Moody’s moves Costco outlook to positive
A positive outlook on an Aa3 issuer signals a possible upgrade, reinforcing Costco’s position among the strongest credits in net lease retail.
Source: Cbonds
Credit events that move net lease value.
Latest
52 recent developments, newest first.
52 items shown
Court approves settlement for Popeyes franchisee Sailormen
The 136-unit operator sold 97 restaurants and closed 39, a reminder that franchisee guarantors can fail even under a strong brand.
Source: Sacramento Bee
Chipotle holds 2026 guidance at 350 to 370 new restaurants
Most new units include a Chipotlane drive-thru, keeping Chipotle one of the most active builders of new pad sites.
O’Reilly reaches 6,758 stores and targets up to 235 net openings
Steady unit growth from a BBB-rated parts retailer continues to supply new retail inventory.
Wendy’s franchisee closures mount during Meritage bankruptcy
Franchisee-level distress is now driving Wendy’s closures, so lease guarantor review matters more than the brand.
Source: USA Today
S&P turns outlook on KinderCare negative
Enrollment pressure and planned closures put the B+ rating at risk for one of the largest child care tenants.
Source: Investing.com
S&P revises Brinker outlook to positive
Traffic gains at Chili’s and lower debt have Brinker moving toward investment grade.
Source: Investing.com
Burger King refranchises former Carrols restaurants
Moving units back to local operators changes the guarantor on many Burger King leases from the parent to franchisees.
Source: CNBC
Red Lobster falls to 484 U.S. locations
Continued closures after the 2024 reorganization keep adding former Red Lobster buildings to the re-tenanting market.
Source: Nation’s Restaurant News
Bank of America enters Wisconsin and sets 2027 entry into Alabama and Louisiana
New-market branch openings from an A-rated bank add investment-grade branch supply in new states.
Source: Bank of America
Moody’s upgrades Brinker to Ba1
The upgrade leaves Brinker one notch below investment grade at Moody’s.
Source: StreetInsider
S&P places Aspen Dental parent on CreditWatch negative
A possible downgrade from B- would push ADMI Corp. deeper into speculative grade, a concern for dental office leases it guarantees.
Source: S&P Global Ratings
Wendy’s franchisee Meritage Hospitality files Chapter 11
Meritage operates about 314 Wendy’s restaurants, so lease rejections could reach a meaningful number of sites.
Source: Fox Business
S&P upgrades Michaels to B
Debt reduction lifted the crafts retailer’s rating after it absorbed Joann’s brand and fabric business.
Source: Bloomberg Law
Baptist Health pays $54 million for a Kohl’s store
Health systems are emerging as buyers for large-format retail boxes, supporting values for B-rated Kohl’s sites.
Source: Commercial Observer
Mavis completes purchase of Pep Boys
Adding about 800 locations makes Mavis one of the largest U.S. tire and service operators and moves Pep Boys sites to a private-equity-backed tenant.
Source: Icahn Enterprises
McDonald’s targets about 2,600 openings in 2026
Global unit growth keeps McDonald’s ground leases among the most liquid net lease assets.
Source: CNBC
S&P assigns BBB- (sf) to Arby’s securitization notes
The structured rating applies to the notes, not to Arby’s leases, which carry no verified corporate rating.
Source: S&P Global Ratings
Couche-Tard agrees to buy Żabka for about $8.7 billion
The deal adds European scale and debt at the parent of Circle K, which holds BBB+ and Baa1 ratings.
Source: Reuters
Moody’s downgrades Bloomin’ Brands to B1
Margin pressure moved the owner of Outback Steakhouse further into speculative grade.
Source: Investing.com
Big Brand Tire agrees to acquire Belle Tire
Big Brand announced a definitive agreement; closing was then expected in the third quarter of 2026. As of November 2026 no company closing release was found.
Source: Detroit Free Press
Advance Auto Parts outlook stays negative at BB
S&P’s BB/Negative call keeps the parts retailer’s credit under watch while the footprint keeps shrinking.
Fitch moves Somnigroup outlook to stable
The parent of Mattress Firm holds a BB+ rating as it works through store closures.
Source: Fitch Ratings
PNC to close 18 legacy branches after FirstBank deal
Overlap closures are typical after bank mergers and can affect branch leases in Colorado and Arizona.
