7-Eleven is the largest convenience store operator in North America with ~13,000 stores and an investment-grade A/Baa2 rating profile. After Couche-Tard’s $47B takeover bid was withdrawn in July 2025 and the planned US IPO was postponed in April 2026, parent Seven & i is now pursuing financial restructuring. NNN cap rates span 5.50-6.25% on corporate-guaranteed properties, with the parent-level uncertainty as the primary credit watch item.

Pros:

• Largest convenience operator in NA — ~13,000 stores
• Investment-grade A/Baa2 credit at the operating subsidiary
• Corporate guarantee regardless of franchise structure
• Ground lease structures common — preferred by 1031 buyers

Cons:

• 444+ stores closed 2024-2025; another ~645 planned in fiscal 2026
• Parent Seven & i pursuing financial engineering (IPO delayed April 2026)
• Moody’s downgraded commercial paper to P-2; long-term Baa2 on negative outlook
• Suburban c-store dominance pressured by EV adoption + fuel efficiency

7-Eleven, Inc. is the US subsidiary of Seven & i Holdings (TYO: 3382) — the largest convenience store operator in North America with approximately 13,000 stores across the US, Canada, and Mexico. The operating company carries an A/Baa2 investment-grade rating profile, placing it among the strongest credit convenience tenants available in NNN. About 80% of US stores are franchised, but the corporate guarantee from 7-Eleven, Inc. applies to the leases regardless of operator structure.

The credit watch item is the parent. After Canadian Alimentation Couche-Tard withdrew its $47 billion takeover bid in July 2025 and Seven & i postponed the planned US IPO of 7-Eleven in April 2026, the parent is pursuing alternative financial paths — including the appointment of Stephen Dacus as the first foreign CEO in 2025, a $520 million sale-leaseback in early 2025, and continued portfolio rationalization through store closures. Moody’s downgraded the commercial paper program to Prime-2 in May 2025 and maintained the long-term Baa2 on negative outlook. NNN underwriters should monitor parent-level financial engineering through 2026-2027.

On the operating side, 7-Eleven announced 444 underperforming North American store closures in October 2024 — approximately 3% of footprint — and a separate report indicates an additional 645 closures planned for fiscal 2026, marking the fifth consecutive year of net negative store count. Closures are concentrated in older urban stores with weak fuel volume and cigarette-dependent revenue. Modern suburban c-stores with fuel and fresh food remain core to the strategy. The Stripes acquisition from Sunoco ($1 billion in early 2024) added 204 higher-volume fuel sites primarily in Texas, Oklahoma, and New Mexico.

For NNN buyers, 7-Eleven ground leases on corner pads with strong daily traffic counts (25,000+ vehicles) and modern fuel and foodservice programs remain among the most defensible convenience tenants. Recent corporate-guaranteed deals are trading 5.50-6.25% depending on remaining term, with premium pricing on new 20-year ground leases. Older urban stores in markets with dense competitor c-store coverage carry meaningfully higher closure risk and trade wider.