Chick‑fil‑A
Chick-fil-A, Inc. signs the lease rather than its Operators, and its unit volumes (~$7M+ per store) are the highest in fast food, so the credit is treated as near investment-grade despite having no public rating. Most deals are ground leases with modest 10%-every-5-year bumps, and they trade at some of the lowest cap rates in net lease.
- US units
- 3,287
- FY2025
- 3Y net growth
- +15.9%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15 yr + options
- Absolute NNN ground lease (corporate)
- Model
- Operator model
- Private
Unit count
Chick-fil-A in the news
All news →- CNBC Retail
- WJAC
- CBS News
Chick-fil-A net lease FAQ
What is Chick-fil-A's credit rating?
Chick-fil-A 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 Chick-fil-A locations are there in the US?
Chick-fil-A reported about 3,287 US locations as of FY2025. That is +15.9% versus 2,837 in FY2022.
What does a typical Chick-fil-A net lease look like?
Lease type: Absolute NNN ground lease (corporate). Initial term: 15 yr + options. 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 Chick-fil-A corporate or franchised?
Operating model: Operator model (corporate signs leases; local Operators run units). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.