Sherwin-Williams
Baskersfield, CA
The Sherwin-Williams Company develops, manufactures, distributes, and sells paints, coatings, and related products to professional, industrial, commercial, and retail customers primarily in North and South America, the Caribbean, Europe, and Asia. The company operates in four segments: Paint Stores Group, Consumer Group, Global Finishes Group, and Latin America Coatings Group. It offers architectural paint and coatings, protective and marine products, automotive finishes and refinish products, original equipment manufacturer product finishes, and related items under the Sherwin-Williams brand. The company also licenses technology and trade names.
As of December 31, 2016, its Paint Stores Group segment operated 4,180 company-operated specialty paint stores; Global Finishes Group segment operated 288 company-operated branches; and Latin America Coatings Group segment operated 339 company-operated stores. The company also sells its products through direct sales staff and outside sales representatives to retailers, dealers, jobbers, licensees, and other third party distributors. The Sherwin-Williams Company was founded in 1866 and is headquartered in Cleveland, Ohio.
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S&P Outlook: Negative
Moody Outlook: Under Review (Possible Downgrade)
Typical Lease Characteristics
Lease Term: 10 – 15 Years Years
Lease Type: Absolute NNN Lease
Lease Increases: 10% Every 5 years
Lease Extensions: 4-5 (5) Year Options
Lease Guarantor: Corporate
Tenant Overview
Sherwin-Williams focuses on enhancing its operations and growing market share. As part of its strategy, Sherwin-Williams invests more than $100 million per year in research, development, and commercialization of new product technologies. Acquisitions are also key to the company’s strategy for growth, such as that of the pending acquisition of rival Valspar, as well as for the addition of new technologies.
Sherwin-Williams has expanded its operating segments from three to four because of growth in sales, geographic reach, and product lines. It added a Latin American Coatings Group to its Paint Stores Group, Global Finishes Group, and Consumer Group segments. Subsidiaries of the company include Comex North America, Inc., Contract Transportation Systems Co, Oy Sherwin-Williams Finland Ab, Sherwin-Williams Bel, Sherwin-Williams (Belize) Limited, and Sherwin-Williams France Finishes SAS.
Overall, this tenant could serve as fantastic investment opportunities given their credit rating, size, history, and current outlook. Cap Rates are often times more favorable than other tenants with similar ratings and size.
Positives:
- Public Company, Credit Rated
- Typically Long term leases with increases
Negatives:
- Competitive Industry sector
- Increasing Competition from online stores
Market Snapshots:
On Market Ranges:
# of Properties in set: 5
Price: $1,165,300 - $1,525,980Average: $1,387,258
PPSF: $270 - $350Average: $302
Year Built: 1980 - 2013Average: 2003
CAP Rate Range: 6.03% - 7.45%Average: 6.42%
Size range: 2,400 sq ft - 6,136 sq ft Average: 4,451 sq ft
Last 12 Month Range:
# of Properties in set: 12
Price: $3,028,180 - $3,456,080Average: $3,291,505
PPSF: $188 - $262Average: $224
Year Built: 1970 - 2016Average: 2001
CAP Rate Range: 5.92% - 7.27%Average: 6.43%
Size range: 4,500 sq ft - 380,009 sq ft Average: 37,112 sq ft
Sherwin-Williams Similar Tenants
Sherwin-Williams Company Profile
Headquarters Information
Cleveland, Ohio
Founded in 1866
Company type: Public
Stock Ticker: SHW
Sector: Basic Materials
Industry: Specialty Chemicals
# of Employees: 42,550
Sherwin-Williams Stock Keys
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