Planet Fitness
About 90% of clubs are franchised, so most leases are signed by franchisee entities, not the public parent (which uses whole-business securitization rather than an issuer rating). Franchisee size and guaranty are the key underwriting points.
- US units
- 2,740
- Q2 2026 (approx. US; 2,930 system-wide)
- 3Y net growth
- +18.1%
- vs. FY2022 (approx.)
- Credit rating
- NR
- No public rating
- Typical term
- 10-15 yr
- NN
- Model
- Franchised
- Public
Unit count
Planet Fitness in the news
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Planet Fitness net lease FAQ
What is Planet Fitness's credit rating?
Planet Fitness 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 Planet Fitness locations are there in the US?
Planet Fitness reported about 2,740 US locations as of Q2 2026 (approx. US; 2,930 system-wide). That is +18.1% versus 2,320 in FY2022 (approx.).
What does a typical Planet Fitness net lease look like?
Lease type: NN. Initial term: 10-15 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 Planet Fitness corporate or franchised?
Operating model: Franchised. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.