Culver's
Culver's is nearly all franchised with high unit volumes (~$4M), so leases are franchisee-signed but backed by a strong, growing brand. Most operators are single- or small multi-unit owners, so check the guarantor's financials.
- US units
- 1,041
- FY2025
- 3Y net growth
- +16.7%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15–20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Private
Unit count
Culver's in the news
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Culver's net lease FAQ
What is Culver's's credit rating?
Culver'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 Culver's locations are there in the US?
Culver's reported about 1,041 US locations as of FY2025. That is +16.7% versus 892 in FY2022.
What does a typical Culver's net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). 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 Culver's corporate or franchised?
Operating model: Franchised (~99% franchised). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.