Panera Bread
Panera's credit depends on whether the lease is signed by Panera corporate (owned by JAB, publicly unrated) or a franchisee; large franchisees like Covelli are well regarded. A long-delayed IPO and drive-thru conversions are key themes, and sites with drive-thrus are favored.
- US units
- 2,214
- FY2025
- 3Y net growth
- +5.3%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 10–15 yr
- NNN (corporate on company units, franchisee otherwise)
- Model
- Mixed
- Subsidiary of Panera Brands (JAB Holding)
Unit count
Panera Bread in the news
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Panera Bread net lease FAQ
What is Panera Bread's credit rating?
Panera Bread 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 Panera Bread locations are there in the US?
Panera Bread reported about 2,214 US locations as of FY2025. That is +5.3% versus 2,102 in FY2022.
What does a typical Panera Bread net lease look like?
Lease type: NNN (corporate on company units, franchisee otherwise). 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 Panera Bread corporate or franchised?
Operating model: Mixed (~55% franchised). Panera Bread is part of Panera Brands (JAB Holding). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.