REI Tenant Overview

REI, Net Lease, NNN, Bigbox


  • National name brand recognition
  • Located in prime locations
  • Leases are landlord-favorable with limited landlord responsibilities


  • Private company
  • Non-investment grade

Tenant Description

Recreational Equipment, Inc., often abbreviated as REI, is an outdoor gear and apparel retailer based in Kent, Wash. REI is a consumer co-operative with 19 million lifetime members. The concept for REI began in 1935, when Seattle-area outdoorspeople decided to pool funds in order to purchase outdoor equipment at lower group prices. The co-op was formally founded in 1938, and the membership fee was set at $1 to allow anyone who desired to join. Lifetime membership today is $20, which includes an annual dividend calculated as a percentage of purchases the member has made that year.

REI brings people top-quality gear and apparel, expert advice, rental equipment, inspiring stories of life outside and outdoor experiences to enjoy alone or share with your friends and family. And because they have no shareholders, with every purchase you make with REI, you are choosing to steward the outdoors, support sustainable business and help the fight for life outside.

REI is attractive to investors because they typically have an initial term of 15 years with up to three (3), five-year renewal options. In addition, there can be rent increases throughout the base lease term and option periods as well. Specific lease terms and landlord obligations vary, but generally the landlord is not responsible for the property.

Today, REI has more than 165 locations in 39 states and Washington, D.C. and employs nearly 13,000 team members.

Average Cap Rate
12 mo avg
Average Property & Lease
Average Sale Price $10,296,930
NOI $725,000
$/Square Foot $343 - $515
Building SF 20,000 - 30,000
Lot Size 5.0 - 10.0 Acres
Lease Term 5 - 15 Years
Escalations In Option Periods
Stock Symbol N/A
Credit Rating
Moody's N/A
Average Cap Rate Trend
Rates reflect year-over-year comparison
Recent Sales Comps
Tysons, VA 6.80%