Burger King
Burger King leases are mostly franchisee-guaranteed, and the US system has shrunk as weaker operators closed or went bankrupt, so operator quality is the key credit question. Parent RBI was upgraded to BB+ by S&P in May 2026, and its 'Reclaim the Flame' remodel push is improving the system, but RBI rarely guarantees individual leases.
- US units
- 6,649
- FY2025
- 3Y net growth
- −5.6%
- vs. FY2022
- Credit rating
- BB+
- Sub-investment grade
- Typical term
- 20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Subsidiary of Restaurant Brands International
Unit count
Burger King in the news
All news →- CNBC Retail
- Nation's Restaurant News
- Restaurant Business Magazine
Burger King net lease FAQ
What is Burger King's credit rating?
Burger King is rated BB+ (RBI), which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Burger King locations are there in the US?
Burger King reported about 6,649 US locations as of FY2025. That is −5.6% versus 7,043 in FY2022.
What does a typical Burger King net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). Initial term: 20 yr. Rent increases: 1.5–2% annually or 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 Burger King corporate or franchised?
Operating model: Franchised (>95% systemwide); RBI is refranchising the former Carrols units. Burger King is part of Restaurant Brands International. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.