Kohl’s Credit Rating & NNN Cap Rate

Kohl’s Business Overview

Kohl’s is a department store retailer selling moderately priced apparel, footwear, accessories, beauty and home products. It operated 1,151 stores as of August 1, 2026 (Form 10-Q); at January 31, 2026, its stores were in 49 states, with none in Hawaii (Form 10-K).

Kohl’s 2025 Form 10‑K shows that of its 1,153 stores at January 31, 2026, 402 were owned, 509 leased and 242 on ground leases, and that 936 were in strip centers, 159 freestanding and 58 in community and regional malls.

Kohl’s Credit Profile

Kohl’s corporate credit ratings are B+/B2 in our database, below investment grade, and Fitch rates it BB- (Negative). It is a public company that files audited financial statements with the SEC. Confirm the tenant entity and any guarantee.

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

Source: S&P Global Ratings B+, Stable, as of August 1, 2026; Moody’s B2, Positive, as of August 1, 2026; Fitch Ratings BB-, Negative, as of August 1, 2026. Ratings checked October 8, 2026.

Kohl’s NNN Cap Rates

Live asking cap rates for Kohl’s and comparable tenants:

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 16, 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: T.J. Maxx, Burlington, Macy's.

Compare the median asking cap rates for Kohl’s and for Target, which is rated A/A2, in the live table. Compare a property with other department store and off-price listings and consider the box’s re-use potential.

What to Check in a Kohl’s Lease

• Tenant and guarantor: which entity signs the lease and whether the rated 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: Kohl’s Corporation Form 10‑K for the fiscal year ended January 31, 2026 and Form 10‑Q for the quarter ended August 1, 2026; ratings from InvestmentGrade.com’s ratings database.