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NNN FedEx for Sale
FedEx is a publicly traded logistics company rated BBB by S&P and Baa2 by Moody’s, both with stable outlooks (FedEx 10-K, fiscal 2026). An NNN FedEx property puts one tenant on the lease, so who that tenant is matters. Confirm which FedEx entity signed it, how long it runs and who handles the roof and structure.
A triple net lease generally shifts property taxes, insurance and maintenance to the tenant, which can suit investors leaving hands-on real estate through a 1031 exchange. Neither The Boulder Group nor Matthews profiles FedEx, so we don’t quote a cap rate here. Call us for current pricing on a specific property.
BBB
S&P credit rating
Baa2
Moody’s credit rating
500,000+
FedEx employees
June 1, 2026
FedEx Freight spin-off completed
Varies
Lease term and rent increases, set in each lease
Confirm
Lease type: ask who handles roof and structure
Sources: FedEx Form 10-K, fiscal 2026 (S&P rating); FedEx Form 10-Q, February 28, 2026 (Moody’s rating); FedEx news release, June 1, 2026 (employees, spin-off). Neither The Boulder Group nor Matthews profiles FedEx.
Key Takeaways
Rated Parent, Verify the Tenant Entity
FedEx Corp. (NYSE: FDX) is rated BBB by S&P and Baa2 by Moody’s, both with stable outlooks (FedEx 10-K, fiscal 2026). A rating applies to the company, not to every entity that signs a lease, so confirm the tenant and any parent guarantee.
Lease Terms Vary by Property
Neither The Boulder Group nor Matthews publishes typical FedEx lease terms, so we don’t quote one. Under a triple net lease the tenant generally covers taxes, insurance and maintenance, but the lease controls. Read each one for the term, rent increases and who handles the roof and structure.
No Published Cap Rates
FedEx isn’t in The Boulder Group’s September 2026 profiles or Matthews’ 2026 tenant report, so we don’t show a cap rate range. Ask our team for current pricing on a specific property instead of relying on a general number.
Recent Restructuring
FedEx completed the spin-off of FedEx Freight on June 1, 2026 (FedEx, June 1, 2026). Freight is now a separate public company, so check that any lease or guarantee you’re buying sits with the parcel and logistics business you mean to hold.
FedEx NNN Cap Rates and Lease Data
If you’re weighing a FedEx property, three things shape what you’ll earn: who the tenant is, how the lease is structured and what yield you’re paying for. FedEx is different from the tenants in our other guides, because the standard market reports don’t cover it. Here’s what we can say with a source, and what we can’t.
On the tenant, the picture is clear. S&P rates FedEx’s senior unsecured debt BBB and Moody’s rates it Baa2, both with a stable outlook.1 Both are investment grade. They are ratings on FedEx Corp., though, so they only help you if the entity on your lease is FedEx Corp. or is guaranteed by it.
On the lease and the yield, we have to be straight with you. The Boulder Group’s September 2026 profiles and Matthews’ 2026 tenant report don’t include FedEx.2 That means there’s no published typical lease term, rent increase, building size or cap rate range to quote, and we won’t estimate one.
What we can do is look at a specific property with you. Ask for the lease and the offering memorandum, then compare the remaining term, rent increases and landlord duties against comparable sales. Talk to Our Team and we’ll walk through current pricing.
1. S&P rating and outlook: FedEx Form 10-K for the fiscal year ended May 31, 2026. Moody’s rating and outlook: FedEx Form 10-Q for the quarter ended February 28, 2026. The same Baa2 / BBB pairing appears as the expected ratings in FedEx’s September 9, 2026 note offering term sheet. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026 (no FedEx profile in the table of contents); Matthews, 2026 Net Lease Tenant Report, May 2026 (no FedEx page). We checked both documents for FedEx directly. ↩
FedEx as a Tenant
How FedEx operates
FedEx is a global logistics company that provides transportation, e-commerce and business services. It says it has more than 500,000 employees (FedEx, June 1, 2026).
On June 1, 2026, FedEx completed the spin-off of FedEx Freight, which now trades separately on the NYSE as FDXF, while FedEx Corp. continues to trade as FDX. FedEx kept 19.9% of FedEx Freight’s shares and said it will dispose of them within 24 months (FedEx 8-K, June 1, 2026).
For a net lease buyer, the lease matters more than the logo. Ask who signed it: Federal Express Corporation, another FedEx subsidiary or an outside operator. Then ask whether FedEx Corp. guarantees it. The answer decides how much of FedEx’s credit you actually hold.
Financial strength and growth
S&P rates FedEx BBB and Moody’s rates it Baa2, both stable. As of May 31, 2026, FedEx had no amounts outstanding under its credit agreements and $750 million of commercial paper outstanding (FedEx 10-K, fiscal 2026).
On September 30, 2026, FedEx reported $8 billion of cash, which included about $2.7 billion of IEEPA tariff refunds it is holding for customers. It also said it completed $2.0 billion of share repurchases between June and September (FedEx results release for the period ended September 30, 2026).
FedEx has announced that parcel shipping rates will increase by an average of 5.9% on January 4, 2027 (same release).
Why Investors Buy FedEx Properties
The case for FedEx is the credit behind the lease. With S&P at BBB and Moody’s at Baa2, both stable, FedEx sits in investment-grade territory (FedEx 10-K, fiscal 2026), which matters if your lender or your 1031 criteria call for a rated tenant.
Under a triple net lease, the tenant generally pays property taxes, insurance and maintenance, which keeps the landlord’s role simple. Whether a given FedEx lease is truly triple net, or leaves the roof and structure with the landlord, depends on the lease, so check it before you buy.
A single-tenant FedEx property can also work as a 1031 exchange replacement property. Because neither report publishes FedEx cap rates, ask our team for current comparable sales rather than leaning on one quoted number.
Risks and Market Conditions
Credit and structure risk. FedEx’s ratings apply to FedEx Corp., while a lease may be signed by a subsidiary or an outside operator. FedEx also says that if its unsecured debt or commercial paper ratings fell below investment grade, its access to the capital markets could become limited (FedEx 10-Q, quarter ended September 30, 2026).
Network and building risk. FedEx describes an ongoing network optimization program it calls Network 2.0 (FedEx, June 1, 2026), and it has just separated its freight business. Facility needs can change over a lease term, so check the remaining term, renewal options and what the building could be used for if FedEx moved out.
Build a Diversified NNN Portfolio
Pairing a FedEx facility with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
FedEx NNN FAQs
Who pays property expenses on a FedEx facility NNN property?
In a triple net lease the tenant generally pays real estate taxes, insurance and maintenance, but the lease controls. Some net leases leave the roof and structure with the landlord, so read the lease and confirm who handles them.
What is FedEx’s credit rating?
S&P rates FedEx’s senior unsecured debt BBB and Moody’s rates it Baa2, both with stable outlooks (FedEx 10-K, fiscal 2026). The rating applies to FedEx Corp., so confirm which entity signed your lease and whether it’s guaranteed.
How should I evaluate a FedEx facility as a tenant?
Start with the lease: the signing entity, any parent guarantee, the remaining term, rent increases and who handles the roof and structure. Then look at FedEx’s filings. Neither The Boulder Group nor Matthews publishes FedEx cap rates, so ask our team for current comparable sales.
Questions about NNN FedEx Properties for Sale?
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Contact Our Team →Disclaimer
Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.