| Metric | Details |
|---|---|
| Entity / Legal Name | Publix Super Markets, Inc. |
| Ownership | Largest employee-owned company in the U.S. (Form 10-K for 2025); founded 1930 |
| Credit Ratings | No public S&P or Moody’s issuer rating identified in the sources we checked as of October 8, 2026 (see note below) |
| Investment Grade Status | Not applicable: investment grade is an agency rating category, and no agency rating was identified |
| Sector | Supermarket / Full-Service Grocery |
| US Store Count | 1,440 (as of June 27, 2026, Form 10-Q) |
| Median asking cap rate | n/a: too few active listings with a published cap rate to report a median |
| Typical Lease Term | Initial terms typically 20 years plus five-year renewal options (Form 10-K for 2025); confirm in the lease |
| Guarantee Type | Confirm the tenant entity and any guarantor in the lease |
| Geographic Focus | Florida (889), Georgia (220), Alabama (96), SC (75), TN (61), NC (61), VA (24), KY (6) as of December 27, 2025 (Form 10-K) |
| Annual Revenue | $62.7B sales (FY2025, Form 10-K) |
| Typical Building Size | Current prototypes 32,000 to 62,000 SF (Form 10-K for 2025) |
Publix Business Overview & NNN Investment Profile
Publix Super Markets is an employee-owned, Lakeland, Florida-based supermarket chain, founded by George W. Jenkins in Winter Haven, Florida in 1930, that operated 1,440 supermarkets in the Southeast as of June 27, 2026 (Form 10-Q); at December 27, 2025 its supermarkets were in eight states (Form 10-K). Publix describes itself as the largest employee-owned company in the U.S., with more than 260,000 employees at the end of 2025 (Form 10-K).
Publix Financial Strength and Cap Rates
Live asking cap rates for Publix and other grocery tenants appear below when at least three active listings with a published cap rate are observed; tenants with fewer are named in the table note. A single asking cap rate is not a representative benchmark.
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Kroger | BBB / Baa1 | 5.00% | 5.00% to 5.25% | 9 | −24 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 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: Publix, Whole Foods Market.
Publix’s 2025 sales of $62.7 billion were below Albertsons’ $83.2 billion of net sales and other revenue for its fiscal year ended February 28, 2026, but Publix operates in eight states versus 35 states and the District of Columbia for Albertsons (Forms 10-K). In 2025 Publix opened 52 supermarkets (including 13 replacement supermarkets) and remodeled 89, with capital expenditures of $2.3 billion (Form 10-K for 2025).
Florida held 889 of Publix’s 1,432 supermarkets at December 27, 2025 (Form 10-K), so the chain is heavily exposed to Florida’s population and economy. Publix entered Kentucky in 2024 and grew its Kentucky, North Carolina and Virginia store counts in 2025 (Forms 10-K).
Publix’s NNN and Ground Lease Market
Publix supermarkets are often located in shopping centers where Publix is the anchor tenant (Form 10-K for 2025). Investors should assess both the tenant and lease risk and the asking price.
Publix says the majority of its supermarkets are leased (Form 10-K for 2025), so a Publix net lease property may be offered by an existing landlord or come from a new development, and some Publix locations sit on land that Publix leases; confirm the structure of each offering. Separately, at the end of 2025 Publix owned both the building and land at 473 locations and owned the building on leased land at 77 others (Form 10-K).
Publix NNN Cap Rate & Pricing
Pricing varies by market, lease term and rent. There are too few active Publix listings with a published cap rate in the listings we track to report a median, so price a specific offering against validated, deal-specific comparable sales and listings.
Publix NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| $62.7B 2025 sales; says it has met its cash requirements from internally generated funds without the need for debt financing (Form 10-K) | No public agency rating identified in the sources we checked: requires independent financial evaluation |
| Operating since 1930 (Form 10-K) | Availability varies: the listings we track currently show 2 active Publix listings |
| Large Florida base: 889 supermarkets at year-end 2025 | Southeast concentration: limited to 8 states |
| Financial profile we judge strong, based on the Form 10-K figures above (an analytical judgment, not an agency rating) | Too few active Publix listings in the listings we track to report a median; price each offering against deal-specific comparable sales |
| Grocery-anchor property that may fit an investor’s replacement-property criteria; a 1031 exchange has its own requirements (IRC 1031) |
Comparable NNN Tenants
| Comparable Tenant | Rating |
|---|---|
| Kroger | BBB/Baa1 |
| Whole Foods / Amazon | AA/A1 |
| ALDI | See the ALDI / Trader Joe’s tenant page |
Publix NNN Benchmark for 1031 Buyers
We did not identify a public S&P or Moody’s issuer rating for Publix in the sources we checked (October 8, 2026), and its supermarkets are in eight states (Form 10-K for 2025). For a 1031 buyer, underwrite Publix’s financial statements, the lease term and any guarantor, rent increases, the real estate and the asking price, as for any tenant without a public rating.
- 1031 fit: use the best investment grade NNN tenants for 1031 exchange framework to compare Publix with rated grocery, pharmacy, QSR, and auto-service tenants.
- Peer benchmark: compare Publix with Kroger, ALDI / Trader Joe’s, and Whole Foods / Amazon before identifying replacement property.
For owners considering a sale, potential buyers can include private investors, 1031 exchange buyers and institutional net lease investors.
Is Publix investment grade?
Investment grade is an agency rating category, and we did not identify a public S&P or Moody’s issuer rating for Publix Super Markets, Inc. in the sources we checked as of October 8, 2026 (Publix’s Form 10-K for 2025 and an SEC full-text search of its recent filings). Separately, Publix reported 2025 sales of $62.7 billion and says it has been able to meet its cash requirements from internally generated funds without the need for debt financing (Form 10-K for 2025); that is a financial fact, not an agency grade or a market price. There are too few active Publix listings with a published cap rate in the listings we track to report a Publix median.
How many Publix stores are there?
Publix operated 1,440 supermarkets as of June 27, 2026 (Form 10-Q). At December 27, 2025 (Form 10-K), its 1,432 supermarkets were in Florida (889), Georgia (220), Alabama (96), South Carolina (75), Tennessee (61), North Carolina (61), Virginia (24) and Kentucky (6). Kentucky, its newest state, was entered in 2024.
What cap rates are Publix NNN properties trading at?
There are too few active Publix listings with a published cap rate in the listings we track to report a Publix median; the live table shows other grocery tenants where enough listings exist. A single asking cap rate is not a representative benchmark. 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.
Is Publix a good 1031 exchange replacement property?
A Publix property may fit an investor’s replacement-property criteria: Publix supermarkets are often anchor tenants in shopping centers, Publix has a large Florida store base, and its initial lease terms are typically 20 years (Form 10-K for 2025). Replacement property must be like-kind real property held for investment or business use, not held primarily for sale, identified within 45 days of the transfer and received by the earlier of 180 days after the transfer or the tax return due date, including extensions (IRC 1031(a)). This is general information, not tax advice. Availability varies, so identify Publix targets early.
Publix Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Publix 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.
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.
Related NNN Tenants
Publix NNN Properties Observed For Sale
2 active Publix net lease listings observed across public listing sources, most recently Oct 16, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| St. Augustine, FL | $16,829,000 | 5.25% | 50,487 | n/a | View listing |
| Wetumpka, AL | $14,550,000 | 6.00% | 48,387 | n/a | View listing |
Search all 2 observed Publix 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.
