Dollar General and Dollar Tree are two large U.S. dollar store chains and common tenants in single-tenant net lease. Both are rated investment grade in our ratings database, but the companies, their stores and their leases differ. Dollar Tree completed the sale of Family Dollar Stores, LLC on July 5, 2025, so a Family Dollar lease now depends on the Family Dollar tenant entity and any guarantee that survived the sale; see Dollar General vs. Family Dollar.
Head-to-Head
| Dollar General | Dollar Tree | |
|---|---|---|
| S&P / Moody’s | BBB/Baa3 | BBB |
| Investment grade status | Investment Grade | Investment Grade |
| Stores | 21,148 in 48 states and Mexico (July 31, 2026) | 9,436 in 48 states, D.C. and Canada (August 1, 2026) |
| Ticker | DG (NYSE) | DLTR (Nasdaq) |
| Median asking cap rate (listings we track) | 7.00% (533 listings) | 7.34% (84 listings) |
Store counts from each company’s Form 10-Q for the quarter ended July 31, 2026 (Dollar General) and August 1, 2026 (Dollar Tree). Ratings update from our ratings database. Cap rates are live asking cap rates on listings InvestmentGrade.com tracks; asking cap rates are not closed-sale cap rates.
Credit Ratings
Dollar General is rated BBB/Baa3 and Dollar Tree BBB in our database. Both are investment grade. The investment grade floor is BBB‑ at S&P and Baa3 at Moody’s, so compare each agency’s Dollar General rating above with its floor: a rating at an agency’s floor is one downgrade away from speculative grade at that agency, even if the other agency’s rating stays investment grade. Buyers and lenders with mandates that require investment grade ratings from one, two or all agencies would treat that split differently.
Dollar Tree’s profile changed when it completed the sale of Family Dollar Stores, LLC to 1959 Holdings, LLC on July 5, 2025, for an aggregate base purchase price of $1,007.5 million in cash, subject to adjustments (Form 8-K filed July 7, 2025). For a Dollar Tree lease, confirm which Dollar Tree entity is the tenant and whether Dollar Tree, Inc. guarantees it.
For a Family Dollar lease, whether signed before or after the sale, confirm the tenant entity, any guarantor, what the guarantee covers and when it expires. Dollar Tree’s Form 10-Q for the quarter ended August 1, 2026 says it is guaranteeing lease obligations for certain Family Dollar stores amounting to $20.0 million and $10.0 million in the second and third year following the sale, so do not assume a legacy lease keeps or loses a Dollar Tree guarantee.
Ratings come from our tenant ratings database. For how the scale works, see the investment grade guide.
Cap Rates
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Dollar General | BBB / Baa3 | 7.00% | 6.60% to 7.75% | 533 | +176 bps |
| Dollar Tree | BBB / n/a | 7.34% | 6.75% to 8.00% | 84 | +210 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 12, 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.
Medians for both tenants combine stores of different ages and remaining lease terms. Compare a specific property with listings of the same tenant, remaining term and building age.
Lease Structure and Real Estate
Dollar General reports that many of its stores, including a significant portion of its new stores, carry a primary lease term of up to 15 years with multiple renewal options (Form 10-K for the fiscal year ended January 30, 2026). Whether rent increases occur during the primary term or only in renewal options, and whether a lease is absolute NNN, varies by lease; a marketing label such as absolute NNN does not replace reading the landlord’s obligations in the signed lease. Read each lease for term, rent increases, landlord responsibilities and the tenant entity.
Small-format buildings in rural and small-town markets may have fewer replacement tenants than suburban sites, so residual value depends heavily on the location.
Bonds vs. Real Estate
Both companies issue investment grade bonds, so a property’s cap rate can be compared with each tenant’s bond yields. See Dollar General bonds vs. NNN and Dollar Tree bonds vs. NNN. The 10-year Treasury is 5.24% and the ICE BofA US Corporate Index (investment grade) yields 5.99% as of October 1, 2026. See the bond-to-NNN spread table.
Which Fits Your Mandate
- Dollar General: compare the live listing counts above to judge how many comparables are available, and check each agency’s rating relative to the investment grade floor.
- Dollar Tree: rated investment grade in our database; confirm the tenant is a Dollar Tree entity and not a former Family Dollar entity.
Comparing Dollar Store Net Lease Properties?
We can compare specific Dollar General and Dollar Tree offerings against current listings and recent sales. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission. Investment Grade Capital, a service of Investment Grade LLC, can match you with lenders.
Request a buyer consultation or email team@investmentgrade.com.
Frequently Asked Questions
What are Dollar General’s and Dollar Tree’s credit ratings?
Dollar General is rated BBB/Baa3 and Dollar Tree BBB in our ratings database. Both are investment grade.
How close is Dollar General to losing investment grade status?
Dollar General is rated BBB by S&P and Baa3 by Moody’s. The investment grade floor is BBB‑ at S&P and Baa3 at Moody’s; a rating at the floor is one downgrade from speculative grade at that agency, and how a split rating affects a buyer depends on its mandate.
Does Dollar Tree still own Family Dollar?
No. On July 5, 2025, Dollar Tree completed the sale of Family Dollar Stores, LLC to 1959 Holdings, LLC (Dollar Tree Form 8-K filed July 7, 2025). Dollar Tree’s Form 10-Q for the quarter ended August 1, 2026 says it is guaranteeing lease obligations for certain Family Dollar stores for a limited amount and period, so confirm any guarantee in each Family Dollar lease.
Which has more NNN listings?
See the Listings column in the live table on this page, which shows the current count of active listings with a published asking cap rate for each tenant in the listings InvestmentGrade.com tracks.
Sources: Dollar General Form 10-Q for the quarter ended July 31, 2026; Dollar Tree Form 10-Q for the quarter ended August 1, 2026; Dollar Tree Form 8-K filed July 7, 2025, reporting the July 5, 2025 completion of the Family Dollar sale; Dollar General Form 10-K for the fiscal year ended January 30, 2026.
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