Walgreens, CVS and Rite Aid: what RE investors should know

There are 3 main chains of pharmacies in the United States: Walgreens, CVS and Rite Aid. Below are some key statistics on the 3 main pharmacy chains as of 2012:

one) Walgreens It ranks first with a market capitalization of $ 28.51 billion, $ 72.2 billion in total revenue in 2011 ($ 45.1B of prescription revenue) and an S&P rating of A. According to Walgreens, 75% of the population of the United States lives within 3 miles of its stores. In April 2010, it acquired 258 Duane Reade pharmacies in the New York metropolitan area, which brings together a total of 7841 pharmacies that Walgreens operates as of February 2012, including 137 pharmacies in the hospital.

two) CVS It ranks second with a market capitalization of $ 56.56 billion, $ 107.1 billion in revenue ($ 40.5 billion in revenue from CVS prescriptions and $ 16.1B of its revenue from Caremark prescription drug orders), and a BBB S&P rating. As of December 31, 2011, CVS operates 7404 pharmacies.

3) help ritual It ranks third (fourth, behind Walmart in terms of prescription revenue) with a market capitalization of $ 1.49 billion, $ 26.1 billion in revenue ($ 17.1B of prescription revenue), operates 4714 pharmacies starting February 2011 and has an S&P rating of B -.

Investors buy properties occupied by these pharmacy chains for the following reasons:

1. The pharmacy business is very insensitive to the recession. People need medication when they are sick, regardless of the state of the economy. Both rich and poor people in the United States have access to medicine. Some even argue that low-income people use more medications because of the free or low-cost medications offered by government-assisted programs. Therefore, tenants should be successful during difficult times and have money to pay the rent to the owners.

2. The pharmacy business has a good perspective in the United States:

· People live longer and need more medications to maintain longevity, for example, Actonel for osteoporosis, Aricept for Alzheimer’s symptoms. Older people tend to use more medications than younger people, as they often have more medical problems. As the 78 million baby boomers are approaching retirement age as of 2008, pharmacy chains anticipate that the demand for drugs will increase over the next 20 years.

The drug market continues to expand as the population of the United States continues to grow. More and more Americans suffer from various diseases. The number of Americans suffering from seasonal allergies doubled in the last 15 years to 37 million people according to Fortune magazine. They spent $ 5.4 billion in 2009 for allergy medications. As their waistlines skyrocket (75% of Americans are predicted to be overweight or obese by 2020), more Americans are diagnosed with diabetes, along with high cholesterol at younger and younger ages. In addition, doctors also recommend treating several diseases sooner rather than later due to a better understanding of the diseases. For example, doctors now prescribe antiretroviral medications for patients shortly after being infected with the HIV virus instead of waiting for the infection to become AIDS. More doctors combine insulin with oral medications to treat type 2 diabetes instead of just oral medications alone. All these factors increase the size of the drug market.

The advance in genetic engineering has introduced several new kits of genetic DNA tests that allow the genetic diagnosis of vulnerabilities to diseases and inherited disorders. Genetic testing is currently the fastest growing segment in the diagnostic industry. Some of these genetic tests will likely be transformed into direct consumer test kits available at pharmacies in the near future. Upon FDA approval, these new products will likely generate additional revenue for pharmacies.

Using a new method of adapting molecules called structure-based design; Pharmaceutical companies propose new drugs that they would not otherwise have discovered, for example, Pfizer’s Xalkori to treat lung cancer.

The health reform bill of March 23, 2010 provides insurance coverage to approximately 33 million more Americans. This is a great gift for the pharmaceutical industry.

There are new medications to treat diseases that previously could not be treated, and new diseases, for example, Viagra for unhappiness of men, Avastin for colon cancer, Herceptin for breast cancer. New medications are very expensive, for example, an annual supply of Avastin costs about $ 55,000. Eli Lilly has sold about $ 4.8 billion of Zyprexa in 2007 for schizophrenia, and yet most people have never heard of this medicine.

· There are currently approved medications to treat new diseases and thus increase your sales revenue. For example, Lyrica originally intended to treat pain caused by nerve damage in people with diabetes. It is now approved by the FDA to treat fibromyalgia that affects 5.8 million Americans through WebMD.

