Cracker Barrel
Cracker Barrel is a corporate, unrated tenant that typically comes to market through sale-leasebacks (including 26 stores in mid-2026). Its sales have been soft and turnaround efforts are ongoing, so investors price in more risk than peers despite the large parcels near highways.
- US units
- 655
- FY2026 (Jul 2026)
- 3Y net growth
- −1.4%
- vs. FY2022 (approx.)
- Credit rating
- NR
- No public rating
- Typical term
- 15–20 yr
- Absolute NNN sale-leaseback (corporate)
- Model
- Corporate
- Public
Unit count
Cracker Barrel in the news
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Cracker Barrel net lease FAQ
What is Cracker Barrel's credit rating?
Cracker Barrel 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 Cracker Barrel locations are there in the US?
Cracker Barrel reported about 655 US locations as of FY2026 (Jul 2026). That is −1.4% versus 664 in FY2022 (approx.).
What does a typical Cracker Barrel net lease look like?
Lease type: Absolute NNN sale-leaseback (corporate). Initial term: 15–20 yr. Rent increases: ~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 Cracker Barrel 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.