CVS Pharmacy
Leases are guaranteed by investment-grade CVS Health (BBB), the strongest drugstore credit after Walgreens' take-private and Rite Aid's liquidation. After closing 1,100+ stores in 2022-2025, CVS plans ~60 openings in 2026 (including small pharmacy-only formats), but flat long-term rents mean little inflation protection.
- US units
- 9,000
- Q2 2026 (approx.)
- 3Y net growth
- −6.3%
- vs. FY2022 (approx.)
- Credit rating
- BBB
- Investment grade
- Typical term
- 20-25 yr
- Absolute NNN
- Model
- Corporate
- Public
Unit count
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CVS Pharmacy net lease FAQ
What is CVS Pharmacy's credit rating?
CVS Pharmacy is rated BBB, which is investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many CVS Pharmacy locations are there in the US?
CVS Pharmacy reported about 9,000 US locations as of Q2 2026 (approx.). That is −6.3% versus 9,600 in FY2022 (approx.).
What does a typical CVS Pharmacy net lease look like?
Lease type: Absolute NNN. Initial term: 20-25 yr. Rent increases: Typically flat; options sometimes 5%. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is CVS Pharmacy corporate or franchised?
Operating model: Corporate. CVS Pharmacy is part of CVS Health. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.