· Great advances in genetics, biology and stem cell research are expected to produce a new class of medications to treat diabetes, Parkinson’s and several rare genetic disorders. For example, Novartis’ new drug Ilaris is targeting genetic causes of an inherited disorder that only 7,000 known cases exist worldwide. However, Novartis hopes to gradually expand its medications to a highly successful drug to more common disorders caused by similar genetics.

· Technology and modern life introduce and require new products, for example, pregnancy test kits, Lamisil for lighter and stronger nails, Latisse for longer and thicker eyelashes, Propecia for hair loss in men, Premarin for symptoms of menopause, diabetic monitors, electronic toothbrushes, contact lenses, lens cleaners, diet pills, vitamins, birth control pills, IUDs, nutritional supplements and cholesterol-lowering pills (Americans spent almost $ 26 billion in 2006 alone on cholesterol medications according to IMS Health, a Connecticut-based consulting firm that oversees pharmaceutical sales.)

· Before customers can reach the drug aisles or pharmacy counters, they must go through chocolates, soft drinks, digital cameras, watches, toys, dolls, beers and wines, cosmetics, video games, flowers, fragrances and greeting cards. Pharmacies expect you to use the one-hour photo services there. Stores also sell seasonal items, for example, Halloween costumes and “As Seen on TV” merchandise, for example, Shamwow. As a result, customers buy more than their prescriptions and medications at these pharmacies. CVS reported that non-pharmaceutical sales accounted for 30% of the company’s total sales in January 2007. The figure for Walgreens is 34% and 37% for Rite Aid. Many pharmacy locations are in effect convenience stores, especially those located in residential or rural areas. And Walgreens expects customers to also pick up WD-40 and screwdrivers in their stores instead of Home Depot; Thai jasmine rice and fish sauce to avoid a trip to Safeway or Kroger supermarkets. During the recession, sales of these non-pharmacological items declined as customers buy what they need and not what they want. Walgreens tries to reduce the amount of items by 4000. It also presents its own private label that has higher profit margins.

There are more and more generic drugs on the market, as a series of hugely popular blockbusters lose their 20-year patents, for example, Lipitor (the best-selling drug in the world to lower cholesterol) in 2010, Viagra (You know what it is and # 39; s for) in 2012. Pharmacies prefer to sell generic drugs to customers due to higher profit margins than brand name drugs.

Many people are addicted to pain relievers, for example, hydrocodone / oxycodone. According to the DEA in 2012, there are 1.5 million Americans addicted to cocaine but 7 million addicts to prescription drugs.

· This author estimates that at least 10% of the prescription drugs dispensed are not used at all and remain inactive in the medicine cabinets. They finally expire and are thrown away.

3. These companies sign long-term NNN leases, guaranteed by their corporate assets. This makes the investment in the underlying property quite low risk, especially for Walgreens with an “A” rating of S&P. In fact, these properties are sometimes called investment grade properties. Once the pharmacy chains sign the lease, they pay the rent in a timely and timely manner. This author is not aware of any property leased by one of these pharmacy chains in which the tenants did not pay the rents. Even when the stores are closed due to weak sales (Walgreens closed 119 stores in 2007), these companies can sublet the properties to other companies, for example, Advance Auto Parts and continue to pay the rents of the master leases.

A typical Walgreens lease consists of a 20-25 year primary period plus 8-10 five year options. During the primary term and options, there will be no rent increases in most leases. This is the main disadvantage of investing in Walgreens pharmacies.

A typical CVS lease consists of a primary term of 20-25 years plus 4-5 five-year options. The rent is usually flat during the primary period and then there is a rent increase of 2.5% -10% in each 5-year option.

A typical Rite Aid lease agreement consists of a primary period of 20-25 years plus 4-8 five-year options. The lease contract often has a rent increase every 5-10 years.

Investment risks

Although the pharmacy business in general is not sensitive to recession, your investment involves risks:

1) The main drawback of investing in pharmacies is that there is little or no increase in rent for a long time, for example, 20-50 years, especially for Walgreens. Therefore, income is effectively reduced after inflation. This is one of the main reasons why these properties do not attract younger investors, especially when the capitalization rate is low.

