Research

Featured Reports

The Florida Net Lease Report is produced in conjunction with Beshears & Associates and gives an overview of the current Florida market. View…

The quarterly Cap Rate Report is an overview of STNL cap rates, providing overall information as well as cap rates broken down by sectors. View…

Calkain and Sage Policy join forces to take a look at the overall economy and focus in on net lease. View…
Calkain provides in-depth analysis of the top tenants within the net lease sector with our Tenant Profile reports. View…

Latest Reports

October 12, 2017

The average cap rate from Q2 to Q3 compressed slightly. This downward movement in an already low cap rate environment has caused the average to fall to its lowest level in net lease history. While rising interest rates are expected to push cap rates higher in the future, the increasing proportion of ground leases and falling number of double net leases across a number of sectors has pushed the average cap rate to historic lows. read more


October 03, 2017

Bank of America is a banking and financial services company headquartered in Charlotte, North Carolina. They operate approximately 4,600 branches and 15,900 ATMs across all 50 US states, the District of Columbia, the US Virgin Islands, Puerto Rico, and in more than 35 countries worldwide. read more


September 08, 2017

The Quick Service Restaurant (QSR) sector has proven to be extremely robust. Amazon has caused disruptions in many industries, but the QSR sector appears to be, at least for now, immune to the so called “Amazon Effect.” Food delivery is by no means a “disruptive” new thing, and most fast food is eaten out thereby limiting Amazon’s ability to turn this sector of the retail industry upside down.

read more

Category: 
MARKET UPDATE | 
TAGS: QSR

August 29, 2017

7-Eleven is one of the world’s largest convenience retailers. Currently, 7-Eleven operates, franchises, or licenses more than 63,000 stores across 18 countries.  The chain may best be known for their iconic Slurpees. read more

Category: 
MARKET UPDATE | 

August 25, 2017

Florida garnered the nickname “The Sunshine State” nearly 50 years ago as it grew its tourism industry into one of the leading sectors of the local economy.  Drawn to sunny skies and white sand beaches, visitors from around the country made their way to Florida with friends and family.  read more

Category: 
ANNUAL REPORT | 

August 04, 2017

Calkain Research is implementing a change in how we present our data going forward. Capturing and accurately synthesizing the data which goes into these reports is difficult, to say the least. Complete data on many deals is often not obtainable. Additionally, some of the categories we track have limited transactions each quarter, which can result in a distorted average cap rate for each category and in turn the overall net lease average. This change will aid us in our objective in providing these reports in the most accurate way, and as bias free as possible. read more

Category: 
CAP RATE REPORT | 
TAGS: CAP RATES

August 01, 2017

Walgreens is one of the nation’s largest retail drugstore chains. Walgreens is owned by Walgreens Boots Alliance (WBA). WBA was created through Walgreens’ acquisition of Alliance Boots in 2014. The creation of the international pharmacy group allowed companies to capitalize on synergies with complementary geographic footprints.  read more

Category: 
MARKET UPDATE | 

June 23, 2017

Dollar General is the largest dollar store chain. As of March 2017, they operate 13,429 locations across 44 states. The locations offer products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, clothing, housewares, and seasonal items at low everyday prices. read more


June 09, 2017

If robust consumer and business sentiment was a reliable way to measure the performance of an economy, then the U.S. would be in the midst of a historic economic boom.  According to various confidence measures, business is either already booming in America or is on the verge of takeoff. read more


May 15, 2017

Wilber Hardee opened his first restaurant in Greenville, North Carolina in 1960. Five months after opening, Hardee’s had its first franchisee. This burger chain has grown at an impressive rate, opening its 1,000th restaurant in just 15 years of business. read more


May 07, 2017

The 1st Quarter of 2017, on the whole, was fairly quiet seeing a very slight compression of 11 bps in cap rates. read more

Category: 
CAP RATE REPORT | 
TAGS: CAP RATES

April 07, 2017

Updated information on the most common rated and unrated tenants in Net Lease – a report providing current S&P and Moody’s ratings with notes on relevant market changes. Download


February 21, 2017

As the economy has recovered from the 2009 recession, the service industry has expanded rapidly. The automotive sector has been steadily growing over the years with the expectation of more growth in the future, particularly for the auto parts industry. read more


