NATIONAL SINGLE TENANT INSIDER
Fall 2020
Bull Realty's "National Single Tenant Insider" provides investors with valuable information for net lease investing, including late breaking industry news, trends, available and sold transactions and much more.
STNL YTD Observations and Projections
By Nancy Miller, Partner - Bull Realty, Inc.
We continue to view the current environment with amazement and curiosity as we are nearly 10 months into the pandemic and the election cycle. We answer the questions that investors are asking:

• What is the impact of COVID on the STNL market?
• What about returns?
• Timing - Should I buy, sell or hold?

STNL "SOUNDBITES"
The complete articles are available upon request
STNL Performance Leaders
As shown below, "green" sectors are doing extremely well and "tan" and "red" sectors are in the greatest decline of sales growth. Morgan Stanley Research viewed sales growth for various net lease sectors held in the portfolios of selected STNL REIT's.
Eight Thriving Franchises During COVID
Despite the challenges retailers are facing, here are 8 franchises that are thriving in this environment:

7-Eleven with 71K stores worldwide and having just purchased Speedway for $21B in cash!
Ace Hardware with 5,000 stores and record Q1 earnings, an increase of 4% over last year's Q1.
Domino's with contactless delivery has same-store sales up 16% in the last quarter.
Fastsigns stays busy ("mask required!") with all the changing rules.
Mathnasium has 1,000 learning franchises helping kids due to disrupted and virtual learning.
Popeyes with 3,000+ locations has a 25% increase in same store sales over the last quarter.
Servpro has seen increased demand due to COVID related cleaning in 2020.
Wingstop has had its best quarter since 2015 with over 1,400 U.S. locations.

Source: U.S. Chamber of Commerce
Nine "Non-Franchise" Retailers that are Expanding in the Time of COVID
At Home to add 219 locations to its existing 600 stores
Five Below to add 110-120 stores this year for a total of 1,000 stores
BJ's Wholesale is opening 8 new clubs this year to its 219 clubs
Lidl, a German based rival to Trader Joes and Aldi's, is opening 50 stores to its 100 locations
Burlington to net opening 36 stores this year
Old Navy/Athleta continues to expand while Gap Stores are closing
Tractor Supply to open 75 to 80 stores to its existing 1,881 stores this year
Ollie's Bargain Outlet to open up to 55 new stores to its 336 locations
Ulta Beauty to open 30 stores next year and plans to grow to 1,700 stores from 1,264 currently

Source: CNBC.com - 9/08/20
Alert - Save the 1031 Exchange!
Every four years someone in the government talks about repealing the 1031 exchange. The gut punch to the economy, jobs and real estate values would be devastating. And what a terrible time to hurt jobs, small businesses, and property values. Studies show...

Source: America's Commercial Real Estate Show - 9/01/20
The complete articles are available upon request
ACQUISITION OPPORTUNITIES
RECENT SALES
NET LEASE SOUNDBITES
Link to this August 2020 interview on the Commercial Real Estate Show (COVID-19) to hear the latest scoop on values, demand, cap rates, financing and investment strategies, including Nancy Miller and Michael Bull.
Join Michael and his guest Nancy Miller, President of the Net Lease Investment Group at Bull Realty, and Tim Kinney, Senior Director with Marcus & Millichap, as they discuss strategies for financing, and increasing returns in this lucrative sector. Air date- March 10th on America's Commercial Real Estate Show
LET'S TALK!
Nancy Miller
President, Net Lease Investment Group
404-876-1640 x118
Rob Taylor
V.P. The Retail Group
404-876-1640 x179
Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should be independently confirmed prior to lease or purchase offer or within an applicable due diligence period.