Wendy's
Wendy's is rated B+ with a negative outlook (S&P), and most leases sit with franchisees, so diligence on the operator matters more than the brand. The company is closing underperforming units and Trian dropped its take-private bid in Aug 2026, so landlords should check store sales and rent coverage closely.
- US units
- 5,969
- FY2025
- 3Y net growth
- −0.4%
- vs. FY2022
- Credit rating
- B+
- Sub-investment grade
- Typical term
- 15–20 yr
- Franchisee-signed NNN (absolute NNN common)
- Model
- Franchised
- Public
Unit count
Wendy's in the news
All news →- CNBC Retail
- Restaurant Business Magazine
- Fast Company
- Restaurant Business Magazine
Wendy's net lease FAQ
What is Wendy's's credit rating?
Wendy's is rated B+, which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Wendy's locations are there in the US?
Wendy's reported about 5,969 US locations as of FY2025. That is −0.4% versus 5,994 in FY2022.
What does a typical Wendy's net lease look like?
Lease type: Franchisee-signed NNN (absolute NNN common). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs or 1.5% annually. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Wendy's corporate or franchised?
Operating model: Franchised (~93% franchised; 423 company units). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.