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NNN UPS For Sale
UPS is a publicly traded company (NYSE: UPS) that reported third-quarter 2026 revenue of $22.9 billion, up 6.7% from a year earlier (UPS, 3Q 2026 earnings release, October 27, 2026). Neither The Boulder Group nor Matthews covers UPS, so we are not quoting typical cap rates or lease terms. Each lease needs to be underwritten on its own.
UPS is also in what it calls the largest network reconfiguration in its history, and it has been closing buildings (Fox Business), so confirm the status of the specific building and how many years remain on the lease. Under a triple net lease, the tenant typically pays property taxes, insurance, and maintenance. UPS properties may also appeal to investors completing a 1031 exchange.
NYSE: UPS
Public company
$22.9B
Q3 2026 revenue
+6.7%
Revenue growth, Q3 2026
93
Buildings closed in 2025
~$92.6B
2026 revenue outlook
Varies
Lease terms (not in reports)
Sources: UPS, 3Q 2026 earnings release (revenue, growth, outlook); NBC News (2025 building closures). The Boulder Group, Net Lease Tenant Profiles, September 2026 and Matthews, 2026 Net Lease Tenant Report, May 2026 do not include UPS, so no credit rating, lease term, rent increase or building size is shown.
Key Takeaways
Public Company, Not in the Reports
UPS (NYSE: UPS) is publicly traded, but neither Boulder nor Matthews profiles it. We are not quoting a credit rating, typical lease term or cap rate, so confirm the rating and the lease details directly.
Lease Terms Vary by Building
Without a typical lease from either report, the numbers that matter are in the specific lease: years remaining, rent increases, who signs it and whether the building is part of UPS’s network plans.
Network Reconfiguration
UPS closed daily operations at 93 leased and owned buildings and eliminated 48,000 jobs in 2025, and planned up to 30,000 more job cuts and at least 24 more facility closures in 2026 (NBC News).
Revenue Up, Profit Mixed
Third-quarter 2026 revenue rose 6.7% to $22.9 billion, while GAAP net income fell to $1.163 billion from $1.311 billion, and UPS raised its full-year revenue outlook to about $92.6 billion (UPS, 3Q 2026 earnings release).
UPS NNN Cap Rates and Lease Data
UPS is hard to price from published data, so here is what is and is not available.
Neither The Boulder Group nor Matthews covers UPS, so we are not quoting typical cap rates or lease terms.1 Without a typical lease or an asking cap rate range, the numbers that matter are the ones in the specific lease: years remaining, rent increases, who signs it and how the building fits into the UPS network.
What is public is the company’s direction. UPS reported third-quarter 2026 revenue of $22.9 billion and said it achieved about $1.8 billion of benefits from its network initiatives in the first nine months of 2026, including reducing its operational workforce and closing certain daily operations at leased and owned buildings (UPS, 3Q 2026 earnings release).2
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, lists no UPS profile, and Matthews, 2026 Net Lease Tenant Report, May 2026, has no UPS page. We have not estimated cap rates or lease terms for UPS. ↩
2. UPS, 3Q 2026 earnings release, October 27, 2026. UPS expects nearly $3 billion in program benefits for the full year 2026. ↩
UPS as a Tenant
How UPS operates
UPS began in 1907 as the American Messenger Company in Seattle and is headquartered in Atlanta (9&10 News; UPS, 3Q 2026 earnings release). It reports results across U.S. domestic, international and supply chain segments, and revenue grew in all segments in the third quarter of 2026 (UPS, 3Q 2026 earnings release).
Ownership and financial strength
UPS is publicly traded. Third-quarter 2026 revenue was $22.9 billion and diluted earnings per share were $1.37 on a GAAP basis, down from $1.55 a year earlier, including a $182 million goodwill impairment charge in Supply Chain Solutions (UPS, 3Q 2026 earnings release). Neither report lists a credit rating, so check the rating and which UPS entity signs the lease.
UPS is reshaping its network. It said the planned volume reductions from its largest customer were completed in the second quarter of 2026 (UPS, 3Q 2026 earnings release (PDF)), and it has been shifting toward higher-margin shipments and more automation (NBC News; Fox Business).
Why Investors Buy UPS Properties
UPS is a large national tenant with growing revenue. Third-quarter 2026 revenue rose 6.7% with growth across all segments, and the company raised its full-year revenue outlook to about $92.6 billion (UPS, 3Q 2026 earnings release).
The company is working to lower its costs. UPS said it achieved about $1.8 billion of benefits from its network initiatives in the first nine months of 2026 and expects nearly $3 billion for the full year (UPS, 3Q 2026 earnings release).
Because neither report covers UPS, we are not comparing its yield to other tenants. Any appeal depends on the specific lease and building.
Risks and Market Conditions
Building closures are the main risk to watch. UPS closed daily operations at 93 leased and owned buildings in 2025 and planned at least 24 more facility closures in 2026 (NBC News), and it said it continues to review its network for additional closures (Bisnow). Ask whether the specific building is part of the plan, and what happens to the lease if operations there stop.
Neither report publishes cap rates or lease terms for UPS, and GAAP earnings have been under pressure from transformation costs and a goodwill impairment (UPS, 3Q 2026 earnings release). Review the lease for years remaining, rent increases and who signs it, and be cautious about any price that is not supported by the specific lease.
Build a Diversified NNN Portfolio
Pairing a UPS facility with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
UPS NNN FAQs
How do cap rates affect UPS property pricing?
Cap rate is a property’s annual net rent divided by its price. Neither The Boulder Group nor Matthews covers UPS, so we do not quote a typical range. Pricing depends on the lease’s remaining term, rent increases, who signs it and the building’s location, so talk to our team about a specific property.
Questions about UPS NNN Properties for Sale?
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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.