Tim Hortons
Tim Hortons is a small, regional US brand concentrated in New York, Michigan and Ohio, and its leases are typically franchisee-signed. US growth picked up in 2025, but the brand's depth outside the Great Lakes is limited, so location and operator matter.
- US units
- 693
- FY2025
- 3Y net growth
- +9.0%
- vs. FY2022
- Credit rating
- BB+
- Sub-investment grade
- Typical term
- 10–20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Subsidiary of Restaurant Brands International
Unit count
Tim Hortons in the news
All news →- franchisetimes.com
Tim Hortons net lease FAQ
What is Tim Hortons's credit rating?
Tim Hortons is rated BB+ (RBI), which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Tim Hortons locations are there in the US?
Tim Hortons reported about 693 US locations as of FY2025. That is +9.0% versus 636 in FY2022.
What does a typical Tim Hortons net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). Initial term: 10–20 yr. 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 Tim Hortons corporate or franchised?
Operating model: Franchised (~97% of US units franchised). Tim Hortons is part of Restaurant Brands International. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.