Net Lease Cheat Sheets - Matthews

NET LEASE

CHEAT SHEETS

Featuring a compilation of data from 60+ major tenants in the net lease sector, providing insight into current on-market information including typical lease structures, investment

values, and tenant future outlook ratings.

AU TO PA R T S

TENANT NAME Advance Auto Parts

Auto Zone

O'Reilly Auto Parts

CREDIT RATING

BBB-

BBB

BBB+

MARKET CAP

?$12.18B

?$23.64B

?$29.09B

2017 AVERAGE CAP

6.66%

5.70%

6.09%

2018 AVERAGE CAP CORPORATE OR FRANCHISEE?

TYPICAL PRICE RANGE

CAP RATE RANGE

7.51%

Corporate $1,500,000 $2,500,000 5.50% - 7.50%

6.10%

Corporate $1,200,000 $1,800,000 4.50% - 5.50%

5.75%

Corporate $1,300,000 $3,300,000 4.75% - 6.00%

TYPICAL LEASE TERM

TYPICAL LEASE STRUCTURE

RENT INCREASES

AVERAGE STORE SALES REPORT STORE SALES

(YES/NO)

TENANT FUTURE OUTLOOK RATING

15 Years

15 Years

NN or NN+ Custom, 5%

in Year 11 ?$1,550,000

No

NN or Ground Lease Custom, Flat/Various

on Ground Lease ?$1,809,267

No

MODERATE / RISKY

MODERATE

20 Years

NN or NNN Custom, 5 - 10%

in Year 11 ?$1,827,252

No

MODERATE

MATTHEWSTM

AUTO SERVICES

TENANT NAME

CREDIT RATING

MARKET CAP

2017 AVERAGE CAP

2018 AVERAGE CAP CORPORATE OR FRANCHISEE?

TYPICAL PRICE RANGE

CAP RATE RANGE

TYPICAL LEASE TERM TYPICAL LEASE STRUCTURE

RENT INCREASES AVERAGE

STORE SALES REPORT STORE SALES

(YES/NO) TENANT FUTURE OUTLOOK RATING

Caliber Collision

Firestone

Goodyear

Private ?$6B 6.15%

A ?$32.9B

5.13%

BB?$2.51B 6.87%

6.65%

5.73%

7.50%

Corporate

$3,000,000 $5,000,000

6.25% - 6.75%

Corporate

$1,500,000 $3,500,000

5.25% - 6.25%

Corporate

$1,250,000 $2,500,000

7.00% - 8.00%

15 Years

15 Years

15 Years

NNN

NN (Old Prototype) NNN (New Prototype)

NN

10% Every 5 Years 5 - 7.5% Every 5 Years 10% Every 5 Years

-

?$1,750,000

?$1,100,000

No

No

No

MODERATE

VERY SAFE

RISKY

MATTHEWSTM

AUTO SERVICES

TENANT NAME

CREDIT RATING

MARKET CAP

2017 AVERAGE CAP

2018 AVERAGE CAP CORPORATE OR FRANCHISEE?

TYPICAL PRICE RANGE

CAP RATE RANGE

TYPICAL LEASE TERM TYPICAL LEASE STRUCTURE

RENT INCREASES AVERAGE

STORE SALES REPORT STORE SALES

(YES/NO) TENANT FUTURE OUTLOOK RATING

Jiffy Lube

Take 5 Oil Change NTB + Tire Kingdom

Private

NR

Private

Private

-

Private

6.88%

5.98%

6.10%

6.39%

5.88%

6.20%

Both

$1,000,000 $3,200,000

5.50% - 7.50%

Both

$700,000 $1,500,000

5.50% - 6.50%

Corporate

$1,500,000 $3,000,000

5.75% - 6.75%

20 Years

10 Years

15 Years

NN or NNN

NNN or Ground Lease

NNN

10% Every 5 Years 5 - 10% Every 5 Years

?$600,000

-

Per Lease

No

Custom -

No

MODERATE

SAFE

SAFE

MATTHEWSTM

BANKS

TENANT NAME

Bank of America

Chase Bank

Wells Fargo

CREDIT RATING

A-

A+

A-

MARKET CAP

?$283.26B

?$350.52B

?$225.88B

2017 AVERAGE CAP

5.00%

4.25%

-

2018 AVERAGE CAP CORPORATE OR FRANCHISEE?

TYPICAL PRICE RANGE

CAP RATE RANGE

5.65%

Corporate $2,000,000 $5,000,000 4.50% - 4.75%

4.82%

Corporate $2,000,000 $5,000,000 4.50% - 4.75%

5.56%

Corporate $2,000,000 $5,000,000 4.50% - 4.75%

TYPICAL LEASE TERM

20 Years

20 Years

20 Years

TYPICAL LEASE STRUCTURE

NNN or Ground Lease NNN or Ground Lease NNN or Ground Lease

RENT INCREASES 5 - 10% Every 5 Years 5 - 10% Every 5 Years 10% Every 5 Years

AVERAGE STORE SALES

REPORT STORE SALES (YES/NO)

TENANT FUTURE OUTLOOK RATING

?$95,000,000 (Deposits) FDIC

MODERATE

?$90,000,000 (Deposits) FDIC

MODERATE

?$105,000,000 (Deposits) FDIC

MODERATE

MATTHEWSTM

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