF Avg. SalesKEY
Stock Symbol SHW Credit Rating (S&P) BBB Market Cap ±$84.92B # of Locations ±3,925 Headquarters Cleveland, OH
NET LEASE RETAIL $44,697 $55,573 $33,821 $66,449 $22,945 CURRENT ON MARKET DATA # of Properties 31 Avg. Cap Rate 5.74% Avg. Lease Term Remaining 8.80 Years Avg. Price $2.32M Lowest Cap Rate 5.00% Highest Cap Rate 7.25% TENANT TRANSACTIONS
Q1 2024 Transactions 16 2 Avg. Cap Rate 5.71% 7.50% Avg. Term Remaining -Avg. Sale Price $1.79M $1.27M CHASE
(214) 692-2040
COMPARISON
STRUCTURE
STATISTICS
2023
CAMERON chase.cameron@matthews.com +1
BURGER KING
HARRISON WACHTLER harrison.wachtler@matthews.com +1 (615) 667-0160
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 18 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 97 18 Avg. Cap Rate 6.05% 6.25% Avg. Term Remaining 11.5 Years 8.9 Years Avg. Sale Price $1.96M $1.91M CAP RATE COMPARISON New Construction (15 - 20 Years) 5.70% 10 Years Remaining 6.10% 5 Years Remaining 6.90%
Absolute NNN
Increases
Term 20 Years Avg. Annual Rent $126,002 Typical SF ±3,200 SF Avg. Sales $1.5M
Rating
BB
Cap
COMPARABLES
TYPICAL LEASE STRUCTURE Lease Type
Rent
5 - 10% Every 5 Years or 1 - 2% Annually Lease
KEY STATISTICS Stock Symbol QSR Credit
(S&P)
Market
±$35.5M # of Locations ±6,800 Headquarters Miami, FL
QUICK SERVICE RESTAURANT $126,002
CURRENT ON MARKET DATA # of Properties 88 Avg. Cap Rate 6.11% Avg. Lease Term Remaining 12.36 Years Avg. Price $2M Lowest Cap Rate 4.50% Highest Cap Rate 9.50%
$146,066 $105,938 $166,130 $85,875
CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 8% 7% 6% 5% 4% YEARS REMAINING ON LEASE
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 19 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 12 1 Avg. Cap Rate 7.45% 7.25% Avg. Term Remaining -Avg. Sale Price $1.30M $1.50M CAP RATE COMPARISON New Construction (10 Years) 6.5% - 6.75% 5 Years Remaining 7.50% TYPICAL
Lease
NN Rent
Term 10 Years Avg. Annual Rent $146,357 Typical SF ±2,500 SF Avg. Sales -
Stock Symbol T Credit Rating (S&P) BBB Market Cap ±$123.74B # of Locations ±5,326 Headquarters
TX AT&T NET LEASE RETAIL $146,357 $203,855 $88,859 $261,353 $31,361 CURRENT ON MARKET DATA # of Properties 8 Avg. Cap Rate 7.06% Avg. Lease Term Remaining 3.13 Years Avg. Price $1.8M Lowest Cap Rate 6.00% Highest Cap Rate 7.78% RYAN FOSS ryan.foss@matthews.com +1 (972) 636-5722 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 8% 7% 6% 5% 4% YEARS REMAINING ON LEASE
COMPARABLES
LEASE STRUCTURE
Type
Increases 5 - 10% Every 5 Years or Three 5-Year Lease
KEY STATISTICS
Dallas,
TYPICAL LEASE STRUCTURE
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 20 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 9 7 Avg. Cap Rate 7.19% 7.17% Avg. Term Remaining -Avg. Sale Price $1.37M $1.43M CAP RATE COMPARISON New Construction (10 Years) 6.60% - 6.85% 5 Years Remaining 7.65%
COMPARABLES
T - MOBILE NET LEASE RETAIL $100,505 $122,903 $78,107
CURRENT
# of Properties 19 Avg. Cap Rate 7.03% Avg. Lease Term Remaining 8.84 Years Avg. Price
Lowest Cap Rate 6.25% Highest Cap Rate 8.00% RYAN FOSS ryan.foss@matthews.com +1 (972)
CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 9% 8% 7% 6% 5% YEARS REMAINING ON LEASE
Lease Type NN Rent Increases 5 - 10% Every 5 Years or Three 5-Year Lease Term 10 Years Avg. Annual Rent $100,505 Typical SF ±2,500 SF Avg. SalesKEY STATISTICS Stock Symbol TMUS Credit Rating (S&P) BBB+ Market Cap ±$191.26B # of Locations ±6,126 Headquarters Bellevue, WA
$145,301 $55,709
ON MARKET DATA
$1.43M
636-5722
AUTOZONE
DYLAN SCHROEDER
dylan.schroeder@matthews.com
+1 (954) 357-0614
KEY STATISTICS
Stock
NOLAN LEHMAN
nolan.lehman@matthews.com +1
KEY STATISTICS
