Panda Express
Panda Express leases are usually signed by Panda Restaurant Group, a large, profitable and privately held operator with no public rating. Investors treat it as a strong corporate credit, and drive-thru pads are the most popular format.
- US units
- 2,607
- FY2025
- 3Y net growth
- +8.9%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 10–15 yr
- NNN (corporate)
- Model
- Corporate
- Private (Panda Restaurant Group)
Unit count
Panda Express in the news
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Panda Express net lease FAQ
What is Panda Express's credit rating?
Panda Express 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 Panda Express locations are there in the US?
Panda Express reported about 2,607 US locations as of FY2025. That is +8.9% versus 2,393 in FY2022.
What does a typical Panda Express net lease look like?
Lease type: NNN (corporate). Initial term: 10–15 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 Panda Express corporate or franchised?
Operating model: Corporate (~90%+ company-operated; some licensed). Panda Express is part of Panda Restaurant Group. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.