Target
A-rated by S&P with long-term, landlord-friendly ground leases; Target opened its 2,000th store in 2026 and plans 30+ openings a year. Comps have been soft since 2023, but the credit and real estate quality keep Target ground leases near the lowest cap rates in the sector.
- US units
- 2,000
- 2026 (approx.)
- 3Y net growth
- +2.7%
- vs. FY2022
- Credit rating
- A
- Investment grade
- Typical term
- 20+ yr
- Ground lease (absolute)
- Model
- Corporate
- Public
Unit count
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Target net lease FAQ
What is Target's credit rating?
Target is rated A, which is investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Target locations are there in the US?
Target reported about 2,000 US locations as of 2026 (approx.). That is +2.7% versus 1,948 in FY2022.
What does a typical Target net lease look like?
Lease type: Ground lease (absolute). Initial term: 20+ 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 Target corporate or franchised?
Operating model: Corporate. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.