Looking to buy an AT&T NNN property? 12 are observed for sale across 8 states, median asking cap rate 7.00%. View AT&T NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Company | AT&T Inc. (NYSE: T), Dallas, Texas |
| S&P / Moody’s | no verified rating / no verified rating |
| Investment grade status | Investment Grade |
| Revenue | US$125.6 billion in 2025 |
| Dividend | US$1.11 per share annualized since 2022, when it was reduced from US$2.08 |
| Fitch | BBB+ |
| Median asking cap rate | See the live table below |
AT&T Business Overview
AT&T provides wireless and fiber broadband service in the United States. Its revenue was US$125.6 billion in 2025. It sells online and through company-owned stores, agents and third-party retail stores, according to its 2025 Form 10‑K. On this page, an authorized retailer means an agent that runs an AT&T-branded store.
AT&T spun off WarnerMedia in April 2022 and sold its remaining DIRECTV stake in 2025. On February 2, 2026, it closed its acquisition of substantially all of Lumen’s Mass Markets fiber business for about US$5.8 billion in cash, and on July 28, 2026, it closed its purchase of 600 MHz and 3.45 GHz spectrum licenses from EchoStar for about US$23 billion in cash.
AT&T Credit Profile
AT&T Inc. carries issuer rating of BBB+ from Fitch Ratings: investment grade (BBB-/Baa3 or higher). To help pay for the EchoStar spectrum, AT&T drew US$14.5 billion under its term loan agreement on July 28, 2026.
AT&T reduced its dividend in 2022, after the WarnerMedia spin-off, from US$2.08 to US$1.11 per share a year, and it has paid US$1.11 annualized since.
Not every store with an AT&T sign is an AT&T lease. Some are run by authorized retailers, independent companies that may sign their own leases. The corporate rating applies only where AT&T or a rated AT&T entity is the tenant or guarantor.
Ratings come from our tenant ratings database and update when agencies change them. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: Fitch Ratings BBB+, as of July 24, 2026. Ratings checked October 8, 2026.
AT&T NNN Cap Rates
Live asking cap rates for AT&T and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Verizon | BBB+ / Baa1 | 6.50% | 6.03% to 7.49% | 27 | +126 bps |
| Best Buy | BBB+ / A3 | 6.58% | 6.10% to 7.31% | 6 | +134 bps |
| AT&T | n/a / n/a | 7.00% | 6.43% to 7.16% | 11 | +176 bps |
| T-Mobile | BBB+ / n/a | 7.25% | 6.50% to 7.75% | 9 | +201 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 12, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: GameStop.
Compare a property with listings that have the same kind of tenant. Compare leases signed by AT&T separately from leases signed by an authorized retailer, which carry the retailer’s credit, not AT&T’s.
What to Check in an AT&T Lease
- Tenant: whether AT&T, an AT&T subsidiary or an authorized retailer signs the lease.
- Guarantee: whether a rated AT&T entity guarantees an authorized retailer lease; confirm this in the lease documents.
- Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
- Co-tenancy: for shopping center locations, co-tenancy and go-dark provisions.
- Re-use: how readily the space could be re-leased to another retail or service user.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Agency-rated public company; see the ratings above | AT&T borrowed US$14.5 billion in July 2026 toward the EchoStar spectrum purchase |
| Public company with audited financial statements | Some AT&T-branded stores are authorized retailer leases without AT&T credit |
| Smaller spaces can suit a range of retail users; confirm local demand | Wireless stores face competition from online sales |
Frequently Asked Questions
Is AT&T investment grade?
Yes. AT&T Inc. carries issuer rating of BBB+ from Fitch Ratings: investment grade (BBB-/Baa3 or higher).
Is AT&T a dividend aristocrat?
No. AT&T reduced its annual dividend from US$2.08 to US$1.11 per share in 2022 and has paid US$1.11 annualized since.
What is the difference between an AT&T lease and an authorized retailer lease?
An authorized retailer is an independent company that sells AT&T service and may sign its own lease. That lease carries the retailer’s credit, not AT&T’s, unless an AT&T entity guarantees it.
Sources: AT&T Inc. Form 10‑K for 2025, Form 10‑Q for the quarter ended June 30, 2026 and Form 8‑K filed July 28, 2026; ratings from InvestmentGrade.com’s ratings database.
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. That property can qualify for 100% bonus depreciation under Internal Revenue Code section 168(k) if acquired and placed in service after January 19, 2025; property acquired under a written binding contract entered into before January 20, 2025 is not treated as acquired after that date (IRS Notice 2026-11). How much qualifies varies widely by property and must be supported by an engineering-based study. On a ground lease where the tenant owns the building, the investor owns only land, which cannot be depreciated (Treasury Regulation section 1.167(a)-2), and equipment owned by the tenant is not the landlord’s to depreciate. Depreciation taken on section 1245 property, including bonus depreciation, is generally recaptured as ordinary income on a taxable sale (Internal Revenue Code section 1245(a)), and depreciation on section 1250 property in excess of straight-line depreciation can be recaptured as ordinary income under section 1250(a). A 1031 exchange (section 1031) can defer the gain, but recapture can still be triggered in an exchange when the replacement property does not include enough section 1245 or section 1250 property (sections 1245(b)(4) and 1250(d)(4)). This is general information, not tax advice; consult a tax professional. See the Depreciation by NNN Property Type.
Related: Gas Station Bonus Depreciation
AT&T Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market AT&T properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
Related NNN Tenants
AT&T NNN Properties Observed For Sale
12 active AT&T net lease listings observed across public listing sources, most recently Oct 9, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Salina, KS | $1,085,500 | 6.50% | 2,520 | n/a | View listing |
| Lake Village, AR | $750,000 | 8.00% | 1,800 | 1.4 yrs | View listing |
| Ardmore, OK | $2,475,000 | 7.00% | 4,500 | 4.9 yrs | View listing |
| Dothan, AL | $1,695,000 | 7.13% | 5,500 | 5.5 yrs | View listing |
| Fulton, NY | $750,000 | 8.00% | 1,600 | 1.4 yrs | View listing |
| Rolling Meadows, IL | $5,126,104 | 6.75% | 4,300 | n/a | View listing |
| Sandy Springs, GA | $1,750,000 | 5.00% | 1,660 | n/a | View listing |
| Carrollton, GA | $2,633,500 | 7.00% | 28,750 | 3.8 yrs | View listing |
Search all 12 observed AT&T listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
