PetSmart Credit Rating & NNN Cap Rate

PetSmart Business Overview & NNN Investment Profile

PetSmart describes itself as the leading omni-channel pet retailer in North America, with more than 1,700 stores across the U.S., Canada and Puerto Rico offering pet food, supplies, grooming, training and, in more than 700 locations, veterinary care (PetSmart, October 1, 2026). Banfield Pet Hospital, a Mars, Incorporated business, operates some of its veterinary hospitals inside PetSmart stores. A consortium led by BC Partners completed its acquisition of PetSmart on March 11, 2015, using approximately $8.7 billion in total funds for the merger and related transactions (PetSmart Form 8-K, March 11, 2015). The company remains privately held.

PetSmart Credit Rating Analysis

S&P’s B+ issuer credit rating on PetSmart LLC is below investment grade. A consortium led by BC Partners acquired PetSmart in 2015. PetSmart says it offers a grooming salon in every store and veterinary care in more than 700 locations (PetSmart, October 1, 2026), services delivered in its stores.

Source: S&P Global Ratings B+, as of July 6, 2026. Ratings checked October 8, 2026.

PetSmart reports more stores than Petco: more than 1,700 stores in the U.S., Canada and Puerto Rico, according to PetSmart, versus approximately 1,400 Petco pet care centers in the U.S. and Puerto Rico, according to Petco’s Form 10-K for the fiscal year ended January 31, 2026. PetSmart does not report its revenue in SEC filings. Banfield hospitals located inside some PetSmart stores add a veterinary use to those locations.

PetSmart NNN Lease Structure

PetSmart lease terms, lease types and building sizes vary: PetSmart listings we track (October 2026) include NNN, NN and NN+ leases, so confirm the term, the landlord’s responsibilities and the building size in each lease. Where a Banfield hospital operates inside the store, confirm how that space is occupied and who owns the clinic improvements.

PetSmart NNN Cap Rates

Live asking cap rates for PetSmart and comparable specialty retail 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: Five Below.

S&P’s issuer credit rating on PetSmart LLC is B+, compared with B on Petco. Five Below is a public company (Nasdaq: FIVE); our ratings database holds no verified agency rating for it. See Petco, Michaels and Five Below.