NNN Tenant Credit Ratings

4.50% – 5.25%

Ground Lease / Corporate · Ground lease

Among the strongest credits in net lease. JPMorgan Chase corporate guarantee; most deals are ground leases where the bank owns the improvements.

5.75% – 6.50%

Corporate · Absolute NNN

Largest rural-lifestyle retailer in the US. Strong A- credit in a specialty category; rural/secondary Florida locations with reduced competition.

4.75% – 5.50%

Ground Lease / Corporate · Ground lease

One of the strongest corporate credits in QSR. Confirm corporate (not franchisee) guarantee — most Florida ground leases are corporate-guaranteed.

4.75% – 5.50%

Corporate · NNN

Investment-grade coffee credit with drive-thru focus. Some leases are NN (landlord roof/structure) — verify structure carefully.

5.00% – 5.75%

Corporate · NNN / Ground lease

Corporate-owned (no franchisee risk). 'Chipotlane' drive-thru BTS program driving new Florida inventory.

5.50% – 6.50%

Corporate · Absolute NNN

Stronger credit than Walgreens; diversified parent (Aetna, MinuteClinic). Verify the specific location against announced closures.

5.75% – 6.50%

Corporate · Absolute NNN

The most active BTS program in net lease and the classic first NNN asset. Counter-cyclical model; affordable entry price.

5.25% – 6.00%

Corporate · Absolute NNN

Recession-resistant, best-in-class operator. Some older leases have flat rent in the primary term — confirm escalations.

5.25% – 6.00%

Corporate · Absolute NNN

Second-largest auto parts chain; credit and cap rates track AutoZone closely. Shop both tenants.

6.00% – 7.00%

Corporate · Absolute NNN

Downgraded to BBB- in 2024; cap rates widened accordingly. Long lease terms but verify the current rating and store performance at acquisition.

5.50% – 6.25%

Corporate · NNN

Investment-grade parent (Dollar Tree + Family Dollar). Freestanding NNN is rarer than Dollar General; verify the tenant entity given the Family Dollar review.

6.00% – 7.00%

Corporate · NNN

Lower-end investment grade. Sticky tenant — specialized dialysis build-out makes relocation expensive. Florida aging demographics support demand.

4.00% – 5.00%

Corporate · Ground lease / Absolute NNN

Highest credit in retail NNN. Walmart ground leases are rare and command sub-4.5% cap rates. Neighborhood Market format trades more actively and at slightly higher yields.

4.50% – 5.50%

Corporate · Absolute NNN

Best-in-class home improvement credit with very long lease terms. Florida's construction and renovation growth supports strong store performance and investor demand.

5.00% – 6.00%

Corporate · Absolute NNN

Home improvement duopoly with Home Depot. Trades 25–50 bps wider than HD on average; verify the specific store's competitive positioning.

5.00% – 6.00%

Corporate · Absolute NNN

Recession-resistant off-price retailer with strong A- credit. Florida's no-income-tax environment drives consumer spending that supports Ross locations.

5.50% – 6.75%

Corporate · NNN / Industrial NNN

Distribution and logistics NNN on industrial properties. Verify lease structure — some are NN with landlord roof/structure. Long-term lease demand driven by e-commerce growth in Florida.

4.25% – 5.00%

Ground Lease / Corporate · Ground lease

One of the top 3 US bank credits for NNN ground leases. No fuel contamination risk unlike convenience peers. Active Florida branch network.

4.50% – 5.25%

Ground Lease / Corporate · Ground lease

Post-BB&T/SunTrust merger; large Southeast bank with strong Florida presence. Ground lease NNN deals comparable to Wells Fargo but slightly wider on credit spread.

4.50% – 5.25%

Ground Lease / Corporate · Ground lease

National bank expanding its Florida footprint. Branch ground leases are a NNN staple; long lease terms and corporate guarantee command tight pricing.

5.50% – 6.50%

Corporate · Absolute NNN

Drive-through quick-lube chain spinning off from Ashland; now a standalone public company. Active Florida BTS program; small-footprint absolute NNN.

4.00% – 4.75% (ground lease)

Ground Lease / Corporate · Ground lease / Absolute NNN

Private, treated as investment-grade-equivalent. Highest per-store sales in QSR and the tightest cap rates in net lease. Corporate-operated (no franchisee risk).

4.75% – 5.50%

Private Corporate · Absolute NNN

Premium Florida convenience brand expanding aggressively. 20-year absolute NNN on 2+ acre pad sites; treated as very strong private credit.

5.25% – 6.00%

Private Corporate · Absolute NNN

Fastest-growing US grocer, backed by Aldi Süd. Recession-resistant discount model; active Florida BTS pipeline.

5.00% – 5.75%

Private Corporate · NNN

Largest US convenience chain, backed by Seven & i Holdings. Verify corporate vs. franchisee guarantee; Phase I ESA critical on fuel sites.

5.50% – 6.25%

Private Corporate · NNN

Owned by JAB Holdings (deep private capital). Multi-daypart model; growing drive-thru format. Less public financial transparency.

5.50% – 6.25%

Private Corporate · Absolute NNN

Backed by public parent Driven Brands. Small-footprint, drive-thru-only format; fastest-growing quick-oil-change chain with active Florida BTS.

