Walgreens
Sycamore Partners completed its ~$10B take-private on Aug. 28, 2025 and split off Boots, VillageMD, Shields and CareCentrix; S&P and Moody's withdrew ratings (it was BB-/Ba3 before closing). Walgreens has closed hundreds of stores since 2024 and continues targeted closures in 2026, so lease guarantor, remaining term and store productivity are now critical.
- US units
- 7,900
- 2026 (approx.)
- 3Y net growth
- −11.1%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 20-25 yr (original)
- Absolute NNN
- Model
- Corporate
- Private equity
Unit count
Walgreens in the news
All news →- Mass Market Retailers
- Cleveland.com
- thestreet.com
Walgreens net lease FAQ
What is Walgreens's credit rating?
Walgreens 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 Walgreens locations are there in the US?
Walgreens reported about 7,900 US locations as of 2026 (approx.). That is −11.1% versus 8,886 in FY2022.
What does a typical Walgreens net lease look like?
Lease type: Absolute NNN. Initial term: 20-25 yr (original). Rent increases: Typically flat in primary term. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Walgreens corporate or franchised?
Operating model: Corporate. Walgreens is part of Sycamore Partners. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.