Denny's
Denny's was taken private in January 2026 after closing about 150 weak stores, and its leases are mostly franchisee-signed. It is a lower-credit family-dining tenant, so landlords should rely on real estate value and operator strength.
- US units
- 1,310
- Oct 2025 (approx.)
- 3Y net growth
- −9.3%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15–20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Private equity (TriArtisan/Treville/Yadav, since Jan 2026)
Unit count
Denny's in the news
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Denny's net lease FAQ
What is Denny's's credit rating?
Denny'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 Denny's locations are there in the US?
Denny's reported about 1,310 US locations as of Oct 2025 (approx.). That is −9.3% versus 1,445 in FY2022.
What does a typical Denny's net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). Initial term: 15–20 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 Denny's corporate or franchised?
Operating model: Franchised (~96% franchised). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.