Superior Stability and Dividend Growth
Drug Stores (6.5% of ABR)
Bundled service partnerships and vertical integration
among incumbents insulates industry from outside threats.
000
00
00
Both Walgreens and CVS
are investing in improved
customer experience.
Walgreens plans to open
1,000 full-service doctor
offices by the end of 2027.
Source:
(1) CVS filings.
(2) Company Documents.
(3) Company Filings as reported by IQVIA.
(4) Company Filings | Latest reported quarter.
80%
Of the scope of a typical primary care
physician treatable at an on-site clinic(1).
85%
Of the US population lives within
3 miles of a Walgreens or CVS(2).
~50%
CVS currently operates over
1,000 Health HUB locations
Walgreens
PHOTO
REALTY
INCOME
3Q13
4013
1014
2014
3Q14
4014
1Q15
2015
3015
4Q15
1016
3.7%
2.0%
2016
3Q16
2.0%
4Q16
1017
2017
3017
4Q17
1018
0.0%
2018
3Q18
7.4%
7.2%
6.0%
6.0% 5.8%
5.8%
5.6%
9.7%
9.3%
2.8%
4Q18
1019
2019
3019
4019
1Q20
A
1.9%
2.5%
2020
3020
4Q20
1Q21
2Q21
3021
4Q21
1Q22
7.3%
6.8%
5.0%
3.5%
4.5%
3.2%
Walgreens: 35 of 36 Quarters of Positive
Same-Store Pharmacy Sales Growth (4).
Combined retail prescription market
share of Walgreens and CVS (3).
8.9%
8.4%
2022
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