Source: Phoenix Business Journal
S&P revises PetSmart outlook to stable
The B+ rating stabilizes for the largest pet specialty retailer.
Source: Cbonds
Kroger agrees to acquire Giant Eagle for $1.65 billion
The deal would expand a BBB-rated grocer into Pittsburgh and surrounding markets, with closing expected in 2027.
Source: Kroger
Monomoy completes Jiffy Lube purchase from Shell
Jiffy Lube leases no longer sit under an oil major and now depend on a private-equity owner and franchisees.
Source: Jiffy Lube
S&P turns Learning Care Group outlook negative
The parent of Tutor Time and Childtime, already at B-, faces further downgrade risk.
Source: S&P Global Ratings
Carl’s Jr. franchisee to close 10 California restaurants and sell 49
The plan follows the franchisee’s April 2026 Chapter 11 filing.
Source: Los Angeles Times
Leonard Green completes Mister Car Wash take-private
Mister Car Wash shares were delisted, so landlords lose its public quarterly reporting.
Inspire Brands files confidentially for an IPO
A listing would bring public reporting to the owner of Arby’s, Dunkin’ and Buffalo Wild Wings.
Source: Reuters
Fresenius plans about 100 U.S. clinic closures in 2026
The dialysis provider exited 64 clinics in the first quarter, so lease renewals in this sector deserve closer review.
Source: Fresenius Medical Care
Family Dollar closes at least 350 stores in 10 months
Closures under new private ownership continue to add dark dollar-store boxes to the market.
Source: Chain Store Age
Walmart plans more than 650 remodels
Reinvestment in existing stores signals long-term commitment to current sites from an AA-rated tenant.
Source: Walmart
Seven & i delays North American IPO
The delay keeps 7-Eleven, Inc. inside its Tokyo-listed parent for now.
Source: Reuters
Hardee’s franchisee ARC Burger converts to Chapter 7
Liquidation ends any chance of reorganizing the 77 closed restaurants.
Source: Restaurant Dive
CVS to open more stores than it closes in 2026
After years of net closures, the pharmacy chain expects about 60 openings, including smaller pharmacy-only formats.
Source: Bloomberg
Target plans 30 new stores and 130-plus remodels
About $5 billion of 2026 capital spending supports existing and new Target sites.
Source: Target
S&P upgrades Ross Stores to A-
The upgrade puts Ross in the single-A range alongside TJX.
Source: S&P Global Ratings
4x4 Capital buys Bob Evans Restaurants
Ownership of the Midwestern family-dining chain shifts again; restaurant leases follow the new sponsor.
Source: Golden Gate Capital
Fifth Third completes Comerica merger
The combination creates the ninth-largest U.S. bank and adds branch exposure in Texas, California and Michigan.
Source: Fifth Third
Huntington completes Cadence Bank merger
Huntington now has a large branch network across Texas and the South.
Source: Huntington
Denny’s taken private for $620 million
Denny’s stops filing public reports after closing about 150 restaurants.
Source: TriArtisan Capital
American Signature moves to close its last 89 furniture stores
Going-out-of-business sales at 79 Value City and 10 American Signature Furniture stores return large-format boxes to landlords.
Source: Retail Dive
Aldi plans more than 180 new U.S. stores in 2026
Aldi remains one of the most active grocery openers, including about 80 conversions of Southeastern Grocers stores.
Source: Aldi U.S.
Rite Aid liquidation plan takes effect
All Rite Aid stores have closed, ending the chain as an operating tenant.
Atlas Holdings completes ODP take-private
Office Depot and OfficeMax stores now operate under private ownership without public reporting.
Source: Atlas Holdings
Valvoline closes Breeze Autocare acquisition
The deal adds 162 stores after Valvoline divested 45 to satisfy regulators.
Source: Valvoline
At Home emerges from Chapter 11
The home decor chain cut about $2 billion of debt and kept 229 stores open.
Source: Retail Dive
Lowe’s completes $8.8 billion purchase of Foundation Building Materials
The deal deepens Lowe’s professional business while it keeps BBB+ and Baa1 ratings.
Source: Lowe’s
Walgreens goes private under Sycamore
Public credit ratings were withdrawn after the take-private; net lease underwriting now hinges more on lease term, store sales and closure lists.
Source: Walgreens
See also: Tenant Insights, credit profiles of 119 national tenants.
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