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NNN AT&T for Sale
AT&T stores are single-tenant retail properties leased to a publicly traded telecom company that Boulder rates BBB, which is investment grade. Boulder shows a typical 10-year double net lease and asking cap rates of 6.55% – 6.85% for 10 years of remaining term. This page walks through what the data shows and what to check before you buy.
BBB
S&P credit rating
5,361
Locations (Boulder)
10 Years
Typical lease term
10%
Increase every 5 years
4,500 SF
Typical building size
Double Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026. Matthews, 2026 Net Lease Tenant Report, does not cover AT&T. Boulder does not say how many of its 5,361 locations are company-operated.
Key Takeaways
Investment-Grade, Publicly Traded
AT&T Inc. (NYSE: T) is a publicly traded company that Boulder lists at BBB from S&P. It reported third quarter 2026 revenue of $32.3 billion, up 5.3% from a year earlier (AT&T, October 21, 2026).
Double Net, 10 Years
Boulder shows a typical 10-year double net lease with 10% rent increases every five years. With a double net lease the landlord often keeps the roof and structure, so confirm that in the lease.
Higher Cap Rates
Boulder’s September 2026 asking cap rates are 6.55% – 6.85% with 10 years remaining and 6.90% – 7.20% with 5 years remaining. Boulder does not list a 15-year range, which fits the 10-year typical lease.
A Heavy Debt Load
AT&T ended the third quarter with $159.6 billion of total debt and $149.8 billion of net debt, and expects its net debt-to-EBITDA ratio to return to about 2.5x during 2029 (AT&T, October 21, 2026).
AT&T NNN Cap Rates and Lease Data
If you’re weighing an AT&T property, three things shape what you’ll earn: who the tenant is, how the lease is structured, and what yield you’re paying for. Here’s how they fit together.
On the first two, the picture is reassuring. AT&T is rated BBB, which is investment grade, and the typical lease is double net for 10 years with a 10% rent increase every five years.1 Those steps work out to about 2% a year, which adds some rent growth, but most of your return still comes from the yield you buy in at. Because the lease is double net rather than triple net, who handles the roof and structure is worth checking in each lease.
That’s where cap rates come in. Boulder shows asking cap rates of 6.55% – 6.85% with 10 years left and 6.90% – 7.20% with 5 years left.2 As the remaining term gets shorter, the yield goes up. Boulder doesn’t list a 15-year range for AT&T, and Matthews doesn’t cover the brand, so there is no closed-sale average here to check these asking rates against.
In dollars, Boulder puts the average sale price at about $2.0 million with average rent of about $130,000 a year. On a typical 4,500 SF store, that works out to roughly $444 per square foot.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 9. Credit rating is S&P, as reported by Boulder, which lists AT&T as publicly owned. Lease terms are typical for new construction. The 2% a year figure is our calculation (10% over five years). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 9. Asking cap rates as of September 2026. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 9. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation ($2.0 million across a typical 4,500 SF store). ↩
AT&T as a Tenant
How AT&T is doing
AT&T, based in Dallas, reported third quarter 2026 revenue of $32.3 billion, up 5.3%, and its main wireless and broadband segment had service revenue of $23.9 billion, up 6.1%. Its fiber network passes more than 39 million locations, and it expects to pass more than 60 million by the end of 2030 (AT&T, October 21, 2026).
Balance sheet
Total debt was $159.6 billion at the end of the third quarter and net debt was $149.8 billion, both higher after the EchoStar spectrum deal closed. AT&T expects its net debt-to-adjusted EBITDA ratio to return to its target of about 2.5x during 2029 and plans to return more than $45 billion to shareholders over 2026 through 2028 (AT&T, October 21, 2026). It spent about $22.8 billion on spectrum acquisitions in the quarter, mainly the EchoStar transaction (TeleComLead).
The Mexico sale
On October 13, 2026, AT&T agreed to sell its Mexico wireless business to Grupo Televisa and Fintech Holdings and recorded a $2.6 billion non-cash impairment (AT&T, October 21, 2026). That pulled reported operating income down to $4.1 billion, while adjusted operating income rose to $7.6 billion (TeleComLead). The sale doesn’t involve U.S. stores, but it is a reminder to read reported and adjusted figures side by side.
Who operates the store
Boulder lists 5,361 AT&T locations but does not say how many are company-operated and how many are run by authorized retailers. Confirm who operates the store and who signs the lease, because that determines whose credit you are relying on.
Why Investors Buy AT&T Properties
AT&T offers investment-grade credit from a public company, so you can read its filings and earnings releases before you buy, including its third quarter 2026 results (AT&T, October 21, 2026).
The yields are higher than 7-Eleven’s. With 10 years remaining, Boulder’s September 2026 asking range of 6.55% – 6.85% compares with 5.30% – 5.60% for 7-Eleven, the other investment-grade tenant on these pages, and 6.40% – 6.80% for Aspen Dental, which Boulder rates B- (The Boulder Group, Net Lease Tenant Profiles, September 2026). That is a gap of about 1.25 points to 7-Eleven (our calculation). The shorter 10-year double net structure may explain part of it, so ask what is driving the pricing on any specific deal.
The footprint is large. Boulder lists 5,361 AT&T locations, and a typical store is 4,500 SF.
Risks and Market Conditions
Leverage is the first thing to watch. Total debt was $159.6 billion at the end of the third quarter, up after the EchoStar spectrum deal, and the company does not expect to reach its leverage target until 2029 (AT&T, October 21, 2026). BBB is investment grade, but it sits in the lower half of the investment-grade scale, so changes in the rating outlook matter.
Store networks change. Wireless carriers can close or relocate stores, so look at how the specific store performs and how many years remain on the lease. A 10-year double net lease also means a renewal decision comes sooner than it would on a 15-year lease.
There is no Matthews data for AT&T, so we do not have closed-sale averages to confirm where deals actually land. Ask us for current comparables before you set a price.
Build a Diversified NNN Portfolio
Pairing an AT&T store with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
AT&T NNN FAQs
Who pays property expenses on an AT&T NNN property?
Boulder lists a double net lease as typical, which usually means the tenant pays property taxes and insurance while the landlord often keeps the roof and structure. Because leases differ, confirm each expense in the lease itself instead of assuming it is a triple net or absolute net lease.
Why is an AT&T store considered a durable tenant?
Boulder lists AT&T at BBB, which is investment grade, and AT&T reported third quarter 2026 revenue of $32.3 billion, up 5.3%. Durability still depends on the specific store and lease, so review store performance, remaining term and who operates the location.
How should I evaluate an AT&T store as a tenant?
Start with who signs the lease, since Boulder doesn’t say how many of its 5,361 locations are company-operated. Then look at the remaining term, the rent increases (10% every five years is typical), who handles the roof and structure and how the store performs. AT&T’s public filings are available on its investor relations site.
Can I buy an AT&T NNN property with a 1031 exchange?
It can work if the price, timing and lease fit your exchange. A 1031 exchange requires like-kind real estate and strict identification and closing deadlines. Talk with your qualified intermediary and tax advisor.
Questions about NNN AT&T 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.