Raising Cane's
Raising Cane's is privately held and unrated, but leases are signed by the company itself and its unit volumes (~$6M+) rival Chick-fil-A. Investors usually treat it as a strong corporate credit, and it trades at cap rates close to the top tier.
- US units
- 913
- FY2025
- 3Y net growth
- +41.3%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15 yr + options
- NNN or ground lease (corporate)
- Model
- Corporate
- Private
Unit count
Raising Cane's in the news
All news →No tagged headlines in the last three weeks.
Raising Cane's net lease FAQ
What is Raising Cane's's credit rating?
Raising Cane's 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 Raising Cane's locations are there in the US?
Raising Cane's reported about 913 US locations as of FY2025. That is +41.3% versus 646 in FY2022.
What does a typical Raising Cane's net lease look like?
Lease type: NNN or ground lease (corporate). Initial term: 15 yr + options. 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 Raising Cane's corporate or franchised?
Operating model: Corporate (company-operated; almost no franchising). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.