Nov. 4 at 4:58 PM
$NNN Not a great report. Occupancy dropped from 98% to 97.5%. At current price, implied cap rate is almost 7.2% which is not a bad price to pay. Never been a huge fan of NNN due to the tenants they have. Top tenants are: 7-11, Mister Car Wash, Dave & Buster's, Camping World, GPM, and AMC. NOI/SqFt has grown at a 1.7% CAGR since 2021. I estimate a 10.25% IRR based on a 1.25% same-property NOI CAGR for the next decade and a 7.0% exit cap rate.