Looking to buy a Tim Hortons NNN property? 3 are observed for sale across 1 state, median asking cap rate 6.05%. View Tim Hortons NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Parent company | Restaurant Brands International Inc. (NYSE and TSX: QSR), which also owns Burger King, Popeyes and Firehouse Subs |
| S&P / Moody’s | BB+ / no verified rating |
| Investment grade status | Parent Rated Below Investment Grade (Restaurant Brands International Inc.); confirm the lease guarantor |
| Restaurants | 6,209 Tim Hortons restaurants worldwide (June 30, 2026); more than 95% of RBI’s system restaurants are franchised |
| Median asking cap rate | See the live table below |
Tim Hortons is not investment grade. The ratings shown for Tim Hortons are credit ratings of its parent company, Restaurant Brands International Inc.: BB+ from S&P Global Ratings and BB+ from Fitch Ratings; all below the BBB-/Baa3 investment grade threshold. Whether that credit stands behind a specific lease depends on the tenant and any guarantor named in the lease. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Tim Hortons Business Overview
Tim Hortons, founded in 1964, is a coffee and baked goods restaurant chain owned by Restaurant Brands International (RBI) (Form 10-K for 2025). As of June 30, 2026, RBI franchised or owned 6,209 Tim Hortons restaurants worldwide, 4,570 of them in RBI’s Tim Hortons segment, which covers Canada and the U.S. More than 95% of RBI’s system restaurants are franchised.
Tim Hortons Credit Profile
The ratings shown, BB+, belong to the parent, Restaurant Brands International Inc. (investment grade status in our database: not investment grade). They apply to a lease only if RBI or a rated affiliate signs or guarantees it. In RBI’s Tim Hortons segment (Canada and the U.S.), as of December 31, 2025, RBI owned 765 sites and leased them to franchisees, leased 2,769 sites and subleased them to franchisees, and franchisees owned or leased 1,021 sites directly (Form 10-K). Confirm which entity signs the lease and any guarantor.
For comparison, our database shows McDonald’s Corporation at BBB+/Baa1 (investment grade), Starbucks Corporation at BBB+/Baa1 (investment grade) and Yum! Brands, Inc., the parent of Taco Bell, at BB+/Ba2 (not investment grade).
Ratings come from our tenant ratings database, which records the source of each rating; the footnote below shows the source and when ratings were last checked. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: S&P Global Ratings BB+, as of May 18, 2026; Fitch Ratings BB+, as of January 15, 2026. Ratings checked October 8, 2026.
Tim Hortons NNN Cap Rates
Live asking cap rates for Tim Hortons and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| McDonald's | BBB+ / Baa1 | 4.00% | 3.75% to 4.24% | 46 | −124 bps |
| Dunkin' (rated entity: IRB Holding Corp. (Inspire Brands)) | n/a / n/a | 5.75% | 5.35% to 6.05% | 25 | +51 bps |
| Starbucks | BBB+ / Baa1 | 5.75% | 5.35% to 6.15% | 117 | +51 bps |
| Popeyes (rated entity: Restaurant Brands International Inc.) | BB+ / n/a | 6.00% | 5.50% to 6.25% | 78 | +76 bps |
| Tim Hortons (rated entity: Restaurant Brands International Inc.) | BB+ / n/a | 6.05% | 5.90% to 6.53% | 3 | +81 bps |
| Burger King (rated entity: Restaurant Brands International Inc.) | BB+ / n/a | 6.25% | 6.00% to 6.74% | 71 | +101 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.
Active Tim Hortons listings in the data InvestmentGrade.com tracks: 3. When only a few listings are active, a single listing can move the median. Corporate and franchisee leases can price differently; compare a property with listings for the same lease type.
What to Check in a Tim Hortons Lease
- Tenant and guarantor: whether RBI, a Tim Hortons subsidiary or a franchisee signs the lease, and any personal or corporate guarantee.
- Term and rent: remaining term, renewal options and rent increases.
- Drive-thru and site: drive-thru access, stacking and morning traffic flow.
- Re-use: whether the building and drive-thru could suit other quick-service and coffee users.
- Franchisee strength: for franchisee leases, the number of units the franchisee operates and its financial statements.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Large global brand owned by a public parent | Parent’s investment grade status in our database: not investment grade |
| Small buildings that may suit other quick-service users | Tenant may be an RBI subsidiary or a franchisee; confirm the tenant and any guarantee |
| Active listings in the data we track: 3; a low count makes the median less reliable |
Frequently Asked Questions
Is Tim Hortons investment grade?
No. The ratings in our database, BB+, are for the parent, Restaurant Brands International Inc. (not investment grade), and they apply only to leases RBI or a rated affiliate signs or guarantees.
Which quick-service tenants are investment grade?
In our ratings database, McDonald’s Corporation is investment grade and Starbucks Corporation is investment grade; Yum! Brands, Inc., which owns Taco Bell, is not investment grade. A company’s rating supports a lease only if that company signs or guarantees it, and some quick-service leases are signed by franchisees; confirm in the lease.
How many Tim Hortons restaurants are there?
RBI reported 6,209 Tim Hortons restaurants worldwide as of June 30, 2026.
Sources: Restaurant Brands International Inc. Form 10‑Q for the quarter ended June 30, 2026; ratings from InvestmentGrade.com’s ratings database.
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. That property can qualify for 100% bonus depreciation under Internal Revenue Code section 168(k) if acquired and placed in service after January 19, 2025; property acquired under a written binding contract entered into before January 20, 2025 does not qualify for the 100% rate (IRS Notice 2026-11). How much qualifies varies widely by property and should be documented, for example in an engineering-based study. On a ground lease where the tenant owns the building, the investor owns only land, which cannot be depreciated (Treasury Regulation section 1.167(a)-2), and equipment owned by the tenant is not the landlord’s to depreciate. Bonus depreciation is generally recaptured on a taxable sale (Internal Revenue Code sections 1245 and 1250). A 1031 exchange (section 1031) can defer the gain, but depreciation recapture can still be triggered in an exchange when the replacement property does not include enough section 1245 or section 1250 property (sections 1245(b)(4) and 1250(d)(4)). This is general information, not tax advice; consult a tax professional. In restaurants and auto service buildings, the tenant often owns much of the kitchen, drive-through and service equipment; confirm in the lease. See the QSR and Auto Service NNN Depreciation Guide.
Related: Gas Station Bonus Depreciation
Tim Hortons Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Tim Hortons 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.
Related NNN Tenants
Tim Hortons NNN Properties Observed For Sale
3 active Tim Hortons 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 | |
|---|---|---|---|---|---|
| Columbus, OH | $1,739,000 | 5.75% | 1,611 | n/a | View listing |
| Columbus, OH | $1,700,000 | 6.05% | 1,789 | n/a | View listing |
| Columbus, OH | $1,463,000 | 7.00% | 1,344 | 7.5 yrs | View listing |
Search all 3 observed Tim Hortons 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.
