Walmart
AA-rated by S&P, the strongest credit in US retail (shares moved to Nasdaq in December 2025). Walmart mostly owns its supercenters, so investable net leases are typically ground leases or outparcels with long, flat terms and very low cap rates.
- US units
- 4,615
- Q2 FY2027 (Jul 2026, Walmart U.S.)
- 3Y net growth
- −2.2%
- vs. FY2023 (Jan 2023)
- Credit rating
- AA
- Investment grade
- Typical term
- 20 yr
- Ground lease / Absolute NNN
- Model
- Corporate
- Public
Unit count
Walmart in the news
All news →- Supermarket News
- Chain Store Age
- Modern Retail
- CNBC Retail
- Chain Store Age
- Supermarket News
Walmart net lease FAQ
What is Walmart's credit rating?
Walmart is rated AA, which is investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Walmart locations are there in the US?
Walmart reported about 4,615 US locations as of Q2 FY2027 (Jul 2026, Walmart U.S.). That is −2.2% versus 4,717 in FY2023 (Jan 2023).
What does a typical Walmart net lease look like?
Lease type: Ground lease / Absolute NNN. Initial term: 20 yr. Rent increases: Typically flat; increases at options. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Walmart corporate or franchised?
Operating model: Corporate. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.