Burlington Credit Rating & NNN Cap Rate

Burlington Business Overview

Burlington is an off-price retailer of branded apparel, home goods and other merchandise. It opened its first store in Burlington, New Jersey in 1972 and operated 1,287 stores in 47 states, Washington, D.C. and Puerto Rico as of August 1, 2026.

Burlington Credit Profile

In our ratings database, Burlington Stores, Inc. is rated BB+, which we classify as not investment grade. For comparison, Ross Stores is rated A- (investment grade), and we classify TJX, parent of T.J. Maxx, as not yet verified. Burlington is a public company and files audited financial statements with the SEC. Burlington Stores, Inc. operates its stores through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (Form 10‑Q for the quarter ended August 1, 2026), so confirm which entity signs each lease and whether Burlington Stores, Inc. guarantees it.

Ratings come from our tenant ratings database, which records the source and date of each rating; the source is shown below. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.

Source: S&P Global Ratings BB+, as of April 10, 2026. Ratings checked September 27, 2026.

Burlington NNN Cap Rates

Live median asking cap rates for Burlington and off-price peers appear in a table here only for tenants with at least three active listings showing a cap rate; when none qualify, no table is shown.

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 19, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Burlington, T.J. Maxx, Five Below, Ollie's Bargain Outlet.

Burlington stores are often in shopping centers; the company is prioritizing 25,000-square-foot stores in strip malls and downsizing and relocating select existing stores (Form 10-Q for the quarter ended August 1, 2026). Compare a property with listings of the same tenant and format, and with other off-price retailers.

What to Check in a Burlington Lease

• Tenant and guarantor: which entity signs the lease and whether a parent guarantees it.
• Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
• Co-tenancy: for shopping center locations, co-tenancy and go-dark provisions.
• Re-use: the size of the box and the pool of possible replacement tenants.
• Rent versus market: whether rent is at or below market rent.

Pros and Cons

Sources: Burlington Stores, Inc. Form 10‑Q for the quarter ended August 1, 2026; ratings from InvestmentGrade.com’s ratings database.