The Walgreen Company (simply Walgreens, or sometimes archaically Walgreen) is an American company that operates ] as the second-largest pharmacy store chain in the United States behind CVS Health. It specializes in filling prescriptions, health and wellness products, health information, and photo services.[3] As of August 31, 2016, the company operated 8,175 stores in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

It was founded in Chicago, Illinois, in 1901. The Walgreens headquarters office is in the Chicago suburb of Deerfield, Illinois. In 2014 the company agreed to purchase the remaining 55% of Switzerland-based Alliance Boots that it did not already own to form a global business. Under the terms of the purchase, the two companies merged to form a new holding company, Walgreens Boots Alliance Inc., on December 31, 2014. Walgreens became a subsidiary of the new company, which retains its Deerfield headquarters and trades on the Nasdaq under the symbol WBA.

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Parent Company: Walgreens Boots Alliance, Inc
Store Count: 8,175
S&P Rating: BBB

S&P Outlook: Negative

Moody Rating: Baa2

Moody Outlook: Under Review (Possible Downgrade)

Typical Lease Characteristics

Lease Term: 20 – 25 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

Walgreens Boots Alliance is a retail pharmacy giant. Including its investments, it has over 13,200 stores located in 111 countries and it employs over 385,000 people.

In the U.S., it operates under the Walgreens and Duane Reade banners. It also recently completed the purchase of nearly 2,000 Rite Aid stores. Overseas, its stores operate under the Boots brand. In fiscal 2017, it reported $87.3 billion in sales for its retail pharmacy USA segment and $11.8 billion in sales from its retail pharmacy international segment. It also reported $21.2 billion in sales from its pharmaceutical wholesale segment, which operates primarily under the Alliance Healthcare brand. In total, Walgreens Boots Alliance’s revenue was $118.2 billion fiscal year 2017. This a a strong tenant that is poised to grow an offer stability.


  • Public Company, Credit Rated
  • Nationwide presence with high brand recognition
  • High Barrier to entry within its industry


  • Leases typically flat
  • Typically low cap rate given popularity
  • facing increased pressures from online shopping

Market Snapshots:

On Market Ranges:

# of Properties in set: 192

Price: $5,326,790 - $6,580,150Average: $6,266,814

PPSF: $370 - $480Average: $434

Year Built: 1949 - 2017Average: 2004

CAP Rate Range: 5.24% - 7.38%Average: 6.31%

Size range: 9,804 sq ft - 34,543 sq ft Average: 14,441 sq ft

Last 12 Month Range:

# of Properties in set: 154

Price: $5,560,950 - $6,921,600Average: $5,915,900

PPSF: $366 - $417Average: $393

Year Built: 1920 - 2017Average: 2003

CAP Rate Range: 5.79% - 7.21%Average: 6.16%

Size range: 10,560 sq ft - 23,730 sq ft Average: 14,571 sq ft

Walgreen’s Company Profile

Headquarters Information

Deerfield, Illinois

Founded in 1901

Company type: Public

Stock Ticker: WBA

Parent Company: Walgreens Boots Alliance, Inc

Industry: Retail

# of Employees: 10,000

S&P Rating: BBB

S&P Outlook: Negative

S&P Rating: Baa2

Moody Outlook: Under Review (Possible Downgrade)

Walgreen’s Stock Keys

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