Bond-to-NNN Spread Board
The same corporate credit, two ways to own it: the bond, or the building the company guarantees rent on. The spread is what the market pays you for holding real estate instead of paper, before depreciation, 1031 deferral, and appreciation, none of which the bondholder gets.
| Tenant | Rating | Bond Yield* | NNN Cap Range | Spread (mid) |
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*Bond yield shown is the ICE BofA effective yield for the tenant's rating bucket, not a specific bond of the issuer. NNN cap ranges are Investment Grade reference ranges from recent single-tenant net lease transactions and are indicative only. Nothing here is investment, tax, or legal advice, and nothing here is a recommendation to buy or sell any security or property. Yields and cap rates change; verify everything before acting. © 2026 Investment Grade, LLC.