Circle K
Leases are typically guaranteed by investment-grade Alimentation Couche-Tard, which dropped its bid for Seven & i in July 2025 and keeps adding stores in the US. Corporate-guaranteed Circle K absolute NNN deals are a common, liquid c-store product.
- US units
- 7,100
- FY2026 (approx.)
- 3Y net growth
- +0.0%
- vs. FY2022 (approx.)
- Credit rating
- BBB
- Investment grade
- Typical term
- 15-20 yr
- Absolute NNN
- Model
- Mixed
- Subsidiary of Alimentation Couche-Tard
Unit count
Circle K in the news
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Circle K net lease FAQ
What is Circle K's credit rating?
Circle K is rated BBB, which is investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Circle K locations are there in the US?
Circle K reported about 7,100 US locations as of FY2026 (approx.). That is +0.0% versus 7,100 in FY2022 (approx.).
What does a typical Circle K net lease look like?
Lease type: Absolute NNN. Initial term: 15-20 yr. Rent increases: ~10% every 5 yr or 1.5% annually. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Circle K corporate or franchised?
Operating model: Mixed. Circle K is part of Alimentation Couche-Tard. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.