Walmart is the largest retailer in the world. Walmart has a few store types, each with their own characteristics. On the large end, the Walmart Supercenters. These stores are the largest, with the widest range of items stocked, as well as a full supermarket. These supercenters are typically 182,000 square feet. On the small end, the Walmart Neighborhood Market concept. These are a smaller-footprint option, 38,000 square feet, and contain a pharmacy, groceries, and some merchandise. In the middle is the Walmart Discount Store, which are typically 106,000 square feet. Walmart stores are rare investments on the net lease market with the transaction size, acreage, and square footage of the investment (much larger on all counts than the typical net lease property) appealing to a more select group of investors. High annual rents and relatively low cap rates means the typical net lease Walmart transaction is over $10 M. The cap rate is often in the low 6’s to high 7’s depending on lease structure and remaining term. Walmart Stores, Inc. (NYSE: WMT) is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company was Fortune’s largest public corporation in 2016 by revenue, $482.13B. Walmart was founded by Sam Walton in 1962, incorporated on October 31, 1969, and publicly traded on the New York Stock Exchange in 1972. Headquartered in Bentonville, Arkansas, it is the largest majority private employer. Walmart is also the largest grocery retailer in the United States. It also owns and operates the Sam’s Club retail warehouses in North America. Walmart has 11,695 stores under 59 banners in 28 countries and all 50 US states.