2) The 3 pharmacy chains now have a formidable new competitor, Walmart. Walmart sells prescription drugs in more than 4000 stores Walmart, Sam & # 39; s Club and Neighborhood Market in 49 states. As of 2012, Walmart is the third largest drug retailer with $ 17.4B in prescription sales, just ahead of Rite Aid with $ 17.1B in prescription sales. The retail giant is known for launching a highly publicized $ 4 generic prescription drug program in 2006 that now sells 350 generic drugs for a 30-day supply. The actual number of medications is smaller since medications with different concentrations are counted as different medications. For example, metformin 500 mg, 850 mg and 1000 mg are counted as 3 medications. Walmart probably makes very little profit from these medications, if it has any. However, the marketing campaign, created by Bill Simon, president and CEO of Walmart US, generates a lot of publicity for Walmart. Walmart expects to attract customers to its stores with other recipes where it has higher profit margins. In a non-scientific survey with just one Lyrica brand recipe, this author finds the lowest price at Costco, the highest price at Walgreens and Walmart in between. Other drug chains try to counter Walmart in different ways. Target now offers the same 350 generic drugs for $ 4 for a 30-day supply. Walgreens has a prescription drug club with membership fee that offers 1400 generic drugs for just $ 1 / week. CVS says it will match any offer from its competitors.

3) Chief commercial correspondent Rick Newman of the US World & News Report predicted that Rite Aid might not survive in 2009. Rite Aid still exists in 2012. The prediction seems to disappear in 2012 as Rite Aid, as he was able to refinance long term. Debt terms and sales revenue has increased.

4) Drugs are also sold in thousands of supermarkets, Target stores and Costco stores. However, there are no self-service windows in these stores or at Walmart to conveniently leave prescriptions and pick up medications. Customers will not be able to pick up their recipes during lunchtime or after 7PM at Target stores or supermarkets. They need to be members to buy drugs at Costco. Others may not fill their prescriptions at Walmart because they do not want to mix with typical Walmart customers who are in low-income groups. And some baby boomers don’t want their prescriptions filled at Target or Walmart because there are no comfortable chairs to sit and wait for their medications.

5) The drug retail business to some extent is controlled by the Pharmacy Benefit Managers (PBM). Clients generally get prescription drug coverage from their health insurance companies, for example, Blue Cross. These PBMs administer prescription drug benefits on behalf of insurance companies. In 2012, Walgreens lost a contract valued at more than $ 5 billion with Express Scripts, an important PBM. Walgreen revenues decreased immediately in the first quarter of 2012, as Express Scripts customers cannot fill their prescriptions at Walgreens. PBMs are also in the drug retail business through mail orders that do not require leasing of expensive spaces. Mail orders for prescription drugs currently capture more than 20% of the total revenue from prescription drugs. If customers change their buying habits from prescription drugs to mail orders (there is no such evidence in 2012), it could have a negative impact on the pharmacy chain business.

6) Many leases in areas with hurricanes and tornadoes are NNN leases with the exception of the roof and structure. Then, if the roof is damaged, you will have to pay the expenses.

7) The tenant can move to a new location on the road or across the street when the lease expires. This risk is high when the property is located in a small town where there is little barrier to entry, that is, many vacant and developable land.

8) The tenant can request a rental concession to improve their results in difficult times. The possibility is greater if the tenant is Rite Aid and if the store has low sales revenue and / or a higher income than the market.

9) More Americans are abandoning their prescriptions, especially the more expensive brand-name drugs. This can have a negative impact on sales revenue and pharmacy earnings and, consequently, can lead to the closure of pharmacies. According to Wolters Kluwer Pharma Solution, a health care data company, almost 1 in 10 new brand-name drug prescriptions were abandoned by people with commercial health plans in 2010. This represents an 88% increase compared to 4 years ago. just before the recession. it started. This trend is partly driven by increasingly higher co-payments for brand name drugs, as employers are transferring more insurance costs to their employees.

Among the 3 pharmacy chains, Walgreens and CVS pharmacies generally have the best locations, at the main intersections, while Rite Aid has less than premium locations. Walgreens tends to hire only the best graduates of pharmacy schools, while Rite Aid is content with lower graduates to save costs. When possible, all pharmacy chains try to fill prescriptions with generic drugs that have higher profit margins.

