STNL stands for Single Tenant Net Lease and is used to describe Net Leased investments which are leased to one single tenant. Most NNN Leased Investments are STNL’s, however many NNN deals have two or more tenants. An example of a NNN deal with more than one tenant would be a Starbucks Coffee & Metro PCS which share a building under two separate NNN Leases or a retail strip center where all tenants are wrapped into one NNN Lease. Both examples would be considered NNN Leased Investments; however they would not be STNL’s. The risk of default is spread out over more than on tenant in such NNN deals (i.e. Either Starbucks or Metro PCS corporate goes bankrupt, the other tenant continues to pay the rent due under their NNN lease) and can appeal to investors seeking to avoid putting all their eggs in one basket, though the investor no longer benefits from the simplicity of collecting one rent check from one tenant.
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