21 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 13 3 Avg. Cap Rate 6.70% 5.00% Avg. Term Remaining 11 Years 17 Years Avg. Sale Price $2.05M $2.30M CAP RATE COMPARISON New Construction (10 Years) 5.45% 5 Years Remaining 6.00%
LEASE
Lease Type NNN Rent Increases 10% Every 5 Years or 1.50% - 3.00% Annually Lease Term 20 Years Avg. Annual Rent $121,000 Typical SF 2,000 - 2,500 SF Avg. Sales $1.52M
TYPICAL
STRUCTURE
Stock Symbol TACO Credit Rating (S&P) Subsidiary Market Cap Subsidiary # of Locations ±600 Headquarters Lake Forest, CA
SERVICE
DEL TACO QUICK
RESTAURANT
(949) 336-3527
CURRENT ON MARKET DATA # of Properties 8 Avg. Cap Rate 5.50% Avg. Lease Term Remaining 15 Years Avg. Price $2.88M Lowest Cap Rate 4.00% Highest Cap Rate 6.00% TENANT TRANSACTIONS 2023 Transactions 16 Avg. Cap Rate 5.02% Avg. Term Remaining 12.25 Years Avg. Sale Price $1.6M CAP RATE COMPARISON New Construction (15 - 20 Years) 4.57% 10 Years Remaining 5.23% 5 Years Remaining 5.14% TYPICAL LEASE STRUCTURE Lease Type Ground Lease Rent Increases 10% Every 5 Years in Options Lease Term 15 Years Avg. Annual RentTypical SF ±6,800 SF Avg. Sales $2.2M
Symbol AZO Credit Rating (S&P) BBB Market Cap
# of Locations
Headquarters Memphis, TN
±$54B
±6,339
AUTO
CURRENT ON MARKET DATA # of Properties 19 Avg. Cap Rate 5.03% Avg. Lease Term Remaining 10 Years Avg. Price $2,265,503 Lowest Cap Rate 4.25% Highest Cap Rate 6.00%
PARTS
CHURCH’S CHICKEN
22 TENANT TRANSACTIONS 2023 TransactionsAvg. Cap Rate 4.40% Avg. Term RemainingAvg. Sale Price $4.7M KEY STATISTICS Stock Symbol Private Credit Rating (S&P) Private Market Cap# of Locations ±3,059 Headquarters Atlanta, GA CURRENT ON MARKET DATA # of Properties 39 Avg. Cap Rate 4.15% Avg. Lease Term Remaining 15 Years Avg. Price $4.8M Lowest Cap Rate 3.50% Highest Cap Rate 4.65% NOLAN LEHMAN nolan.lehman@matthews.com +1 (949) 336-3527 CHICK-FIL-A QUICK SERVICE RESTAURANT TANNER SANFORD tanner.sanford@matthews.com +1 (865) 419-0016
QUICK SERVICE RESTAURANT TENANT TRANSACTIONS 2023 Q1 2024 Transactions 34 6 Avg. Cap Rate 6.10% 6.35% Avg. Term Remaining 7 Years 4 Years Avg. Sale Price $1.40M $1.01M TYPICAL LEASE STRUCTURE Lease Type NNN Rent Increases 10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $61,000 Typical SF 1,700 - 3,000 SF Avg. Sales $1.25M KEY STATISTICS Stock Symbol CHD Credit Rating (S&P) Private Market Cap Private # of Locations ±1,500 Headquarters Atlanta, GA CURRENT ON MARKET DATA # of Properties 12 Avg. Cap Rate 6.50% Avg. Lease Term Remaining 5 Years Avg. Price $1.20M Lowest Cap Rate 3.60% Highest Cap Rate 6.75% CAP RATE COMPARISON New Construction (15 - 20 Years) 6.00% 10 Years Remaining 6.25% 5 Years Remaining 6.50%
GROCERY STORE
FOOD LION
ROMAN STUART roman.stuart@matthews.com +1 (214) 295-8565
RENT COMPARABLES ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 23
TENANT TRANSACTIONS 2023 Transactions 39 Avg. Cap Rate 7.52% Avg. Term Remaining 7.5 Years Avg. Sale Price $6.94M CAP RATE COMPARISON New Construction (15 - 20 Years) 6.50% 10 Years Remaining 7.25% 5 Years Remaining 7.50% TYPICAL
Type NNN or NN+, Modified Gross Rent Increases 10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $285,378 Typical SF 35,000 - 50,000 SF Avg. Sales $16M KEY STATISTICS Stock Symbol ADRNY Credit Rating (S&P) BBB+ Market Cap ±$27.37B # of Locations ±1,108 Headquarters Salisbury, NC CURRENT ON MARKET DATA # of Properties 4 Avg. Cap Rate 5.94% Avg. Lease Term Remaining 8 Years Avg. Price $5.6M Lowest Cap Rate 4.52% Highest Cap Rate 7.00% $285,377 $425,917 $144,838 $566,457 $4,298
LEASE STRUCTURE Lease
VALVOLINE
CAP RATE COMPARISON
New Construction (15 - 20 Years)
- 7.50%
TYPICAL LEASE STRUCTURE
Lease Type
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16%
50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 24
COMPARABLES
-
NNN
Avg. Annual Rent $95,185 Typical
Avg.