one) Walgreens : The company was founded in 1901 by Charles Walgreen, Sr. in Chicago. Although the company has been in existence for more than 100 years, most stores are only between 5 and 10 years old. This is the best managed company among the three pharmacy chains and also among the most admired public companies in the United States. The company has been run by executives with a proven track record and hires the best university graduates. Due to their superior financial strength (S&P A rating) and irreplaceable premium locations, Walgreens leased properties get the highest price per square foot and / or the lowest capitalization rate among the 3 pharmacy chains. In addition, Walgreens obtains fixed income or very low rent increases for 20 to 60 years. The capitalization rate is usually in the low range of 5% to 6.5% in 2012. Investors who buy Walgreens tend to be more mature, that is, closer to the retirement age. They seek a safe investment where it is more important to obtain the rent check than to obtain recognition. They often compare the returns on their Walgreens investment with the lower returns on US treasury bonds. UU. Or the Bank Deposit Certificate. Walgreens opened many new stores in 2008 and 2009 and will therefore see many new Walgreens stores for sale. It will decrease this expansion in 2010 and beyond and focus on the renovation of existing stores.

two) CVS Pharmacy : CVS Corporation was founded in 1963 in Lowell, MA by Stanley Goldstein, Sidney Goldstein and Ralph Hoagland. The name CVS means “Stores of value for the consumer”. As of 2009, CVS has about 6,300 stores in the United States, primarily through acquisitions. In 2004, CVS purchased 1,200 Eckerd pharmacies, mainly in Texas and Florida. In 2006, CVS purchased 700 Savon and Osco pharmacies, mainly in southern California. And in 2008 CVS acquired 521 Longs Drugs stores in California, Hawaii, Nevada and Arizona for $ 2.9B. The acquisition of Long Drugs seems to be good, since CVS did not have any stores in northern California and Arizona. In addition, the price also includes real estate. Caremark was also purchased, one of the largest PBMs and changed the name of the corporation to CVS Caremark. When CVS purchased 1,200 Eckerd stores, it formed an LLC (Limited Liability Company) of a single entity to own each Eckerd store. Each LLC signs the lease with the owner. In case of default, the owner can only legally pursue the assets of the LLC and not of any other assets owned by CVS. Although the owner loses the guarantee of CVS corporate assets, this author is not aware of any incident in which CVS closes a store and does not pay the rent.

3) Help Ritual : Rite Aid was founded by Alex Grass (passed away on August 27, 2009 at the age of 82) and opened his first store in 1962 as “Thrif D Discount Center” in Scranton, Pennsylvania. It was officially incorporated as Rite Aid Corporation and made public in 1968. When Alex Grasss ceased to be the president and chief executive of the company in 1995, Rite Aid was the largest pharmacy chain in the country in terms of total stores and No. 2 in terms of income. His son, Martin Grass, took over, but was expelled in 1999 for exaggerating the profits of Rite Aid in the late 1990s. Rite Aid is now the weakest financially among the 3 pharmacy chains. In 2007, Rite-Aid acquired about 1,850 Brooks and Eckerd pharmacies, mainly along the east coast to catch up with Walgreens and CVS. In the process, he added a huge long-term debt and is the most leveraged pharmacy chain based on its market value. The integration of Brooks and Eckerd did not seem to work well. Revenue from some of these stores decreased up to 20% after they changed the sign to Rite Aid. In 2009, Rite-Aid had more than 4900 stores and more than $ 26 billion in revenue. The figures dropped in 2010 to 4780 stores and $ 25.53 billion in revenue. On January 21, 2009, Moody & # 39; s Investor Services downgraded Rite Aid’s rating from “Caa1” to “Caa2”, eight levels below the investment grade. Both ratings are “garbage”, which indicates a very high credit risk. Rite Aid contacted several of its owners in 2009 to try to obtain a rental concession to improve the final result. In June 2009, Rite Aid successfully completed the refinancing of $ 1.9 billion of its debts. In 2012, Rite Aid benefits from the Walgreens contract problem with Express Scripts. Same store sales increased 2.2%, 3.2% and 3.6% for January, February and March 2012, respectively. Rite Aid continues to lose money in fiscal year 2012, which ended March 3, 2012. However, it is losing less, $ 0.43 per share in 2012 compared to $ 0.64 per share in fiscal year 2011. The company expects better prospects in fiscal year 2013.

Things to consider when investing in a pharmacy

If you are interested in investing in a property leased by pharmacy chains, here are some things to consider:

1. If you want a low risk investment, go with Walgreens. In stable or growing areas, the degree of security is the same if the property is in California, where it obtains a limit of 5.5% or in Texas, where it can obtain a limit of 6.5%. Therefore, there is no significant advantage to investing in property in California, since the value of the property is based primarily on the capitalization rate. In 2012, the capitalization rate offered for Walgreens seems to fall from 7.5% -8.4% in 2009 to 5.5% -6.5% for new stores.

