Market Intelligence
Net lease cap rate minus the 10-year Treasury. Calculated from two stored figures.
Data as of the 10-year Treasury, Oct 28, 2026. Median asking cap rate for single-tenant net lease listings, The Boulder Group, Q2 2026. Asking, not closed.
The spread on this page is the Boulder Group Q2 2026 net lease cap rate minus the stored 10-year Treasury yield. It is a calculation, not a quoted market spread, and it changes only when the Treasury observation changes. A historical average is not shown because this site does not have a sourced series for one.
Spread compression occurs when NNN cap rates fall relative to Treasury yields, typically signaling improved market sentiment and reduced perceived risk. Compression benefits existing NNN investors through mark-to-market appreciation but reduces yields for new acquisitions. Current compression reflects recovery in tenant credit quality, stabilized lease terms, and improved occupancy metrics across the NNN universe.
Cap rates and Treasury yields do not have to move together. This page does not estimate how a Treasury move would change property values, because that sensitivity is not a published figure here.
Whether the calculated spread is wide or tight is a judgment. This page shows the two inputs and the difference, and it does not grade the result against an unsourced historical band.
A spread is only as current as its two inputs. The cap rate is a quarterly survey. The Treasury yield updates when ingest stores a new FRED observation. If the Treasury fetch fails, the last stored yield is kept with its original date, or the spread is hidden.
Data and analysis on this page are for informational purposes only and do not constitute investment, financial, or tax advice. Figures may be estimated from publicly available sources and should be verified with primary data providers (CoStar, MSCI RCA, CBRE, FRED) before use in investment decisions. Past performance does not guarantee future results.