| Metric | Details |
|---|---|
| Parent Company | Hertz Global Holdings, Inc. |
| Credit Ratings | S&P: CCC+ / Fitch: CCC |
| Investment Grade Status | Below Investment Grade |
| Sector | Car Rental / Mobility Services |
| Brands | Hertz, Dollar, Thrifty |
| Median asking cap rate | Too few Hertz listings with an asking cap rate to report a median |
| Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies; confirm the tenant and any guarantor in the lease |
| Stock Ticker | HTZ (NASDAQ) |
| Annual Revenue | $8.5B total revenues (FY2025, Form 10-K) |
Hertz Business Overview & NNN Investment Profile
Hertz Global Holdings rents vehicles primarily through its Hertz, Dollar and Thrifty brands from approximately 11,000 company-operated and franchisee locations across approximately 160 countries and jurisdictions (as of December 31, 2025, Form 10-K). Our ratings database shows Hertz as not investment grade; the investment grade threshold is BBB-/Baa3, and the ratings, their dates and sources are listed below.
Hertz Credit Rating Analysis
Hertz is not investment grade. Hertz Global Holdings Inc. / The Hertz Corporation carries issuer ratings of CCC+ from S&P Global Ratings and CCC from Fitch Ratings: all below the BBB-/Baa3 investment grade threshold. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Hertz Global Holdings, The Hertz Corporation and certain subsidiaries filed for Chapter 11 on May 22, 2020, and emerged on June 30, 2021 (Forms 8-K filed May 26, 2020 and July 7, 2021). In January 2024 it announced a decision to sell approximately 20,000 EVs from its U.S. fleet, about one-third of its global EV fleet, and said the decision would result in approximately $245 million of incremental net depreciation expense in the fourth quarter of 2023 (Form 8-K, January 11, 2024). Adjusted Corporate EBITDA, a non-GAAP measure, fell from $2,305 million in 2022 to $561 million in 2023 and negative $1,541 million in 2024, then improved to negative $339 million in 2025 (Forms 10-K for 2023, 2024 and 2025).
Source: S&P Global Ratings CCC+, as of August 12, 2026; Fitch Ratings CCC, as of July 31, 2026. Ratings checked October 8, 2026.
A downgrade can affect how buyers and lenders view a Hertz lease. Review Hertz’s most recent Forms 10-K and 10-Q before proceeding.
Avis Budget, another car rental tenant, carries BB- (not investment grade in our ratings database); compare the two ratings when weighing car rental NNN tenants. Understanding the full credit rating spectrum is essential for investors evaluating any speculative-grade NNN tenant.
Hertz NNN Lease Structure
Hertz owns about 3% of the locations from which it operates; the rest are leased or operated under concessions, which its 10-K defines as agreements granting Hertz the right to conduct its rental business at airports (Form 10-K for 2025). Initial terms on Hertz leases vary; confirm the term in the lease. Confirm in each lease whether The Hertz Corporation or another entity is the tenant or guarantor; given the ratings and prior bankruptcy, lenders may scrutinize Hertz-backed financing closely.
Hertz NNN Cap Rate & Pricing Trends
Live asking cap rates for Hertz and Avis Budget appear below when at least three of a tenant’s listings show a published asking cap rate:
We do not currently track enough active Hertz listings with an asking cap rate to report a median. Compare any Hertz asking cap rate with listings for investment grade tenants, and weigh the remaining lease term, the location and the tenant and guarantor named in the lease.
Hertz NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Asking cap rates can be higher than for investment grade tenants; compare listings | CCC+ ratings (not investment grade); Chapter 11 case from May 2020 to June 2021 |
| About 11,000 company-operated and franchisee locations in about 160 countries and jurisdictions (Form 10-K for 2025) | Adjusted Corporate EBITDA, a non-GAAP measure, was negative in 2024 and 2025 (Form 10-K for 2025) |
| Rents primarily through the Hertz, Dollar and Thrifty brands (Form 10-K for 2025) | Further rating downgrades are possible |
| Confirm the tenant and any guarantor in each lease | Lenders may limit or price financing for leases to tenants below investment grade |
What is Hertz’s current credit rating?
Hertz Global Holdings Inc. / The Hertz Corporation carries issuer ratings of CCC+ from S&P Global Ratings and CCC from Fitch Ratings: all below the BBB-/Baa3 investment grade threshold. The investment grade threshold is BBB-/Baa3. Rating dates and sources are listed in the credit rating section of this page.
Did Hertz file for bankruptcy?
Yes. Hertz Global Holdings, The Hertz Corporation and certain subsidiaries filed for Chapter 11 on May 22, 2020, and emerged on June 30, 2021 (Forms 8-K). Adjusted Corporate EBITDA, a non-GAAP measure, was $2,305 million in 2022, negative $1,541 million in 2024 and negative $339 million in 2025 (Forms 10-K); in January 2024 Hertz announced the sale of about 20,000 EVs from its U.S. fleet (Form 8-K, January 11, 2024).
What asking cap rates do Hertz NNN properties show?
We do not currently track enough active Hertz listings with an asking cap rate to report a median. Pricing for a specific property depends on the remaining lease term, rent level, location and lease guarantor, and asking cap rates are not closed-sale cap rates.
Related NNN Tenants
Hertz Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Hertz properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
Hertz NNN Properties Observed For Sale
2 active Hertz net lease listings observed across public listing sources, most recently Oct 9, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Manchester, NH | $895,000 | 6.91% | 2,346 | n/a | View listing |
| Roswell, GA | $1,647,935 | 6.00% | 3,310 | 3.7 yrs | View listing |
Search all 2 observed Hertz listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
