Aggregate NNN Tenant Portfolio Scoring & Monitoring
Data as of Q2 2026. The Boulder Group Net Lease Research Report, Q2 2026, as of Jun 30, 2026 · FRED DGS10 5.05% as of Oct 28, 2026 · FRED DGS2 4.67% as of Oct 28, 2026 · FRED DFF 3.88% as of Oct 28, 2026 · FRED BAAFFM 2.72% as of Sep 1, 2026
| 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 and 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| Walgreens Boots Alliance | Retail - Pharmacy | Watch | Rating withdrawn. Hanley Investment Group, Tenant Credit Ratings, Q3 2026. Ongoing store closure program across a large set of locations. | Watch |
| QVC Group | Retail - E-commerce/Brick | Chapter 11 | Filed Ch. 11 2026; distribution center lease exposure for NNN investors | Downgrade |
Tenant health has weakened since late 2025, driven by the 2026 retail bankruptcy wave. Several major Chapter 11 filings, including Saks, Eddie Bauer, Claire's, QVC Group, and Francesca's, are expected to produce a large wave of store closures. Investment-grade tenants remain the stable part of a typical portfolio. Dollar General is rated BBB by S&P (Hanley, Jul 1, 2026). The stress is concentrated in non-investment-grade discretionary retail. Rent coverage has compressed as inflation pressures tenant margins, and the cap-rate gap between investment-grade and non-investment-grade tenants has widened. Active monitoring and diversification matter 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.