2. If you are willing to take more risks, go with Rite-Aid. Some properties outside of California may offer a capitalization rate of up to 9% in 2012. However, among the 3 drug chains, Rite Aid has a 10.5% chance of sinking in 2010. If you file bankruptcy, Rite Aid You have the option of choosing which locations to keep open and which locations to end the lease. To minimize the risk of the store closing, choose a place with strong sales and low income / income ratio.

3. Financing should be an important consideration. While the capitalization rate is lower for Walgreens than Rite Aid, you can get the best rates and terms for Walgreens.

4. If you are not a conservative investor or a risk taker, you can consider a CVS pharmacy. It has a BBB + S&P credit rating. Its capitalization rate is higher than Walgreens but lower than Rite Aid. Some leases may offer better rental potholes. On the other hand, some CVS leases, especially for properties in hurricane areas, for example, Florida are not really NNN leases where owners are responsible for the roof and structure. So be sure to adjust the capitalization rate accordingly. Some of the CVS locations have Minuteclinic in place served by registered nurses. Since this idea of ​​a clinic was recently introduced, it is not clear that having a clinic within CVS is an advantage or disadvantage in the end result of the store.

5. The 3 pharmacy chains have similar requirements. Everyone wants a rectangular, highly visible and independent property, around 10,000 – 14,500 SF on a 1.5 – 2 acre lot, preferably in a corner with approximately 75 – 80 parking spaces in a growing and high traffic location. All require that the property have direct access. Therefore, you should avoid buying a property online, that is, not independent and property without direct access windows. There is a possibility that these pharmacies do not want to renew the lease unless the property is located in a densely populated area with no vacant land nearby. In addition, if you acquire a property that does not meet the new requirements, for example, a drive-in, you may have trouble obtaining financing since the lenders know these requirements.

6. If the pharmacy is open 24 hours a day, it is in a better location. Pharmacy chains do not open the store 24 hours a day unless the location attracts customers.

7. Many properties can have a percentage of lease, that is, the owner can obtain an additional rent when the annual income of the store exceeds a certain figure, for example, $ 5 million. However, the income used to calculate the percentage of income often excludes a list of one-page items, for example, wine and soft drinks, tobacco products, items sold after 10 PM, drugs paid by government programs. Excluded sales revenue could represent up to 70% of the store’s gross revenue. As a result, this author has seen only 2 stores in which the owner can charge an additional percentage of rent. The store with a percentage of rent must report its annual sales to the owner. As investors, you want to invest in a store with strong gross sales, for example, more than $ 500 per square foot per year. In addition, you also want to verify the relationship between income and income. If the figure is in the range of 2-4%, the store is likely to be very profitable, so the possibility that the store closes is low.

8. No matter how good the tenants are, avoid investing in decline, for example, Detroit and / or low-income areas or small cities with fewer than 30,000 residents within a 5-mile radius. In a small city, it may be the only pharmacy in the city and captures most of the market share. However, if a competitor opens a new location in the area, the revenue can be severely affected. In addition, the tenant can always move to a new location on the road when the lease expires, as there is little barrier to entry into a small city. These properties are easy to buy now and difficult to sell later. When the credit market is limited, you may have trouble finding a lender to finance these properties.

9. Many properties have an existing loan that the buyer must assume. If you have a 1031 exchange, think twice before buying this property. You must clearly understand the loan assumption requirements of the lenders before moving on. If you do not assume the existing loan (assuming that an existing loan is much more difficult than obtaining a new loan), you may run out of time for a 1031 exchange and may be responsible for paying a capital gain.

10. With few exceptions, pharmacy chains do not own the stores they occupy for several reasons. Here are just a couple of them:

– They know the pharmacy business but they don’t know the real estate sector. Stock investors do not want Walgreens to become a real estate investment company either.

– Owning real estate will require you to have many long-term debts, which is not a brilliant idea for a publicly traded company.

11. Approximately 10% of the properties of pharmacies for sale and, in general, CVS pharmacies require a very small amount of capital to acquire, for example, 10% of the purchase price. However, you must assume an existing fully amortized loan with zero cash flow. That is, all the rent paid by the tenant must be used to pay off the loan. The capitalization rate can be in the range of 7-9%, and the loan interest rate could be attractive in the range of 5.5% to 6%. Therefore, the investor pays the loan in 10 to 20 years. However, it has no positive cash flow. This requires that you present external cash to pay the income tax on the rental earnings (the difference between the rent and the mortgage interest). The longer you own the property, the more external cash you will have to pay income taxes, since the mortgage interest will be less and less towards the end. So who would buy this type of property?

