Sherwin-Williams TENANT OVERVIEW

Updated: September 8, 2020

Net Lease Advisor Tenant Sherwin Williams

Pros

Investment grade tenant
Corporate guaranty
Low price point

Cons

Short-term leases
Some NN leases holds landlord responsible for roof and structure

Earnings Highlights

Earnings Summary

Consolidated net sales decreased 5.6% in the quarter to $4.60 B
Adjusted EBITDA increased 6.2% in the quarter to $979M or 21.3% of sales
Net Operating cash increased 42% year-to-date to $1.07 B or 12.3% of sales

View Latest SEC Filing Read Press Release

Tenant Description

Sherwin-Williams is best known as retailer of paints and primers.

Sherwin-Williams is an attractive net lease asset for many investors who are seeking a lower price point but still want a high credit grade tenant.

The Sherwin-Williams Company, founded by Henry Sherwin and Edward Williams in 1866. Today, the company is engaged in the development, manufacture, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America with additional operations in the Caribbean region, Europe and Asia.

The Company manufactures products under well-known brands such as Sherwin-Williams®, Dutch Boy®, Krylon®, Minwax®, Thompson's® Water Seal® and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams® branded products are sold exclusively through over 4,696 paint stores.

www.sherwin-williams.com

Average Cap Rate

5.54%

12 mo avg with 10+ yr lease term

Average Property & Lease

Average Sale Price	$1,703,250
NOI	$93,701
$/Square Foot	$283 - $425
Building SF	4,000 - 6,000
Lot Size	0.5 - 1.0 Acres
Lease Term	10 Years
Escalations	8-12% in Options
Stock Symbol	SHW