Rent Increases 10% Every 5 Years, Annual Lease Term 20 - 15 Years
SF ±5,473 SF
Sales $1.446M
KEY STATISTICS Stock Symbol VVV Credit Rating (S&P) BB Market Cap $5.83B # of Locations ±1,900 Headquarters Lexington, KY
AUTO SERVICE
CURRENT ON MARKET DATA # of Properties 42 Avg. Cap Rate 5.70% Avg. Lease Term Remaining 14 Years Avg. Price $2.1M Lowest Cap Rate 4.80% Highest Cap Rate 7.50%
$95,185 $139,686 $50,684 $184,187 $6,184
5.00%
MEGAN
megan.matthews@matthews.com +1 (602) 946-4852
- 5.50% 10 Years Remaining 5.75% - 6.75% 5 Years Remaining 6.75%
MATTHEWS
CRASH CHAMPIONS
SAMUEL GRIFFETH
samuel.griffeth@matthews.com +1 (602) 807-6971
Stock Symbol Private Credit Rating (S&P) BMarket Cap# of Locations ±625 Headquarters Westmont, IL
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 25 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 4 2 Avg. Cap Rate 5.37% 6.15% Avg. Term Remaining - 1 Year Avg. Sale Price $3.95MCAP RATE COMPARISON New Construction (15 - 20 Years) 5.75% 10 Years Remaining 6.15% 5 Years Remaining 6.75% TYPICAL
Lease Type NN Rent Increases 5 - 10% Every 5 Years or 2 - 3% Annually Lease Term 15 Years Avg. Annual Rent $222,486 Typical SF ±17,723 SF Avg. Sales -
COMPARABLES
LEASE STRUCTURE
KEY STATISTICS
AUTO SERVICE
CURRENT ON MARKET DATA # of Properties 9 Avg. Cap Rate 6.03% Avg. Lease Term Remaining 13 Years Avg. Price $6.38M Lowest Cap Rate 4.16% Highest Cap Rate 7.11%
$222,486.10 $310,078.34 $134,893.86 $397,670.57 $47,302
Stock Symbol Private Credit Rating (S&P) Private Market Cap Private # of Locations ±400 Headquarters Des Moines, IA
26 TENANT TRANSACTIONS 2023 Transactions 13 Avg. Cap Rate 6.13% Avg. Term Remaining 8.81 Years Avg. Sale Price $4.09M CAP RATE COMPARISON New Construction (15 - 20 Years) 5.50% 10 Years Remaining 6.25% 5 Years Remaining 7.00%
Absolute
Rent Increases
Term 15
20 Years Avg. Annual Rent $400,000 Typical SF ±4,800 SF Avg. Sales -
TYPICAL LEASE STRUCTURE Lease Type
NNN
7.5% Every 5 Years Lease
-
KEY STATISTICS
KUM
CONVENIENCE STORE CURRENT ON MARKET DATA # of Properties 10 Avg. Cap Rate 5.36% Avg. Lease Term Remaining 17 Years Avg. Price $6.89M Lowest Cap Rate 5.00% Highest Cap Rate 5.75% ALEX GOODMAN alex.goodman@matthews.com +1 (615) 667-0153 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 10% 9% 8% 7% 6% 5% YEARS REMAINING ON LEASE
& GO
MATTRESS FIRM
RENT COMPARABLES ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 27
NET LEASE RETAIL $146,022 $193,442 $98,602 $240,863 $51,182 ANTONIO SIBBIO antonio.sibbio@matthews.com +1 (216) 201-9295 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 6 2 Avg. Cap Rate 7.15% 9.28% Avg. Term Remaining -Avg. Sale Price $1.85M $1.12M CAP RATE COMPARISON New Construction (15 - 20 Years) 7.10% 10 Years Remaining 7.50% 5 Years Remaining 8.15% TYPICAL LEASE STRUCTURE Lease Type NNN or NN Rent Increases Varies Lease Term 10 Years Avg. Annual Rent $145,000 Typical SF ±5,300 SF Avg. SalesKEY STATISTICS Stock Symbol MFRM Credit Rating (S&P) B+ Market Cap ±$2.39B # of Locations ±2,300 Headquarters Houston, TX CURRENT ON MARKET DATA # of Properties 14 Avg. Cap Rate 6.58% Avg. Lease Term Remaining 6 Years Avg. Price $2.05M Lowest Cap Rate 5.36% Highest Cap Rate 7.47% CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 10% 9% 8% 7% 6% YEARS REMAINING ON LEASE
TAKE 5 OIL CHANGE
KEY STATISTICS Stock
Headquarters Metairie, LA
LEASE STRUCTURE
RENT COMPARABLES ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 28 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 39 5 Avg. Cap Rate 5.96% 5.99% Avg. Term Remaining 13.17 Years 14.6 Years Avg. Sale Price $1.4M $1.5M CAP RATE COMPARISON New Construction (15 - 20 Years) 6.07% 10 Years Remaining5 Years Remaining 5.25%% TYPICAL
Lease Type NNN or Ground Rent Increases 10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $104,585 Typical SF ±1,600 SF Avg. Sales -
AUTO SERVICE $104,585 $139,308 $69,861 $174,032 $35,138 CURRENT ON MARKET DATA # of Properties 14 Avg. Cap Rate 5.95% Avg. Lease Term Remaining 13 Years Avg. Price $1.7M Lowest Cap Rate 5.00% Highest Cap Rate 6.75% JOE POLAK joe.polak@matthews.com +1 (612) 499-5184 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 7% 6% 5% 4% YEARS REMAINING ON LEASE
Symbol
Rating
Cap
YUM Credit
(S&P) B+ Market
±$2.49B # of Locations ±800
TUCKER BROCK tucker.brock@matthews.com +1 (615) 236-2701
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 29 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 6 2 Avg. Cap Rate 6.05% 5.85% Avg. Term Remaining 6.5 Years 7.5 Years Avg. Sale Price $2.83M $3.25M CAP RATE COMPARISON New Construction (15 - 20 Years) 5.25% 10 Years Remaining 5.75% 5 Years Remaining 6.25% TYPICAL LEASE
Lease Type NNN (Ground) Rent Increases 10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $135,424 Typical SF ±4,500 SF Avg. Sales $2.8M KEY STATISTICS Stock Symbol EAT Credit Rating (S&P) BBMarket Cap ±$2.10B # of Locations ±1,230 Headquarters Dallas, TX CHILI’S CASUAL DINING $135,424 $183,202 $87,646 $230,980 $39,868 CURRENT ON MARKET DATA # of Properties 6 Avg. Cap Rate 5.86% Avg. Lease Term Remaining 5 Years Avg. Price $2.83M Lowest Cap Rate 5.00% Highest Cap Rate 8.00% CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 8% 7% 6% 5% 4% YEARS REMAINING ON LEASE
COMPARABLES
STRUCTURE
APPLEBEE’S
RENT COMPARABLES ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 30 TENANT TRANSACTIONS 2023 Transactions 30 Avg. Cap Rate 7.40% Avg. Term Remaining 8 Years Avg. Sale Price $2.9M CAP RATE COMPARISON New Construction (15 - 20 Years) 6.50% 10 Years Remaining 7.25% 5 Years Remaining 8.00% TYPICAL