4.00% – 4.75%

Private Corporate · Absolute NNN / Ground lease

Fastest-growing QSR chain, privately held by founder. Among the tightest-priced private credits in net lease. Corporate-operated (no franchisee risk); new BTS in Florida command sub-4.5% cap rates.

4.50% – 5.25%

Private Corporate · Ground lease

Texas-based mega travel center expanding aggressively in Florida. Enormous footprint (50,000+ SF). Rare asset class with very limited comp set; long absolute NNN ground lease terms.

4.75% – 5.50%

Private Corporate · Absolute NNN

Privately held convenience leader with 30+ year track record of profitability. Active Florida BTS pipeline in Central Florida and Tampa Bay. Phase I ESA required on fuel sites.

5.75% – 6.75%

Franchisee · NNN

Privately held parent but widely franchised. Premium burger segment with above-average AUV. Most Florida locations are franchisee-guaranteed; verify operator size. Smaller-footprint inline or freestanding.

4.50% – 5.25%

Corporate · Absolute NNN

Growth-stage credit (B) but tight cap rates priced for expansion. Corporate-operated; ultra-compact drive-thru prototype, actively expanding in Florida.

6.00% – 6.75%

Corporate · NNN

Just below investment grade but exceptionally sticky — specialized dialysis build-out and non-discretionary demand. Duopoly with Fresenius.

5.50% – 6.25%

Franchisee · NNN

Mostly franchisee-operated; corporate-guaranteed deals are rare and trade tighter. Verify the guarantor entity and operator credit.

5.75% – 6.75%

Corporate · NN (Double Net)

Downgraded to BB- in 2024. Wider cap rates create a value play, but most leases are NN — landlord retains roof/structure. Turnaround story to underwrite.

6.00% – 6.75%

Franchisee · NNN

Best-in-class unit economics but B+ corporate and 95%+ franchised. Franchisee credit analysis is essential; smaller footprint aids re-leasing.

5.50% – 6.50%

Corporate · NNN

High-traffic fitness franchise with corporate-operated locations. Long leases on inline or junior-anchor pads. Florida's year-round outdoor culture supports stable membership and attendance.

5.50% – 6.50%

Corporate · Absolute NNN

Convenience/fuel operator adjacent to Walmart; corporate-guaranteed NNN. Phase I ESA required. Strong unit economics driven by Walmart co-location traffic.

5.25% – 6.25%

Corporate · Absolute NNN

East Coast warehouse club expanding in Florida. Membership model drives sticky, repeat traffic. Large-format big-box NNN with long lease terms.

5.75% – 6.75%

Corporate · Absolute NNN

Primarily Western US brand with a smaller Florida presence. B+ corporate guarantee; corporate-guaranteed deals rare in the East. Verify whether specific unit is corporate or franchisee.

5.25% – 6.00%

Franchisee · Absolute NNN

Yum! Brands parent rated BB+, but most US units are franchisee-operated. Corporate-guaranteed deals trade ~50 bps tighter than franchisee deals.

5.50% – 6.75%

Franchisee · Absolute NNN

Restaurant Brands International parent, but leases are typically franchisee-guaranteed. Cap rate hinges on franchisee credit — request operator financials.

5.25% – 6.25%

Franchisee · Absolute NNN

Restaurant Brands International parent (BB+), but ~100% of US units are franchisee-operated. Corporate-guaranteed BK deals are rare and trade 100–150 bps tighter. Always verify the lease guarantor.

5.75% – 7.00%

Franchisee · NNN

Private parent (Subway LLC). All US units are franchisee-operated; credit quality varies widely by operator size. Declining US location count is a long-term concern — underwrite store sales carefully.

5.50% – 6.50%

Franchisee · NNN

Public parent (BB+) but 95%+ of US units are franchisee-guaranteed. Delivery/carryout model reduces dine-in risk. Request franchisee financials and unit-level sales data.

5.75% – 6.75%

Franchisee · Absolute NNN

Inspire Brands subsidiary (private). Virtually all US units franchisee-operated. Drive-in format limits re-leasing options — verify sales performance. Strong Florida presence along highway corridors.

5.50% – 6.50%

Franchisee · NNN

Inspire Brands subsidiary (private). ~100% franchised in the US. Variable franchisee credit — larger multi-unit operators trade tighter. Inline and freestanding formats vary significantly in cap rate.

5.25% – 6.25%

Franchisee · Absolute NNN

Yum! Brands parent (BB+), but most US KFC units are franchisee-operated. Strong Florida presence. Verify whether the specific unit is corporate-owned (rare) or franchisee for accurate credit underwriting.

5.75% – 6.75%

Franchisee · NNN

Yum! Brands parent, but nearly all US Pizza Hut units are franchisee-operated. Express/WingStreet hybrid formats common in Florida. Smaller franchisee operators require financial diligence.

5.75% – 6.75%

Franchisee · Absolute NNN

Inspire Brands subsidiary (private). Mix of corporate and franchisee units — confirm which on the specific deal. Roast beef niche limits re-tenanting flexibility compared to more generic drive-thru formats.

6.25% – 7.50%

Franchisee · NNN

Largest US dental support organization. Office-affiliated (DSO) model; each practice has a separate dentist-owner with a support agreement. NNN dental leases are sticky — specialized build-out makes relocation costly. Active Florida expansion.