Amphenol Corporation (NYSE: APH)

Investment-Grade Credit (S&P: A-) Amphenol Corporation (NYSE: APH): The lease is fully guaranteed by Amphenol Custom Cable’s parent company, Amphenol Corporation — an S&P A- rated, publicly traded company with an approximate $180B+ market capitalization. Amphenol is a global leader in interconnect solutions with operations in 100+ locations across six continents, providing investors with secure cash flow backed by a highly rated corporate guarantor.
Newly Executed Lease Extension / Strong 4% Annual Increases: Amphenol Custom Cable has operated out of the subject facility since 2008 (18-year operating history) and recently executed a new 5-year lease extension, demonstrating its long-term commitment to this location. The Industrial NNN lease features favorable 4.0% annual rent increases along with a 2.5% management fee paid by the tenant (±$13K annually), providing investors with a strong hedge against inflation.
Below Market Rent / Fair Market Value Option: Amphenol is paying below market on their current rental rate at just $13.50 PSF. This provides investors with a compelling mark-to-market opportunity, particularly given the favorable Fair Market Value renewal language in the lease.
Functional Industrial Facility / Infill Tampa Industrial Corridor: This functional ±38,624 SF concrete industrial manufacturing facility features ±18,678 SF of warehouse space, ±7,820 SF of climate-controlled manufacturing space, and ±12,492 SF of office space. The building is also equipped with four (4) dock-high doors, two (2) ramps, and a new 60-mil TPO roof installed in 2019. The subject property is located at the center of a dense infill industrial pocket of Tampa – one of the fastest-growing and top-performing industrial markets in the U.S.

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Kyle Matthews