Popeyes
Popeyes is a franchisee-signed credit backed by a growing brand under BB+ parent RBI. Same-store sales cooled in 2025, so landlords should check unit sales and the franchisee's track record rather than relying on the brand.
- US units
- 3,196
- FY2025
- 3Y net growth
- +8.5%
- vs. FY2022
- Credit rating
- BB+
- Sub-investment grade
- Typical term
- 15–20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Subsidiary of Restaurant Brands International
Unit count
Popeyes in the news
All news →- Nation's Restaurant News
- Nation's Restaurant News
Popeyes net lease FAQ
What is Popeyes's credit rating?
Popeyes is rated BB+ (RBI), which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Popeyes locations are there in the US?
Popeyes reported about 3,196 US locations as of FY2025. That is +8.5% versus 2,946 in FY2022.
What does a typical Popeyes net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs or 1.5–2% annually. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Popeyes corporate or franchised?
Operating model: Franchised (>95%). Popeyes is part of Restaurant Brands International. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.