Checkers & Rally's
Checkers & Rally's is a weaker, private-equity-owned credit with low unit volumes and a shrinking footprint. Many buildings are small modular double drive-thrus, so landlords rely heavily on land value and rent kept low relative to sales.
- US units
- 734
- Dec 2025 (approx.)
- 3Y net growth
- −8.9%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15–20 yr
- NNN or ground lease (corporate or franchisee)
- Model
- Mixed
- Private equity (Oak Hill Capital)
Unit count
Checkers & Rally's in the news
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Checkers & Rally's net lease FAQ
What is Checkers & Rally's's credit rating?
Checkers & Rally's does not carry a public S&P issuer credit rating (NR). Landlords underwrite it on unit-level performance, the guarantor named in the lease and, for public companies, reported financials.
How many Checkers & Rally's locations are there in the US?
Checkers & Rally's reported about 734 US locations as of Dec 2025 (approx.). That is −8.9% versus 806 in FY2022.
What does a typical Checkers & Rally's net lease look like?
Lease type: NNN or ground lease (corporate or franchisee). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs or 1.5–2% annually. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Checkers & Rally's corporate or franchised?
Operating model: Mixed (~70% franchised). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.