January 25, 2017

2016 ended with rising interest rates following the presidential election. Cap rates followed a similar trend with an increase of 18 bps for Q4. This was the first increase in single tenant net lease (STNL) since Q4 2015.
read more


November 10, 2016

Fresenius Medical Care is a division of the global parent company, Fresenius Medical Care AG & Co. KGaA, with their North American headquarters located in Waltham, MA.   They provide emotional, medical, dietary, financial & well-being resources for patients with chronic kidney care (CKD) and end stage renal disease (ESRD).  They care about all aspects of a patient’s care – the whole “you”.  Their services include in-center hemodialysis, at-home hemodialysis, at-home peritoneal dialysis, counseling and guidance for non-dialysis options, nutritional counseling, as well as patient training and education classes. read more


October 24, 2016

DaVita, Inc., a Fortune 500 Company, is one of the largest kidney care companies in the United States, headquartered in Denver, Colorado. Their offerings include in-center hemodialysis, in-center nocturnal dialysis, peritoneal dialysis, home hemodialysis, vascular access management, chronic kidney disease education, and renal diet assistance. read more


October 14, 2016

The third quarter of 2016 saw cap rates follow a similar pattern from the beginning of the year. There has been a gradual decrease of 7.5 bps drop from the last quarter and a 20 bps drop year-to-date.  read more


September 22, 2016

Updated information on the most common rated and unrated tenants in Net Lease – a report providing current S&P and Moody’s ratings with notes on relevant market changes. VIEW


August 25, 2016

Florida continues to be a highly sought after market for the net lease investors. The flow of capital into Florida’s commercial real estate section has been primarily fueled by the investors’ desire to find a safe haven for their investment dollars. VIEW


July 29, 2016

Overall cap rates remained largely stable. Big-box and educational sectors showed a decline in cap rates quarter over quarter. Q2 2016 average lease term remaining fell by one (1) year in comparison to Q1 2016. VIEW

Category: 
CAP RATE REPORT | 

May 31, 2016

Transaction volume for Q1 2016 was slightly higher than it was for Q4 2015. Overall cap rates for Single Tenant Net Lease (STNL) properties remained stable for many sectors, particularly for the dollar store and pharmacy sectors. VIEW

Category: 
CAP RATE REPORT | 

April 22, 2016

Dr. Sam Chandan’s presentation providing insight on the global economy, the outlook for real estate investments, and the impact on the Net Lease industry. VIEW

Category: 
ANNUAL REPORT | 

April 17, 2016

Updated information on the most common rated and unrated tenants in Net Lease – a report providing current S&P and Moody’s ratings with notes on relevant market changes. VIEW


March 28, 2016

Yum! Brands, a major net-lease tenant, which is the owner of Taco Bell, KFC, Pizza Hut and other chains, made some news late last year that gave investors pause. VIEW


March 01, 2016

David Sobelman presents Calkain’s 2016 Net Lease market forecast, including a recap of 2015 market dynamics and a 2016 Net Lease outlook. read more

Category: 
ANNUAL REPORT | 

February 21, 2016

DaVita, Inc. is one of the largest kidney care companies in the United States, with a brand new corporate headquarters in Denver, Colorado. VIEW

Category: 
MARKET UPDATE | 
TAGS: DAVITA

December 06, 2015

Founded in 1971, Starbucks is a global brand in the quick service retail sector, specializing in the sale of high-margin specialty coffee. The company operates 22,519 stores around the world, often the ubiquitous meeting lounge for socializing amongst friends or office for entrepreneurs.  For the fiscal year ending 2014, Starbucks generated revenue of $16.44 billion and net income of $2.07 billion, with an extremely impressive gross margin of 58.54% and pre-tax operating margin of 18.7%. As of September 2015, its stock had appreciated 48% on a year-over-year basis. read more

Category: 
MARKET UPDATE | 

November 19, 2015

This report examines the geographic overlap between Walgreens and Rite Aid. read more

Category: 
MARKET UPDATE | 

April 24, 2015

Even as investors have recovered their appetite for riskier and higher-yielding assets, demand for the relative safety of well-tenanted net lease properties with longer remaining lease terms remains intense. VIEW

Category: 
ANNUAL REPORT | 

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