Starbucks
Drive-thru Starbucks pads are usually leased by Starbucks Corp. (S&P BBB+, negative outlook; Moody's downgraded it in 2025), so investors get investment-grade credit on a short 10-year term. The 2025 closure of ~600+ North American stores is a reminder that a corporate tenant will still drop weak sites at expiration, so underwrite the location, not just the logo.
- US units
- 16,864
- FY2025 (Sep 2025)
- 3Y net growth
- +6.2%
- vs. FY2022
- Credit rating
- BBB+
- Investment grade
- Typical term
- 10 yr + options
- NN or NNN building lease (corporate); some ground leases
- Model
- Mixed
- Public
Unit count
Starbucks in the news
All news →- CultureMap Houston
- The Brussels Times
- The Coloradoan
- Google News: "store closures"
- The Independent
- Nation's Restaurant News
Starbucks net lease FAQ
What is Starbucks's credit rating?
Starbucks is rated BBB+, which is investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Starbucks locations are there in the US?
Starbucks reported about 16,864 US locations as of FY2025 (Sep 2025). That is +6.2% versus 15,873 in FY2022.
What does a typical Starbucks net lease look like?
Lease type: NN or NNN building lease (corporate); some ground leases. Initial term: 10 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 Starbucks corporate or franchised?
Operating model: Mixed (US ~60% company-operated, ~40% licensed); net lease pads are almost always corporate. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.