7-ElevenStore #5934 · Tenant: 7-Eleven, Inc.

Tenant Credit

7-Eleven, Inc. — a wholly-owned subsidiary of Seven & i Holdings Co., Ltd. (TYO: 3382) and the largest convenience-store operator in the world — carrying investment-grade credit (S&P A- / Moody’s Baa2; parent Seven & i rated S&P A- / Moody’s A3). The Ann Arbor asset operates under the Speedway brand, also a 7-Eleven, Inc. entity.

Why 7-Eleven

7-Eleven is the world’s largest convenience-store retailer, operating, franchising, or licensing more than 85,000 stores across roughly 20 countries — including over 12,000 in the United States, where the 7-Eleven, Speedway, and Stripes banners together form the nation’s largest convenience chain by store count, ahead of Circle K and Casey’s. The U.S. business, 7-Eleven, Inc., is headquartered in Irving, Texas and is a wholly-owned subsidiary of Seven & i Holdings Co., Ltd. (TYO: 3382). Both entities carry investment-grade credit — 7-Eleven, Inc. is rated S&P A- / Moody’s Baa2 and parent Seven & i is rated S&P A- / Moody’s A3 — placing this income stream on the credit of one of retail’s most recognized and financially substantial operators. Seven & i has announced plans to list its North American convenience business publicly in 2026, a step expected to further sharpen the focus and transparency of the tenant behind these leases.

In May 2021, 7-Eleven, Inc. completed its $21 billion all-cash acquisition of Speedway from Marathon Petroleum — the largest acquisition in 7-Eleven’s history — absorbing approximately 3,800 Speedway stores across 36 states and lifting its North American footprint to roughly 14,000 locations spanning 47 of the 50 most populated U.S. metropolitan areas. For an owner of a Speedway-branded asset, that transaction represents a meaningful strengthening of tenant credit: rent that once rested on a stand-alone fuel-and-convenience operator is now backed by 7-Eleven, Inc. and the scale of the world’s largest convenience retailer, together with its investment-grade parent, Seven & i Holdings (S&P A- / Moody’s A3). The Speedway locations in this portfolio are 7-Eleven, Inc. entities, so investors underwrite the same benchmark tenant credit whether a site trades under the 7-Eleven or the Speedway banner.

For net-lease investors, 7-Eleven is a benchmark tenant. Its stores are typically held on long-term absolute / triple-net leases — the tenant bears property taxes, insurance, and maintenance, leaving the landlord a passive, bond-like income stream — with contractual rent escalations (commonly 10% every five years) that hedge inflation over the term. Convenience, fuel, and food are necessity-based, largely e-commerce-resistant categories that have historically proven resilient across economic cycles. Investment-grade 7-Eleven net-lease assets have traded in roughly the 5.5%–6.5% cap-rate range in 2026, and deep institutional demand — from REITs, private equity, and family offices — for corporate-guaranteed 7-Eleven product supports both durable in-place income and a well-established exit. Every lease in this portfolio carries a 7-Eleven, Inc. corporate guaranty, so the rent obligation rests on the parent operating company’s credit rather than the performance of any single store.