Lease Type Absolute NNN Rent Increases 5 - 10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $190,130 Typical SF ±5,400 SF Avg. Sales $2.8M
Stock Symbol DIN Credit Rating (S&P) NR Market Cap ±$704.38 # of Locations ±1,640 Headquarters Pasadena, CA
LEASE STRUCTURE
KEY STATISTICS
CASUAL DINING $190,130 $232,523 $147,736 $274,916 $105,343 CURRENT ON MARKET DATA # of Properties 23 Avg. Cap Rate 7.40% Avg. Lease Term Remaining 8 Years Avg. Price $2.8M Lowest Cap Rate 6.25% Highest Cap Rate 9.75% JOSH
(602) 412-3775 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 10% 9% 8% 7% 6% 5% YEARS REMAINING ON LEASE
LESACA josh.lesaca@matthews.com +1
JACK IN THE BOX
NATHANIEL NEWHOUSE nathaniel.newhouse@matthews.com +1 (512)
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 31 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 29 7 Avg. Cap Rate 5.67% 5.88% Avg. Term Remaining 8 Years 7 Years Avg. Sale Price $2.2M $2.1M CAP RATE COMPARISON New Construction (15 - 20 Years) 4.50% 10 Years Remaining 5.50% 5 Years Remaining 6.50% TYPICAL
Lease Type NNN Rent Increases 8 - 10% Every 5 Years/Lessor of 8%/ CPI Every 5 Years Lease Term 20 Years Avg. Annual Rent $119,358 Typical SF ±2,648 SF Avg. Sales $1.9M KEY STATISTICS Stock Symbol JACK Credit Rating (S&P) NR Market Cap ±$1.32B # of Locations ±2,200 Headquarters San
CA
QUICK SERVICE RESTAURANT $119,357.76 $141,019.82 $97,695.71 $162,681.88 $76,034 CURRENT ON MARKET DATA # of Properties 11 Avg. Cap Rate 5.63% Avg. Lease Term Remaining 6 Years Avg. Price $2.4M Lowest Cap Rate 5.04% Highest Cap Rate 6.40%
COMPARABLES
LEASE STRUCTURE
Diego,
361-2143 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 8% 7% 6% 5% 4% YEARS REMAINING ON LEASE
NATHANIEL NEWHOUSE nathaniel.newhouse@matthews.com +1 (512)
RENT COMPARABLES ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 32 TENANT TRANSACTIONS 2023 Q1 2024 Transactions 31 8 Avg. Cap Rate 6.07% 6.25% Avg. Term Remaining 17 Years 14 Years Avg. Sale Price $2.1M $2.2M CAP RATE COMPARISON New Construction (15 - 20 Years) 6.15% 10 Years Remaining 6.95% 5 Years Remaining 7.75% TYPICAL
Lease Type NNN Rent Increases 1.5 - 2% Annual or 7.5 - 10% Every 5 Years Lease Term 15 - 20 Years Avg. Annual Rent $114,406 Typical SF ±2,860 SF Avg. Sales $1.5M KEY STATISTICS Stock Symbol BRK.B Credit Rating (S&P) AA Market Cap# of Locations
QUICK SERVICE RESTAURANT $114,405.82 $150,137.44 $78,674.20
CURRENT ON MARKET DATA # of Properties 12 Avg. Cap Rate 6.15% Avg. Lease Term Remaining 14 Years Avg. Price $2.3M Lowest Cap Rate 5.50% Highest Cap Rate 8.69%
LEASE STRUCTURE
±7,000 Headquarters Minneapolis, MN DAIRY QUEEN
$185,869.06 $42,943
361-2143
BANK OF AMERICA
33 TENANT TRANSACTIONS 2023 Transactions 8 Avg. Cap RateAvg. Term Remaining 4 Years Avg. Sale Price $1.8M CAP RATE COMPARISON New Construction (15 - 20 Years) 4.50% 10 Years Remaining 5.00% 5 Years Remaining 6.00% TYPICAL LEASE
Lease Type NNN Rent Increases 5
10%
5 Years Lease Term 20 Years Avg. Annual Rent $140,000 Typical SF ±4,500 SF Avg. DepositsKEY STATISTICS Stock Symbol BAC Credit Rating (S&P) AMarket Cap ±$232.3B # of Locations ±3,800 Headquarters Charlotte, NC
BANK CURRENT ON MARKET DATA # of Properties 23 Avg. Cap Rate 5.50% Avg. Lease Term Remaining 5 Years Avg. Price $2.5M Lowest Cap Rate 4.25% Highest Cap Rate 7.50% JOHN SIMONSON john.simonson@matthews.com +1 (858) 301-6108 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 10% 9% 8% 7% 6% 5% YEARS REMAINING ON LEASE
STRUCTURE
-
Every
TYPICAL LEASE STRUCTURE
Lease Type Absolute NNN W/ 4 5-Year Options Rent Increases 5 - 10% Every 5 Years Lease Term 20 Years
NATHAN ROBERTO nathan.roberto@matthews.com +1 (214) 295-8753
KEY STATISTICS
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 34
2023 Transactions 22 Avg. Cap Rate 6.25% Avg. Term RemainingAvg. Sale Price $1.6M CAP RATE COMPARISON New Construction (15 - 20 Years) 5.50% 10 Years Remaining 6.00% 5 Years Remaining 7.00%
COMPARABLES
TENANT TRANSACTIONS
Avg. Annual Rent
Typical SF
SF Avg. Sales $1.15M
$98,032
±3,000
$98,032 $137,287 $58,789 $176,535 $19,541 CURRENT ON
# of Properties 27 Avg. Cap Rate 6.73% Avg. Lease Term Remaining 9 Years Avg. Price $1.5M Lowest Cap Rate 5.00% Highest Cap Rate 10.70%
Stock Symbol CKE Credit Rating (S&P) Private Market Cap Private # of Locations ±1,628 Headquarters Franklin, TN HARDEE’S
MARKET DATA
QUICK SERVICE RESTAURANT
CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 10% 8% 6% 4% YEARS REMAINING ON LEASE
NATHAN ROBERTO nathan.roberto@matthews.com +1 (214) 295-8753
STATISTICS
TYPICAL LEASE STRUCTURE
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 35 TENANT TRANSACTIONS 2023 Transactions 12 Avg. Cap Rate 5.00% Avg. Term Remaining 12 Years Avg. Sale Price $3.1M CAP RATE COMPARISON New Construction (15 - 20 Years) 4.50% 10 Years Remaining 5.00% 5 Years Remaining 5.25%
COMPARABLES
Rent Increases
Term 20 Years Avg. Annual Rent $120,910 Typical SF ±3,000 SF Avg. Sales $1.4M
Lease Type Absolute NNN W/ 4 5-Year Options
5 - 10% Every 5 Years Lease
# of Locations 1,900 Headquarters Franklin, TN CARL’S
$120,910 $176,343 $65,476 $231,777 $10,042 CURRENT ON MARKET DATA # of Properties 11 Avg. Cap Rate 4.36% Avg. Lease Term Remaining 8 Years Avg. Price $2.7M Lowest Cap Rate 3.50% Highest Cap Rate 5.75%
KEY
Stock Symbol CKE Credit Rating (S&P) BBB Market Cap -
JR.
