Chipotle
Every Chipotle is company-operated and the lease is signed by Chipotle Mexican Grill, which has no funded debt and so carries no rating, but it is widely treated as investment-grade quality. 'Chipotlane' drive-thru pads are in high demand, although leases are often NN with some landlord roof/structure responsibility.
- US units
- 3,938
- FY2025 (approx., may include a small number of intl units)
- 3Y net growth
- +25.9%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 10–15 yr
- NN/NNN (corporate); many endcap or 'Chipotlane' pads
- Model
- Corporate
- Public
Unit count
Chipotle in the news
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Chipotle net lease FAQ
What is Chipotle's credit rating?
Chipotle 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 Chipotle locations are there in the US?
Chipotle reported about 3,938 US locations as of FY2025 (approx., may include a small number of intl units). That is +25.9% versus 3,129 in FY2022.
What does a typical Chipotle net lease look like?
Lease type: NN/NNN (corporate); many endcap or 'Chipotlane' pads. Initial term: 10–15 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 Chipotle corporate or franchised?
Operating model: Corporate (100% company-operated). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.