Publix and Kroger are two large grocery tenants in net lease: Publix operated 1,440 supermarkets as of June 27, 2026 and Kroger 2,697 as of January 31, 2026. Kroger is rated BBB/Baa1. Publix has no public agency rating in our database, but it files audited financial statements with the SEC, so investors can underwrite its finances directly.
Head-to-Head
| Publix | Kroger | |
|---|---|---|
| S&P / Moody’s | no verified rating | BBB/Baa1 |
| Investment grade status | Not Yet Verified | Investment Grade |
| Stores | 1,440 supermarkets in the Southeast (June 27, 2026) | 2,697 supermarkets in 35 states and D.C. (January 31, 2026) |
| Ownership | Employee-owned; files annual and quarterly reports with the SEC | Public company (NYSE: KR) |
| Typical lease (company-reported) | Initial terms typically 20 years, followed by five-year renewal options | Varies by lease |
| Median asking cap rate (listings we track) | n/a (2 listings) | 5.00% (9 listings) |
Publix figures from its Form 10-K for 2025 and Form 10-Q for the quarter ended June 27, 2026; Kroger figures from its Form 10-K for the year ended January 31, 2026. 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
Our ratings database shows no public agency rating for Publix, so it is not investment grade in the ratings sense and does not meet a mandate restricted to rated tenants. A missing rating does not mean the company cannot be assessed: Publix files audited financial statements with the SEC, and investors can review its revenue, debt and cash flow and underwrite the specific lease and any guarantee.
Kroger is rated BBB/Baa1 in our database.
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 |
|---|---|---|---|---|---|
| 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 19, 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.
The live table shows each tenant’s median asking cap rate and listing count only when at least three of its active listings publish a cap rate; a tenant below that threshold is named in the note under the table instead. The number of listings InvestmentGrade.com tracks for each tenant is small, and as of October 8, 2026 the Kroger listings included fuel center ground leases alongside supermarket buildings, so the medians do not compare like properties. A single snapshot of listings also does not show how often these properties sell; compare a specific property with recent sales as well as the live medians.
Lease Structure and Real Estate
Publix reports that the majority of its supermarkets are leased, often in shopping centers where Publix is the anchor tenant, with initial lease terms typically of 20 years followed by five-year renewal options; it owns both building and land at 473 locations. A Publix lease is therefore often part of a shopping center rather than a single-tenant building. Kroger reports that about half of its supermarkets operate in company-owned facilities. For either tenant, check the remaining term, renewal options, rent schedule, co-tenancy provisions and landlord responsibilities.
Bonds vs. Real Estate
Kroger issues investment grade bonds, so a Kroger property’s cap rate can be compared with its bond yields; see Kroger bonds vs. NNN. We have not identified publicly traded Publix bonds. 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
- Kroger suits buyers who need a rated investment grade grocery tenant, when The Kroger Co. signs or guarantees the lease; confirm the tenant entity in the lease.
- Publix suits buyers who can underwrite an unrated tenant from its public financial statements and want Southeast grocery exposure, often through anchored shopping centers.
See the Publix and Kroger tenant pages and Kroger vs. Albertsons.
Comparing Grocery Net Lease Properties?
We can compare specific Publix and Kroger 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
Is Publix investment grade?
No public agency rating for Publix has been identified, so it is not investment grade in the ratings sense. Publix does file audited financial statements with the SEC, which lets investors assess its finances directly and underwrite the specific lease.
What credit rating does Kroger have?
The Kroger Co. is rated BBB/Baa1 (S&P/Moody’s) in our ratings database: investment grade.
How long are Publix leases?
Publix reports that its initial lease terms are typically 20 years, followed by five-year renewal options. Check the remaining term and options in any specific lease.
Does Publix or Kroger ask a lower cap rate?
As of October 8, 2026, the listings InvestmentGrade.com tracks included only two Publix listings, too few for a reliable comparison with Kroger; the live table on this page shows a tenant only when at least three of its active listings publish a cap rate. These are asking cap rates, not closed-sale cap rates, and with few listings for either tenant, the specific property, location and lease can matter more than any tenant median.
Sources: Publix Super Markets, Inc. Form 10-K for 2025 and Form 10-Q for the quarter ended June 27, 2026; Kroger Co. Form 10-K for the year ended January 31, 2026.
Educational content only. InvestmentGrade.com is a commercial real estate brokerage and educational publisher. We do not sell, broker, underwrite, or solicit any bonds, securities, or investment products. Yields, ratings, and prices referenced fluctuate continuously and are sourced from public market data as of the date noted. Nothing on this page constitutes investment advice, an offer to sell, or a solicitation to buy any security. Consult a licensed broker-dealer, registered investment advisor, or tax professional before making any investment decision. For SEC investor education, visit investor.gov.