QUICK SERVICE RESTAURANT
CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 7% 6% 5% 4% 3% YEARS REMAINING ON LEASE
GROCERY STORE
COLE VOYLES
cole.voyles@matthews.com
+1 (972) 636-8441
KEY STATISTICS
CASUAL DINING
DENNY’S
ZACH STEVENS
zach.stevens@matthews.com +1 (602) 922-3427
KEY STATISTICS
36 CAP RATE COMPARISON New Construction (15 - 20 Years) 4.50% 10 Years Remaining 4.70% 5 Years Remaining 5.00% TYPICAL LEASE STRUCTURE Lease Type Ground Rent Increases 5 - 10% Every 5 Years Lease Term 20 Years Avg. Annual RentTypical SF 22,000 Avg. Sales -
Stock Symbol Private Credit Rating (S&P) Private Market Cap Private # of Locations 2,364 Headquarters Batavia, IL ALDI
CURRENT ON MARKET DATA # of Properties 19 Avg. Cap Rate 4.95% Avg. Lease Term Remaining 14 Avg. Price $4,575,000 Lowest Cap Rate 4.70% Highest Cap Rate 5.25% TENANT TRANSACTIONS 2023 Q1 2024 Transactions 8 12 Avg. Cap Rate 5.00% 5.00% Avg. Term Remaining -Avg. Sale Price $3M $3M
CAP RATE COMPARISON New Construction (15 - 20 Years) 5.70% 10 Years Remaining 6.20% 5 Years Remaining 7.40% TYPICAL LEASE STRUCTURE Lease Type NNN Rent Increases 5 - 10% Every 5 Years Lease Term 15 - 20 Years Avg. Annual Rent $145,000 Typical SF 3,800 - 5,000 Avg. Sales $1.86M
Stock Symbol DENN Credit Rating (S&P) B Market Cap ±$469.50M # of Locations ±1,530 Headquarters Spartanburg, SC
CURRENT ON MARKET DATA # of Properties 41 Avg. Cap Rate 7.30% Avg. Lease Term Remaining 7 Avg. Price $1.95M Lowest Cap Rate 4.91% Highest Cap Rate 8.36% TENANT TRANSACTIONS 2023
2024 Transactions 55 33 Avg. Cap Rate 6.15% 6.65% Avg. Term Remaining 7 Years 8 Years Avg. Sale Price $2.1M $1.8M
Q1
SPROUTS
cole.voyles@matthews.com +1
TRADER JOE’S
cole.voyles@matthews.com
37 CAP RATE COMPARISON New Construction (15 - 20 Years) 4.25% 10 Years Remaining 4.50% 5 Years Remaining 4.75% TYPICAL LEASE STRUCTURE Lease Type Rent Increases 5 - 10% Every 5 Years Lease Term 15 Years Avg. Annual RentTypical SF 15,000 SF Avg. SalesKEY STATISTICS Stock Symbol Private Credit Rating (S&P) Private Market Cap Private # of Locations ±587 Headquarters San
Antonio, TX
GROCERY STORE TENANT TRANSACTIONS 2023 Transactions 6 Avg. Cap Rate 4.50% Avg. Term RemainingAvg. Sale Price $6.0M COLE VOYLES
(972) 636-8441 COLE VOYLES
+1
(972) 636-8441
GROCERY STORE CAP RATE COMPARISON New Construction (15 - 20 Years) 5.25% 10 Years Remaining 5.50% 5 Years Remaining 5.75% TYPICAL LEASE STRUCTURE Lease Type Rent Increases 5 - 10% Every 5 Years Lease Term 15 Years Avg. Annual RentTypical SFAvg. SalesKEY STATISTICS Stock Symbol SFM Credit Rating (S&P) B Market Cap# of Locations ±410 Headquarters Phoenix, AZ CURRENT ON MARKET DATA # of Properties 9 Avg. Cap Rate 5.35% Avg. Lease Term Remaining 12 Years Avg. PriceLowest Cap Rate 5.00% Highest Cap Rate 5.75% TENANT TRANSACTIONS 2023 Q1 2024 Transactions 4 5 Avg. Cap Rate 5.50% 5.55% Avg. Term Remaining -Avg. Sale Price - -
CIRCLE K
TYPICAL LEASE STRUCTURE
SUGAVANAM
Lease Type Absolute NNN (Ground Lease/Fee Simple) Rent Increases 5%, 8%, or 10% Every 5 Years Lease Term 15 Years Avg. Annual Rent $110,372 Typical SF ±5,200 SF Avg. SalesKEY STATISTICS Stock Symbol ANCTF Credit Rating (S&P) BBB+ Market Cap ±$53B # of Locations ±14,300 Headquarters Laval, Quebec
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 38 CAP
New Construction (15 - 20 Years) 5.50% 10 Years Remaining 5.75% 5 Years Remaining 7.00%
COMPARABLES
RATE COMPARISON
$110,372 $149,229 $71,514 $188,087 $32,657
# of Properties 43 Avg. Cap Rate 5.61% Avg. Lease Term Remaining 13 Years Avg. Price $3.5M Lowest Cap Rate 4.20% Highest Cap Rate 7.15%
TENANT TRANSACTIONS
2024 Transactions 21
Avg. Cap Rate 5.96% 5.53% Avg. Term Remaining 11.75 Years 5 Years Avg. Sale Price $2.7M $1.9M CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 9% 8% 7% 6% 5% 4% YEARS REMAINING ON LEASE
KEVIN
kevin.sugavanam@matthews.com +1 (972) 366-6926 CURRENT ON MARKET DATA
CONVENIENCE STORE
2023 Q1
2
KEY STATISTICS Stock
SMART & FINAL
ROB GOLDBERG
rob.goldberg@matthews.com
KEY STATISTICS
Stock
