Walgreen’s
Baskersfield, CA
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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S&P Outlook: Negative
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.
Positives:
- Public Company, Credit Rated
- Nationwide presence with high brand recognition
- High Barrier to entry within its industry
Negatives:
- 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 Similar Tenants
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
Walgreen’s Stock Keys
Title | 2017 | 2016 |
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