Arby's
Arby's has a sizable company-operated base, so some leases carry Arby's Restaurant Group corporate credit, while others rely on franchisees. The system is slowly contracting, so pay attention to sales trends and rent per square foot on older buildings.
- US units
- 3,265
- FY2025
- 3Y net growth
- −4.4%
- vs. FY2022
- Credit rating
- NR
- Sub-investment grade
- Typical term
- 15–20 yr
- NNN (corporate on company units, franchisee otherwise)
- Model
- Mixed
- Subsidiary of Inspire Brands
Unit count
Arby's in the news
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Arby's net lease FAQ
What is Arby's's credit rating?
Arby's is rated NR (Inspire; securitized debt only), which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Arby's locations are there in the US?
Arby's reported about 3,265 US locations as of FY2025. That is −4.4% versus 3,415 in FY2022.
What does a typical Arby's net lease look like?
Lease type: NNN (corporate on company units, franchisee otherwise). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Arby's corporate or franchised?
Operating model: Mixed (~70% franchised; ~1,100 company units). Arby's is part of Inspire Brands. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.