39 CAP RATE COMPARISON New Construction (15 - 20 Years) 5.00% 10 Years Remaining 5.25% 5 Years Remaining 5.50% TYPICAL LEASE STRUCTURE Lease Type NN Rent Increases 5 - 10% Every 5 Years Lease Term 20 Years Avg. Annual Rent $800,000 Typical SF ±50,000 SF Avg. Sales -
Symbol
Rating (S&P) Private Market Cap Private # of Locations
SFS Credit
±254 Headquarters Commerce, CA
CURRENT ON MARKET DATA # of Properties 1 Avg. Cap Rate 5.25% Avg. Lease Term Remaining 17 Years Avg. Price $16.8M Lowest Cap Rate 5.25% Highest Cap Rate 5.25%
CAP RATE COMPARISON New Construction (15 - 20 Years) 6.25% 10 Years Remaining 6.50% 5 Years Remaining 6.75% TYPICAL LEASE STRUCTURE Lease Type NN Rent Increases 5 - 10% Every 5 Years Lease Term 10 Years Avg. Annual Rent $500,000 Typical SF 55,000 - 60,000 SF Avg. Sales $35M
GROCERY STORE
Symbol KR Credit Rating (S&P) BBB Market Cap ±$39.87B # of Locations ±2,719
OH
Headquarters Cincinnati,
KROGER
ROB GOLDBERG
rob.goldberg@matthews.com +1 (954) 237-4510
CURRENT ON MARKET DATA # of Properties 6 Avg. Cap Rate 6.50% Avg. Lease Term Remaining 10 Years Avg. Price $5.0M Lowest Cap Rate 5.35% Highest Cap Rate 7.60%
TENANT TRANSACTIONS 2023 Transactions 13 Avg. Cap Rate 6.75% Avg. Term Remaining 7 Years Avg. Sale Price $6.5M
+1 (954) 237-4510
GROCERY STORE
WELLS FARGO
TYPICAL LEASE STRUCTURE
Lease Type NNN or NN
Rent Increases 5 - 10% Every 5 Years or 2% Annually Lease Term 15 Years Avg. Annual Rent $175,000 Typical SF ±3,000 SF Avg. Deposits -
40 CAP RATE COMPARISON New Construction
5.00% 10 Years Remaining 5.50% 5 Years Remaining 6.00%
(15 - 20 Years)
Symbol
Credit Rating
Market Cap ±$203.86B #
Locations ±4,555 Headquarters
KEY STATISTICS Stock
WFC
(S&P) A+
of
San Francisco, CA
CURRENT ON MARKET DATA # of Properties 68 Avg. Cap Rate 6.30% Avg. Lease Term RemainingAvg. Price $2.1M Lowest Cap Rate 4.80% Highest Cap Rate 8.70% BANK TENANT TRANSACTIONS 2023 Transactions 6 Avg. Cap Rate 6.30% Avg. Term
Avg. Sale Price $2.4M GERARD
900-5769 CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 10% 8% 6% 4% YEARS REMAINING ON LEASE
Remaining -
HAMAS gerard.hamas@matthews.com +1 (332)
BOJANGLES
HARRISON WACHTLER harrison.wachtler@matthews.com +1 (615) 667-0160
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2%
16% of all properties. Less asking rent than 16%
50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 41 CAP RATE
New Construction (15 - 20 Years) 5.50% 10 Years Remaining 6.35% 5 Years Remaining 7.00% TYPICAL LEASE
Lease Type NN Rent
Avg. Annual Rent $149,243 Typical SF
SF Avg. Sales $1.8M
COMPARABLES
-
-
COMPARISON
STRUCTURE
Increases 5 - 10% Every 5 Years or 1.5% Annual Lease Term 15 Years
±2,800
KEY STATISTICS Stock Symbol BOJA Credit Rating (S&P) B Market Cap# of Locations ±800 Headquarters Charlotte, NC
# of Properties 17 Avg. Cap Rate 5.56% Avg. Lease Term Remaining 9 Years Avg. Price $2.5M Lowest Cap Rate 5.40% Highest Cap Rate 6.25% QUICK SERVICE RESTAURANT TENANT TRANSACTIONS 2023 Q1 2024 Transactions 25 4 Avg. Cap Rate 6.12% 6.50% Avg. Term Remaining 8 Years 5 Years Avg. Sale Price $2.8M $3.0M
CURRENT ON MARKET DATA
CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 8% 7% 6% 5% 4% YEARS REMAINING ON LEASE $149,243
$179,423 $119,062 $209,603 $88,882
TACO BELL
HARRISON WACHTLER harrison.wachtler@matthews.com +1 (615) 667-0160
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2%
16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 42 CAP RATE COMPARISON New Construction (15 - 20 Years) 5.25% 10 Years Remaining 5.50% 5 Years Remaining 5.75% TYPICAL LEASE
Lease Type NN Rent
Avg. Annual Rent $150,000 Typical SF ±2,200 SF Avg. Sales $1.64M
Stock Symbol YUM Credit Rating (S&P) BBB Market Cap ±$38.29B # of Locations ±8,218 Headquarters Irvine, CA
CURRENT ON MARKET DATA # of Properties 49 Avg. Cap Rate 5.75% Avg. Lease Term Remaining 12 Years Avg. Price $2.7M Lowest Cap Rate 4.75% Highest Cap Rate 6.75%
TENANT TRANSACTIONS 2023
2024 Transactions 102 15 Avg. Cap Rate 5.45% 6.00% Avg. Term Remaining 12 Years 9 Years Avg. Sale Price $2.0M $2.3M
COMPARABLES
-
STRUCTURE
Increases 5 - 10% Every 5 Years or 2% Annually Lease Term 20 Years
KEY STATISTICS
QUICK SERVICE RESTAURANT
Q1
