Truist Bank
Overview
In 2019, BB&T Corporation (NYSE: BBT) and SunTrust Banks, Inc. (NYSE: STI) announced a merger to become Truist Bank (NYSE: TFC), headquartered in Charlotte, North Carolina. The merger of the two banks created the sixth-largest US bank in both assets and deposits. The combination of the two banks means that Truist serves more than 12 million households across the US. Truist branches are a strong net lease asset to hold, frequently signing NNN leases rather than ground leases. Note: data on property and lease details for Truist might be subject to change, as the merger of the two banks (and their lease types and building prototypes) evolves.
Lowest Cap Rate
4.70%
Average Cap Rate
5.76%
Property & Lease
Average Sale Price
$3,000,000 – $3,500,000
Average NOI
$175,000 – $200,000
Building SF
3,500 – 4,500
Lease Term
15 Years
Escalations
1.5% – 2% Annual Increases
Stock Symbol
NYSE:TFC
Credit Rating
S&P
A-
Moody’s
Baa1