Dunkin'
Dunkin' is essentially 100% franchised, so lease credit depends on the franchisee; large multi-unit operators are common and preferred. The brand is steadily growing in drive-thru formats, with low-cost buildings and solid re-leasing potential.
- US units
- 9,999
- FY2025
- 3Y net growth
- +6.7%
- vs. FY2022
- Credit rating
- NR
- Sub-investment grade
- Typical term
- 10–20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Subsidiary of Inspire Brands
Unit count
Dunkin' in the news
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Dunkin' net lease FAQ
What is Dunkin''s credit rating?
Dunkin' is rated NR (Inspire; securitized debt only), which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Dunkin' locations are there in the US?
Dunkin' reported about 9,999 US locations as of FY2025. That is +6.7% versus 9,370 in FY2022.
What does a typical Dunkin' net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). Initial term: 10–20 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 Dunkin' corporate or franchised?
Operating model: Franchised (~100% franchised). Dunkin' is part of Inspire Brands. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.