The Home Depot
A-rated by S&P; the acquisitions of SRS (2024) and GMS (2025) added pro-contractor distribution but leverage stays within rating thresholds. Single-tenant Home Depot assets are usually long ground leases that trade like bonds.
- US units
- 2,025
- Q2 FY2026 (approx. US; 2,364 total)
- 3Y net growth
- +1.3%
- vs. FY2022 (approx.)
- Credit rating
- A
- Investment grade
- Typical term
- 20 yr
- Ground lease (absolute)
- Model
- Corporate
- Public
Unit count
The Home Depot in the news
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The Home Depot net lease FAQ
What is The Home Depot's credit rating?
The Home Depot is rated A, which is investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many The Home Depot locations are there in the US?
The Home Depot reported about 2,025 US locations as of Q2 FY2026 (approx. US; 2,364 total). That is +1.3% versus 2,000 in FY2022 (approx.).
What does a typical The Home Depot net lease look like?
Lease type: Ground lease (absolute). Initial term: 20 yr. Rent increases: 10% every 5 yr. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is The Home Depot corporate or franchised?
Operating model: Corporate. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.