McDonald's
McDonald's Corp. itself is usually the tenant, so the lease carries a BBB+/Baa1 investment-grade corporate guarantee, the gold standard of QSR net lease. Ground leases trade at the tightest cap rates in the sector, but rent bumps are thin and options long, so pricing is about credit and land value rather than growth.
- US units
- 13,706
- FY2025
- 3Y net growth
- +1.9%
- vs. FY2022
- Credit rating
- BBB+
- Investment grade
- Typical term
- 20 yr + options
- Absolute NNN ground lease (corporate)
- Model
- Franchised
- Public
Unit count
McDonald's in the news
All news →- Restaurant Business Magazine
- Nation's Restaurant News
- Restaurant Business Magazine
- Nation's Restaurant News
- REBusiness Online (Retail)
- Globest
McDonald's net lease FAQ
What is McDonald's's credit rating?
McDonald's is rated BBB+, which is investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many McDonald's locations are there in the US?
McDonald's reported about 13,706 US locations as of FY2025. That is +1.9% versus 13,444 in FY2022.
What does a typical McDonald's net lease look like?
Lease type: Absolute NNN ground lease (corporate). Initial term: 20 yr + options. Rent increases: 10% every 5 yrs (many flat in primary term). These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is McDonald's corporate or franchised?
Operating model: Franchised (~95% franchised); McDonald's Corp. typically controls the real estate and signs the ground lease. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.