Net lease glossary
AUV (Average Unit Volume)
The average annual sales per location for a restaurant or retail brand.
Average unit volume is a brand's total system sales divided by the number of locations open for the full period, expressed as annual sales per unit. It is a quick benchmark of a concept's productivity and is often disclosed in FDD Item 19 or company reports. Comparing a specific store's sales to the brand's AUV, and comparing rent to that sales figure, helps investors judge whether a location is above or below average for its system.