– Investors who have substantial losses from other investment properties. By acquiring this zero cash flow property, they can offset the income of the pharmacy tenant against the losses of other investment properties. For example, a property has $ 105,000 of rental income per year, and the investor also has losses of $ 100,000 from other properties. Como resultado, las ganancias imponibles combinadas son solo de $ 5,000.

– Los inversores desinformados que no consideran que tienen que recaudar efectivo adicional para pagar los impuestos sobre la renta.

Pensamiento fuera de la caja

Si pone demasiado peso en la calificación S&P de los inquilinos, puede terminar tomando muchos riesgos o desperdiciando buenas oportunidades.

1. Una buena ubicación debería ser la clave en su decisión sobre en qué farmacia invertir. A menudo se dice que un negocio pésimo debería funcionar bien en una excelente ubicación, mientras que el mejor inquilino fracasará en una ubicación pésima. Una tienda Walgreens que se cierra más tarde (sí, Walgreens cerró 119 tiendas en 2007) sigue siendo una mala inversión a pesar de que Walgreens continúa pagando el alquiler a tiempo. Por lo tanto, no desea invertir a ciegas en una farmacia simplemente porque tiene un cartel de Walgreens en el edificio.
2. Ninguna empresa está lo suficientemente loca como para cerrar una ubicación rentable. No se necesita ciencia espacial para comprender que una compañía financieramente débil como Rite Aid hará todo lo posible para mantener abierta una ubicación rentable. Por otro lado, un Walgreens financieramente fuerte necesitará justificaciones para mantener abierta una ubicación no rentable. Entonces, ¿cómo se determina si la ubicación de una farmacia es rentable o no, si el inquilino no está obligado a revelar su estado de pérdidas y ganancias? La respuesta es que no puedes. Sin embargo, puede hacer una suposición informada en función de los ingresos brutos anuales de la tienda, que a menudo se informan al arrendador según lo exige la cláusula de porcentaje en el contrato de arrendamiento. Con los ingresos brutos, puede determinar la relación renta / renta. Cuanto más baja sea la proporción, más probable es que la tienda sea rentable. Por ejemplo, si el alquiler base anual es de $ 250,000 mientras que el ingreso bruto de la tienda es de $ 5M, entonces la relación renta / ingreso es del 5%. Como regla general, es difícil obtener ganancias si esta proporción es superior al 8%. Entonces, si ve un Rite Aid con una relación de renta del 3%, entonces sabe que es probable que sea una ubicación muy rentable. En caso de que Rite Aid se declare en quiebra, mantendrá esta ubicación abierta y continuará pagando el alquiler. Si ve una farmacia Rite Aid con una proporción de renta del 3% que ofrece un límite del 10%, es probable que sea una inversión de bajo riesgo con buenos retornos y el inquilino probablemente renovará el contrato de arrendamiento. La debilidad de la garantía corporativa de Rite Aid probablemente no sea tan crítica y el riesgo de tener Rite Aid como inquilino no es realmente tan significativo.
3. Las farmacias con nuevos contratos de arrendamiento de 25 años tienden a venderse con un límite inferior, por ejemplo, 6-7% de límite en las tiendas nuevas versus 8.0-8.5% de límite en ubicaciones establecidas con 5-10 años restantes en el contrato de arrendamiento. Esto se debe a que los inversores temen que los inquilinos no puedan renovar los arrendamientos. Lamentablemente, los prestamistas también tienen el mismo miedo. Como resultado, muchos prestamistas no financiarán farmacias con 2-3 años restantes en los arrendamientos. El hecho de que las farmacias con nuevos arrendamientos tengan una prima en el precio significa que tienen un potencial de depreciación del 20% (comprando nuevas con un límite de 6% y vendiendo con un límite de 7.5% cuando los arrendamientos tienen 8 años restantes). Algunos inversores no considerarán invertir en farmacias con 5-10 años restantes en el contrato de arrendamiento. Simplemente podrían ignorar el hecho de que las tiendas establecidas pueden estar en lugares insustituibles con ventas muy fuertes. Los inquilinos simplemente no tienen otra opción que no sea renovar el contrato de arrendamiento.

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