| Metric | Details |
|---|---|
| Entity / Legal Name | T-Mobile US, Inc. |
| Stock Ticker | NASDAQ: TMUS |
| S&P / Moody‑s Rating | BBB‑ / Baa3 |
| Rating Outlook | Positive (S&P) / Stable (Moody‑s) |
| Investment Grade Status | Investment Grade — Lower Medium |
| Sector | Retail / Telecom |
| Headquarters | Bellevue, Washington |
| US Location Count | ~10,000+ retail stores (includes former Sprint locations) |
| Annual Revenue | ~$80 billion (FY 2024) |
| Cap Rate Range | 6.25% – 7.50% |
| Typical Lease Term | 10 – 15 years (NNN or NN) |
| Guarantee Type | Varies: Corporate (T-Mobile US) or authorized dealer |
| Typical Building Size | 2,000 – 4,500 SF |
| Typical Price Range | $1,200,000 – $4,500,000 |
Bond vs NNN Comparison: See how T Mobile corporate bond yields compare to T Mobile NNN cap rates, with after tax math, depreciation impact, and 1031 exchange treatment. T Mobile Bonds vs NNN →
T-Mobile Business Overview & NNN Investment Profile
T-Mobile US is the second-largest wireless carrier in the United States by subscriber count and the fastest-growing major carrier, generating approximately $80 billion in annual revenue. The company operates approximately 10,000 retail locations nationwide following its 2020 merger with Sprint, which added thousands of stores and over 50 million subscribers to the T-Mobile network. T-Mobile is majority-owned by Deutsche Telekom AG, the German telecommunications giant. The Sprint merger created a massive combined retail footprint, and T-Mobile has been selectively consolidating overlapping locations while rebranding remaining Sprint stores to the T-Mobile brand.
T-Mobile achieved investment grade status at BBB‑/Baa3 following the Sprint integration, with S&P assigning a positive outlook as of 2025, signaling a potential upgrade to BBB. This credit trajectory is significant for NNN investors: properties acquired today at BBB‑ pricing could appreciate meaningfully if T-Mobile achieves a BBB rating. However, the post-Sprint consolidation means some T-Mobile locations face closure risk, particularly former Sprint stores in markets where the two brands overlapped. NNN investors should verify whether a specific location is a legacy T-Mobile or former Sprint store, and assess its long-term viability within the consolidated network.
T-Mobile’s BBB‑/Baa3 credit rating places it at the lower end of investment grade, but the positive S&P outlook suggests improvement. The company’s subscriber growth, 5G leadership, and Sprint synergy realization have driven improving credit metrics. Note: Sprint Corporation no longer exists as a separate entity and all former Sprint store leases have been assumed by T-Mobile US.
Cap Rate Analysis & Pricing
T-Mobile NNN properties trade in the 6.25% to 7.50% cap rate range as of Q1 2026, wider than Verizon and AT&T due to the lower credit rating and ongoing store consolidation risk. Pricing ranges from $1.2 million to $4.5 million.
| Comparable Retail NNN Tenant | S&P / Moody‑s | Cap Rate Range |
|---|---|---|
| Verizon | BBB+ / Baa1 | 5.75% – 7.00% |
| AT&T | BBB / Baa2 | 6.00% – 7.25% |
| Sherwin-Williams | BBB / Baa2 | 5.50% – 6.75% |
Yes. T-Mobile carries S&P BBB‑ with a positive outlook and Moody‑s Baa3 stable, placing it at the lower end of investment grade. The positive outlook signals potential upgrade.
Sprint Corporation merged into T-Mobile US in April 2020. All former Sprint store leases were assumed by T-Mobile. Remaining Sprint-branded locations have been or are being rebranded to T-Mobile.
6.25% to 7.50% as of Q1 2026. The positive S&P outlook creates potential for cap rate compression if T-Mobile achieves a BBB upgrade.
T-Mobile has been consolidating overlapping Sprint and T-Mobile stores since the 2020 merger. Most closures occurred in 2021 to 2023, but some risk remains for former Sprint locations in close proximity to existing T-Mobile stores. Verify network overlap before acquisition.
The Only T-Mobile NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker typically pays a cooperating commission to the buyer’s broker. On the majority of transactions, this means there is no separate fee to you as the buyer. Where a cooperating commission is not available, our compensation is agreed upon with you in advance so there are never surprises.
Find It — T-Mobile NNN properties sourced with Sprint consolidation risk analysis, corporate vs. dealer guarantee verification, and network overlap assessment before you commit.
Fund It — BBB‑ investment grade with a positive upgrade outlook creates a compelling credit story for lenders. We have 150+ relationships.
Exit It — Selling a T-Mobile or former Sprint property? We identify the optimal exit strategy based on lease assumption status and credit improvement trajectory.
Get Your Free T-Mobile NNN Consultation →
In a 1031 exchange? Tell us your timeline — we move faster.
Related NNN Tenants
Own a T-Mobile Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of T-Mobile NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on T-Mobile NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple T-Mobile properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of T-Mobile portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. T-Mobile buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
