03 — Lease & Rent Schedule
Durable income, contractually growing.
A triple-net lease to Ford Motor Company through December 2031, with four five-year options and 2.0% annual rent increases across the term.
TERMS — Lease Overview
Lease overview
- Tenant
- Ford Motor Company (NYSE: F)
- Lease Type
- NNN
- Start Date
- October 8, 2021
- Lease Expiration
- December 31, 2031
- Renewal Options
- Four (4) five-year renewal options
- Rent Increase
- 2.0% annually
- Permitted Use
- Warehousing and distribution of automotive parts
- Landlord Obligations
- Roof deck and roof assembly replacement only
- Tenant Responsibilities
- Taxes, insurance, utilities, operating expenses, and a management fee equal to 1% of base rent
IN PLACE — Current Income
In-place income
Current NOI
$6,586,808
Base rent plus a management fee equal to 1% of base rent
Current Base Rent$6,521,602
Base Rent / SF$6.35
Rent Growth2.0% / yr
StructureNNN
Pricing is offered on a best-offer basis. In-place NOI and the rent schedule are provided for underwriting; asking price and cap rate are available on request from the listing team.
SCHEDULE — Primary Term + Four Options
Rent schedule
Primary term Years 1–10 (through December 2031), followed by four five-year renewal options. 2.0% annual increases throughout.
| Year | Annual Rent | Monthly Rent | Rent / SF | Increase |
|---|---|---|---|---|
| 1 | $5,906,816 | $492,235 | $5.75 | — |
| 2 | $6,024,952 | $502,079 | $5.87 | 2.0% |
| 3 | $6,145,451 | $512,121 | $5.99 | 2.0% |
| 4 | $6,268,360 | $522,363 | $6.11 | 2.0% |
| 5 | $6,393,727 | $532,811 | $6.23 | 2.0% |
| 6 IN PLACE | $6,521,602 | $543,467 | $6.35 | 2.0% |
| 7 | $6,652,034 | $554,336 | $6.48 | 2.0% |
| 8 | $6,785,074 | $565,423 | $6.61 | 2.0% |
| 9 | $6,920,776 | $576,731 | $6.74 | 2.0% |
| 10 | $7,059,191 | $588,266 | $6.88 | 2.0% |
| Option Term #1 — Years 11–15 | ||||
| 11 | $7,200,375 | $600,031 | $7.01 | 2.0% |
| 12 | $7,344,382 | $612,032 | $7.15 | 2.0% |
| 13 | $7,491,270 | $624,272 | $7.30 | 2.0% |
| 14 | $7,641,095 | $636,758 | $7.44 | 2.0% |
| 15 | $7,793,917 | $649,493 | $7.59 | 2.0% |
| Option Term #2 — Years 16–20 | ||||
| 16 | $7,949,796 | $662,483 | $7.74 | 2.0% |
| 17 | $8,108,792 | $675,733 | $7.90 | 2.0% |
| 18 | $8,270,967 | $689,247 | $8.06 | 2.0% |
| 19 | $8,436,387 | $703,032 | $8.22 | 2.0% |
| 20 | $8,605,114 | $717,093 | $8.38 | 2.0% |
| Option Term #3 — Years 21–25 | ||||
| 21 | $8,777,217 | $731,435 | $8.55 | 2.0% |
| 22 | $8,952,761 | $746,063 | $8.72 | 2.0% |
| 23 | $9,131,816 | $760,985 | $8.90 | 2.0% |
| 24 | $9,314,453 | $776,204 | $9.07 | 2.0% |
| 25 | $9,500,742 | $791,728 | $9.26 | 2.0% |
| Option Term #4 — Years 26–30 | ||||
| 26 | $9,690,756 | $807,563 | $9.44 | 2.0% |
| 27 | $9,884,572 | $823,714 | $9.63 | 2.0% |
| 28 | $10,082,263 | $840,189 | $9.82 | 2.0% |
| 29 | $10,283,908 | $856,992 | $10.02 | 2.0% |
| 30 | $10,489,586 | $874,132 | $10.22 | 2.0% |
Ready to underwrite it?
The lease abstract and full financial package are available to qualified parties under NDA. Reach the Fortis Net Lease team to receive materials or submit an offer.