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Aggregate NNN Tenant Portfolio Scoring & Monitoring
| Asset / Name | Sector | Risk Level | Signal | 24h Change |
|---|---|---|---|---|
| Saks Global Enterprises | Retail - Department Store | Chapter 11 | Filed Ch. 11 Jan 2026; closing 8 Saks Fifth Avenue + ~57 Off 5th locations. Lease rejection risk. | Downgrade |
| Eddie Bauer | Retail - Apparel | Chapter 11 | Filed Ch. 11 2026; closing stores nationwide | Downgrade |
| Claire's | Retail - Specialty | Chapter 11 | Repeat Ch. 11 filing 2026; second bankruptcy signals structural weakness | Downgrade |
| Walgreens Boots Alliance | Retail - Pharmacy | Watch | S&P BBB- (negative outlook); ongoing store closure program (1,200+ locations) | Watch |
| QVC Group | Retail - E-commerce/Brick | Chapter 11 | Filed Ch. 11 2026; distribution center lease exposure for NNN investors | Downgrade |
The NNN tenant health score has declined to 68/100, down from 74 in Q4 2025, driven by the 2026 retail bankruptcy wave. Six major Chapter 11 filings (Saks, Eddie Bauer, Claire's, QVC Group, Francesca's, and others) are expected to produce ~7,900 store closures. IG-rated tenants (62% of typical portfolios) remain stable — Amazon (AA), Dollar General (BBB), Realty Income (A-) are unaffected. The stress is concentrated in non-IG discretionary retail. Rent coverage ratios compressed slightly to 2.0x from 2.1x as inflation (CPI 3.4%) pressures tenant margins. The IG vs non-IG cap rate spread widened to 200-400 bps, reflecting the market's aggressive pricing of credit risk. Active monitoring and tenant diversification are critical in this environment.
The Tenant Health Index concept combines five quantitative factors: investment-grade rating distribution, weighted average lease maturity, debt-to-EBITDA ratios, rent coverage multiples, and bankruptcy signal tracking. Scores shown are illustrative estimates. Watchlist entries are sourced from public Chapter 11 filings, SEC disclosures, and credit rating agency actions. For institutional-grade credit analytics, consult S&P Capital IQ, Moody's Analytics, or CreditRiskMonitor.
The data, risk scores, and analysis on this page are for informational and educational purposes only. They do not constitute investment advice, credit analysis, or a recommendation to buy or sell any security. Risk scores are illustrative estimates based on publicly available information and should not be relied upon as the sole basis for investment decisions. Credit ratings referenced are sourced from public company filings and may not reflect the most current agency ratings. Company names are used for illustrative purposes; their inclusion does not imply any specific investment recommendation or prediction of financial distress. Always consult licensed financial professionals and primary data sources (S&P Global, Moody's, Fitch, SEC EDGAR) before making investment decisions.