CAP RATE CORRELATION 8% 7% 6% 5% 4% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 YEARS REMAINING ON LEASE $105,118 $125,648
>$166,708 $64,058 <$43,528
$84,588 $146,178
HARRISON WACHTLER harrison.wachtler@matthews.com +1 (615) 667-0160
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent
98% of all properties. Less asking rent
16% of all properties. Less asking rent than 16%
50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent
98% of all properties. 43 CAP RATE
New Construction (15 - 20 Years) 5.35% 10 Years Remaining 6.00% 5 Years Remaining 6.50% TYPICAL LEASE
Lease Type NN Rent
Avg. Annual Rent $106,973 Typical SF ±2,300 SF Avg. Sales $1.3M
Stock Symbol ARBYS Credit Rating (S&P) B Market Cap ±$483B # of Locations ±3,472
Atlanta, GA
ON MARKET DATA # of Properties 48 Avg. Cap Rate 5.90% Avg. Lease Term Remaining 13 Years Avg. Price $2.5M Lowest Cap Rate 5.25% Highest Cap Rate 6.75%
TENANT TRANSACTIONS
Transactions 56 4 Avg. Cap Rate 5.55%
Avg. Term Remaining 10 Years 17 Years Avg. Sale Price $1.9M $2.3M
COMPARABLES
than
than 2% -
-
than
COMPARISON
STRUCTURE
Increases 5 - 10% Every 5 Years or 1.5% Annual Lease Term 15 Years
KEY STATISTICS
Headquarters
ARBY’S CURRENT
QUICK SERVICE RESTAURANT
2023 Q1 2024
6.00%
CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 8% 7% 6% 5% 4% 3% YEARS REMAINING ON LEASE
$106,973 $143,859 $70,087 $180,745 $33,200
GROCERY STORE
WALMART NEIGHBORHOOD MARKET
KEY STATISTICS
Stock Symbol WMT
Credit Rating (S&P) AA Market Cap ±$489B # of Locations ±675 Headquarters Bentonville, AR
TYPICAL LEASE STRUCTURE
Lease Type NNN
Increases 5 - 10% Every 5 Years or 2% Annually Lease Term 20 Years
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6
Less
rent
Less asking rent
of
Higher asking rent
50%
84% of all properties. Higher
rent
84%
98% of all properties. Higher
rent
98%
44
RENT COMPARABLES
Less asking rent than 98% of all properties.
asking
than 2% - 16% of all properties.
than 16% - 50%
all properties.
than
-
asking
than
-
asking
than
of all properties.
Avg.
Rent
Annual Rent $509,591 Typical SF 41,000 - 160,000 SF Avg. Sales -
CURRENT ON MARKET DATA # of Properties 7 Avg. Cap Rate 5.75% Avg. Lease Term Remaining 9 Years Avg. Price $8.42M Lowest Cap Rate 4.00% Highest Cap Rate 5.85%
TENANT TRANSACTIONS 2023 Transactions 14 Avg. Cap Rate 6.14% Avg. Term
Avg. Sale Price $17.3M
BRANDON SENIA brandon.senia@matthews.com +1 (407) 745-0685
Remaining -
$509,591 $685,976 $333,206 $862,360 $156,821
Lease Type NNN or NN
Rent Increases 5% Increases or 90% of FMV Rent
Lease Term 20 - 25 Years Avg. Annual Rent $274,160 Typical SF ±12,000 SF Avg. SalesKEY STATISTICS
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent
98% of all properties. Less asking rent than 2%
16% of all properties. Less asking rent than 16%
50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 45 CAP RATE
New Construction (15 - 20 Years) 4.90% 10 Years Remaining 6.62% 5 Years Remaining 7.79%
RENT COMPARABLES
than
-
-
COMPARISON
TYPICAL LEASE STRUCTURE
Stock Symbol CVS Credit Rating (S&P) BBB Market Cap ±$92.32B # of Locations ±9,402
RI
ON MARKET DATA # of Properties 132 Avg. Cap Rate 6.30% Avg. Lease Term RemainingAvg. Price $4.8M Lowest Cap Rate 3.90% Highest Cap Rate 10.00% DRUGSTORE TENANT TRANSACTIONS 2023 Transactions 98 Avg. Cap Rate 6.20% Avg. Term RemainingAvg. Sale Price $4.0M JAMES MCGINNIS james.mcginnis@matthews.com +1 (424) 438-2817 CAP RATE CORRELATION 12% 10% 8% 6% 4% 2% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 YEARS REMAINING ON LEASE $274,160 $316,932 $231,388 >$359,704 <$188,616
Headquarters Woonsocket,
CVS CURRENT
46 CAP RATE COMPARISON New Construction (15 - 20 Years) 6.50% 10 Years Remaining 7.00% 5 Years Remaining 8.50% TYPICAL
Lease Type NN Rent
Lease
Avg. Annual Rent $120,000 Typical SF ±7,000 SF Avg. SalesKEY STATISTICS Stock Symbol GT Credit Rating (S&P) B+ Market Cap ±$3.71M # of Locations ±2,000 Headquarters Akron, OH CURRENT ON MARKET DATA # of Properties 4 Avg. Cap Rate 6.00% Avg. Lease Term Remaining 5 Years Avg. Price $2.0M Lowest Cap Rate 5.00% Highest Cap Rate 7.00% TENANT TRANSACTIONS 2023 Transactions 15 Avg. Cap Rate 7.00% Avg. Term Remaining 5 Years Avg. Sale Price $1.5M CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 10% 9% 8% 7% 6% 5% YEARS REMAINING ON LEASE
