Hardee's
Hardee's is a shrinking, PE-owned burger brand concentrated in the Midwest and Southeast, and its leases are mostly franchisee-signed. Several large franchisees have struggled, so look closely at the operator and rent-to-sales ratios.
- US units
- 1,492
- FY2025
- 3Y net growth
- −12.6%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15–20 yr
- NNN (franchisee-signed; some CKE)
- Model
- Mixed
- Subsidiary of CKE Restaurants (Roark Capital)
Unit count
Hardee's in the news
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Hardee's net lease FAQ
What is Hardee's's credit rating?
Hardee'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 Hardee's locations are there in the US?
Hardee's reported about 1,492 US locations as of FY2025. That is −12.6% versus 1,707 in FY2022.
What does a typical Hardee's net lease look like?
Lease type: NNN (franchisee-signed; some CKE). 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 Hardee's corporate or franchised?
Operating model: Mixed (~90% franchised). Hardee's is part of CKE Restaurants. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.