Circle K and Casey’s are both convenience store tenants in the net lease market, and this page compares their credit standing against the investment grade threshold, their live asking cap rates, lease structures, footprints and diligence issues. Circle K is the U.S. brand of Alimentation Couche-Tard, rated BBB+/Baa1 in our ratings database, which classifies it as investment grade; that parent credit applies to a lease only if Couche-Tard is the tenant or a guarantor. No rating for Casey's General Stores has been verified against a primary source (an agency rating action or an issuer filing), so none is shown. If a rating is verified, it will appear here. Until a Casey’s rating is verified, this page does not rank the two credits. For the rating scale, see the investment grade guide.
Side by Side
| Circle K | Casey’s | |
|---|---|---|
| Rated entity | Alimentation Couche-Tard Inc. (parent) | Casey’s General Stores, Inc. |
| S&P Global Ratings | BBB+ (Stable) | NR |
| Moody’s | Baa1 (Stable) | no verified rating |
| Footprint | Broad multistate U.S. network | 2,944 stores in 19 states (April 30, 2026), about half in Iowa, Missouri and Illinois |
| Lease signer | Confirm on each lease; a Couche-Tard guarantee matters for credit | Confirm on each lease; Casey’s reports owning substantially all of its stores |
Ratings come from our tenant ratings database, which shows each agency separately and withholds any rating it has not confirmed from a primary source. Circle K rating dates and sources: S&P Global Ratings BBB+, Stable, as of April 26, 2026; Moody’s Baa1, Stable, as of April 26, 2026. Ratings checked October 8, 2026. A tenant rated at the lowest investment grade level (Baa3 at Moody’s or BBB- at S&P) would fall below investment grade with a one-notch downgrade, which can affect buyer demand and financing terms. Some buyers and lenders may also look for ratings from two agencies.
Live Asking Cap Rates
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Circle K (rated entity: Alimentation Couche-Tard Inc.) | BBB+ / Baa1 | 5.22% | 5.00% to 5.75% | 36 | −2 bps |
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: Casey's General Stores.
Tenants with fewer than three current listings are not shown, so Casey’s may not appear. Casey’s reports that it owns substantially all of its stores (fiscal 2026 Form 10-K). The listings InvestmentGrade.com tracks currently include 2 Casey’s and 37 Circle K offerings; that is a limited sample of offerings we track, each listing’s tenant still needs to be confirmed, and it does not measure how often either tenant’s properties sell. Compare any Casey’s offering with recent sales and with Circle K and other convenience store listings in the same region. See Circle K and Casey’s credit and cap rate profiles.
Lease Structures
Convenience store net leases can be long-term triple net or absolute net leases with periodic rent increases and renewal options, but terms differ by deal, age of the lease and how the store was acquired. Read each lease for the tenant entity, any guarantee, the rent schedule, renewal options and landlord responsibilities.
Depreciation: a building can qualify as 15-year property (rather than 39-year) as a retail motor fuels outlet if it is used to a substantial extent in retail petroleum sales and meets one of three tests: it is no larger than 1,400 square feet, at least 50% of its gross revenue comes from petroleum sales, or at least 50% of its floor space is devoted to petroleum marketing sales (IRC 168(e)(3)(E)(iii); IRS Publication 946). Qualifying 15-year property acquired and placed in service after January 19, 2025 is generally eligible for 100% bonus depreciation under the One Big Beautiful Bill Act (IRC 168(k), as amended by Pub. L. 119-21). Confirm the treatment with your tax advisor for the specific property.
Related: Gas Station Bonus Depreciation
Footprint and Growth
Circle K offers a broad, multistate opportunity set; confirm its current footprint and available inventory in your target markets. Casey’s operates in 19 states, with about half of its stores in Iowa, Missouri and Illinois, and about 71% of its stores were opened in areas with populations under 20,000 (fiscal 2026 Form 10-K). Casey’s completed its acquisition of Fikes Wholesale, owner of CEFCO Convenience Stores, on November 1, 2024, adding 148 stores in Texas and 50 in Alabama, Florida and Mississippi. Review the latest quarterly results for how that integration is progressing.
Diligence for Any Fuel Property
- Phase I environmental site assessment, underground storage tank registration and compliance history, and any state tank fund coverage.
- Store sales or rent coverage where available, fuel volumes, and traffic at the site.
- Re-use value of the corner: access, visibility and lot size if the tenant leaves.
- Exit: who buys the property later in the lease term, and how the remaining term and credit will look then.
Related comparisons: 7-Eleven vs. Circle K, Wawa vs. Sheetz, and convenience store NNN properties.
Comparing Convenience Store Net Leases?
We can review the tenant, guarantee, lease and pricing against current listings. On the majority of transactions, there is no separate fee to you as the buyer for representation; the listing broker pays a cooperating commission.
Frequently Asked Questions
How do Circle K’s and Casey’s credit ratings compare?
Compare the agency ratings in the table above. Alimentation Couche-Tard, Circle K’s parent, is rated BBB+/Baa1 in our ratings database, and that parent credit applies to a Circle K lease only if Couche-Tard is the tenant or a guarantor. For Casey’s General Stores our database shows no verified rating; where a tenant shows no verified rating, agency ratings cannot settle the comparison. Compare any verified rating with the BBB- (S&P) and Baa3 (Moody’s) investment grade floor, and confirm the tenant and any guarantor in each lease.
When did Casey’s acquire CEFCO?
Casey’s completed its acquisition of Fikes Wholesale, owner of CEFCO Convenience Stores, on November 1, 2024, adding 198 stores (148 in Texas and 50 in Alabama, Florida and Mississippi).
Who guarantees a Circle K lease?
It depends on the lease. Confirm the named tenant and any guarantee from Alimentation Couche-Tard in the executed lease, since older or acquired-banner locations can differ.
Do convenience store properties qualify for bonus depreciation?
Some can. A building can qualify as 15-year property if it meets the retail motor fuels outlet tests (IRC 168(e)(3)(E)(iii); IRS Publication 946), such as 50% of gross revenue from petroleum sales, and qualifying property acquired and placed in service after January 19, 2025 is generally eligible for 100% bonus depreciation (IRC 168(k)). Confirm with a tax advisor.
Educational content only. InvestmentGrade.com is a commercial real estate brokerage and educational publisher. We do not sell, broker, underwrite, or solicit any bonds, securities, or investment products. Yields, ratings, and prices referenced fluctuate continuously and are sourced from public market data as of the date noted. Nothing on this page constitutes investment advice, an offer to sell, or a solicitation to buy any security. Consult a licensed broker-dealer, registered investment advisor, or tax professional before making any investment decision. For SEC investor education, visit investor.gov.