AUTO SERVICE JAKE SANDRESKY jake.sandresky@matthews.com +1 (512) 535-1759
LEASE STRUCTURE
Increases 5 - 10% Every 5 Years
Term 15 Years
GOODYEAR
FIRESTONE
47 CAP
New Construction
6.00% 10 Years Remaining 6.75% 5 Years Remaining 8.00%
Lease Type NNN Rent
Lease
Avg. Annual Rent $200,000 Typical SF ±7,000 SF Avg. Sales -
Market Cap
#
Locations
ON MARKET DATA # of Properties 6 Avg. Cap Rate 6.00% Avg. Lease Term Remaining 10 Years Avg. Price $3.4M Lowest Cap Rate 5.00% Highest Cap Rate 7.00% TENANT TRANSACTIONS 2023 Transactions 16 Avg. Cap Rate 6.35% Avg. Term Remaining 9 Avg. Sale Price $2.8M CAP RATE CORRELATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 10% 8% 6% 4% 2% YEARS REMAINING ON LEASE
RATE COMPARISON
(15 - 20 Years)
TYPICAL LEASE STRUCTURE
Increases 5 - 10% Every 5 Years
Term 15 Years
KEY STATISTICS Stock Symbol BRDCY Credit Rating (S&P) A
±$30.64B
of
±2,200 Headquarters Nashville, TN CURRENT
AUTO SERVICE JAKE SANDRESKY jake.sandresky@matthews.com +1 (512) 535-1759
TRACTOR SUPPLY
RYAN SCHULTEN (562) 230-5606 ryan.schulten@matthews.com
RENT
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 48 CAP RATE COMPARISON New Construction (15 - 20 Years) 5.93% 10 Years Remaining 6.03% 5 Years Remaining 6.45% TYPICAL LEASE
Lease Type NN Rent Increases 5-10% Every 5 Years Lease Term 15 or 20 Years Avg. Annual Rent $430,215 Typical SF ±21,000 Avg. Sales -
Stock Symbol TSCO Credit Rating BBB (S&P) Market Cap ±$26.57B # of Locations ±2,216 Headquarters Brentwood, TN
COMPARABLES
STRUCTURE
KEY STATISTICS
CURRENT ON MARKET DATA # of Properties 42 Avg. Cap Rate 5.94% Avg. Lease Term Remaining 13 Years Avg. Price $6.0M Lowest Cap Rate 5.04% Highest Cap Rate 7.00% NET LEASE RETAIL TENANT TRANSACTIONS 2023 Q1 2024 Transactions 24 5 Avg. Cap Rate 6.18% 6.25% Avg. Term Remaining 11 Years 13.5 Years Avg. Sale Price $4.4M $4.5M $430,215 $507,270 $353,161 $584,324 $276,106
CAP RATE CORRELATION 8% 7% 6% 5% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 YEARS REMAINING ON LEASE
DAVITA DIALYSIS
ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Less asking rent than 98% of all properties. Less asking rent than 2% - 16% of all properties. Less asking rent than 16% - 50% of all properties. Higher asking rent than 50% - 84% of all properties. Higher asking rent than 84% - 98% of all properties. Higher asking rent than 98% of all properties. 49
CAP
New Construction (15 - 20 Years) 5.70% 10 Years Remaining 6.25% 5 Years Remaining 7.50%
Lease Type NN Rent Increases
Lease
Avg. Annual
Typical
Avg.
Stock Symbol DVA Credit Rating BB Market Cap ±$11.67B # of Locations ±2,816 Headquarters Denver, CO
RENT PER SF COMPARABLES
RATE COMPARISON
TYPICAL LEASE STRUCTURE
5-10% Every 5 Years
Term 15 Years
Rent $230,000
SF ±9,000 SF
SalesKEY STATISTICS
MARKET
# of Properties 42 Avg. Cap Rate 6.47% Avg. Lease Term Remaining 7.50 Years Avg. Price $3.6M Lowest Cap Rate 5.05% Highest Cap Rate 10.00%
Transactions
Avg. Cap Rate 6.79%
Avg. Term Remaining
Avg. Sale Price $2.1M
$24 $33 $15 $42 $5 JAIDYN PHONRATH
HEALTHCARE
CURRENT ON
DATA
TENANT TRANSACTIONS 2023 Q1 2024
17 4
6.20%
8.6 Years 10 Years
$3.0M
(949) 269-7225 jaidyn.phonrath@matthews.com
Disclaimer: This information has been produced by Matthews Real Estate Investment Services™ solely for information purposes and the information contained has been obtained from public sources believed to be reliable. While we do not doubt their accuracy, we have not verified such information. No guarantee, warranty or representation, expressed or implied, is made as to the accuracy or completeness of any information contained and Matthews Real Estate Investment Services™ shall not be liable to any reader or third party in any way. This information is not intended to be a complete description of the markets or developments to which it refers. All rights to the material are reserved and cannot be reproduced without prior written consent of Matthews Real Estate Investment Services™. WWW.MATTHEWS.COM
