The April letter about triple-net lease from Northmarq's Chris Lomuto shows, as he put it, a "mixed bag of results."
Top observation is that the average closing cap rate for the month ending March 31, 2024, was about 6.60%, or roughly 95 basis points up from the depths of July 2022. It's also down nearly 20 basis points from December 2023.
But the evening out bears the classic problem of looking at averages rather than data distributions. As Lomuto noted, the deals with higher closing caps had offset those with lower closing caps.
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