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NNN Planet Fitness for Sale
Planet Fitness, Inc. (NYSE: PLNT) is a publicly traded fitness franchisor with 2,930 clubs and about 21.5 million members as of June 30, 2026, and roughly 90% of its clubs are franchised. That means the tenant on a given lease is often a franchisee rather than the public company, so the lease guarantor matters. Neither The Boulder Group nor Matthews covers Planet Fitness, so we do not quote cap rates or lease terms here.
NYSE: PLNT
Publicly traded
2,930
Clubs (June 30, 2026)
21.5M
Members
~90%
Franchised clubs
1992
Founded
180 – 190
Club openings planned for 2026
Sources: Health Club Management (second quarter 2026 club, member and franchise figures); Planet Fitness, October 22, 2026 (listing, headquarters and founding). Neither The Boulder Group (September 2026) nor Matthews (2026) covers Planet Fitness.
Key Takeaways
Tenant & Credit Profile
Planet Fitness, Inc. (NYSE: PLNT) is publicly traded, with about 21.5 million members and 2,930 clubs at June 30, 2026. About 90% of clubs are franchised, so the entity signing your lease is often a franchisee (Health Club Management).
Check the Lease Guarantor
Planet Fitness says in its SEC filings that it guarantees certain franchisee leases, with a maximum total obligation of about $3.5 million (Form 10-Q, March 31, 2026). That is small next to a system of about 2,900 clubs, so ask exactly who guarantees the property you are considering.
No Report Benchmarks
Neither The Boulder Group’s September 2026 profiles nor Matthews’ 2026 report covers Planet Fitness, so we are not quoting cap rates or lease terms. Ask our team for recent comparable sales.
Steady, Slower Growth
Planet Fitness opened 23 clubs in the second quarter of 2026 (21 franchisee-owned) and expects 180 to 190 openings this year, while system-wide same club sales rose 1.7% in the quarter (Health Club Management; Planet Fitness results).
Planet Fitness NNN Lease and Pricing Data
If you’re weighing a Planet Fitness property, the same three things shape what you’ll earn: who the tenant is, how the lease is structured, and what yield you’re paying for. Here is what we can and cannot support with sourced data.
On the tenant, Planet Fitness, Inc. is publicly traded, but about 90% of its 2,930 clubs are franchised, so the party on your lease is often a franchisee.1 We have not found an S&P corporate credit rating for the company, so we are not showing one. The securitized notes backed by its franchise revenue are rated by KBRA, but that is a rating of the notes, not of any one lease.2
On the lease and the yield, there is nothing sourced to show. Neither Boulder nor Matthews includes Planet Fitness, so we do not quote cap rates, rent increases, lease terms or sale prices, and we do not estimate them. Ask for the lease, the rent schedule, the remaining term and the guarantor on any property, and ask our team for comparable sales.
1. Health Club Management, coverage of Planet Fitness’s second quarter 2026 results: 2,930 clubs and about 21.5 million members at June 30, 2026; approximately 90% of clubs franchised; 21 of the 23 clubs opened in the quarter were franchisee-owned. ↩
2. KBRA, preliminary ratings for Planet Fitness Master Issuer LLC, Series 2025-1, December 2, 2025. As of September 30, 2025, 2,514 of 2,795 clubs were franchised. ↩
Planet Fitness as a Tenant
How Planet Fitness operates
Planet Fitness was founded in 1992 in Dover, New Hampshire, and is headquartered in Hampton, New Hampshire. It describes itself as one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations (Planet Fitness, October 22, 2026).
At the end of 2025 it had about 20.8 million members and 2,896 clubs in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain (Planet Fitness). By June 30, 2026, that had grown to 2,930 clubs and about 21.5 million members (Health Club Management).
Most clubs are franchisee-owned. Of the 23 clubs opened in the second quarter of 2026, 21 were franchisee-owned and two were corporate, and the company expects to open 180 to 190 clubs in 2026 (Health Club Management).
Financial strength and growth
Second-quarter 2026 revenue rose 7.1% to $365.2 million, and system-wide same club sales rose 1.7% (Planet Fitness; Planet Fitness results).
Membership was roughly flat from the first quarter at about 21.5 million, and Planet Fitness paused a planned increase in the price of its Black Card membership while it reviews pricing (Health Club Management).
Its debt is largely a whole-business securitization, secured by franchise-related assets and certain corporate clubs, with notes issued from 2018 through 2025 (Form 10-K). The company reported it was in compliance with its debt covenants as of June 30, 2026 (Form 10-Q).
Why Investors Buy Planet Fitness Properties
Planet Fitness brings scale: 2,930 clubs and about 21.5 million members, with a public parent that reports its results quarterly (Health Club Management). That gives you far more information to underwrite than you get with most private operators.
Because about 90% of clubs are franchised, your tenant will often be a franchisee, which makes the franchisee’s operating history and the lease guarantee the key credit questions. Planet Fitness’s own guarantees of franchisee leases are capped at about $3.5 million in total (Form 10-Q, March 31, 2026).
We do not have sourced cap rate or lease term benchmarks for Planet Fitness, so pricing should come from recent comparable sales and the specific lease, not from a brand average. Ask our team what we are seeing.
Risks and Market Conditions
Growth has cooled. Membership was flat from the first quarter at about 21.5 million, and system-wide same club sales rose 1.7% in the second quarter of 2026, compared with 6.7% for full-year 2025 (Health Club Management; Planet Fitness results; Planet Fitness year-end metrics).
Because most clubs are franchised, the credit behind a given lease can vary widely. Confirm who the tenant is, who guarantees the lease, how long the club has operated and what term and renewal options remain. Planet Fitness reports third-quarter 2026 results on November 5, 2026, so the figures on this page may update soon (Planet Fitness).
Build a Diversified NNN Portfolio
Pairing a Planet Fitness with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Planet Fitness NNN FAQs
Who is the tenant on a Planet Fitness lease?
About 90% of Planet Fitness clubs are franchised, so the tenant is often a franchisee rather than Planet Fitness, Inc. Ask who signs the lease and what guarantee backs it (Health Club Management).
What cap rate do Planet Fitness properties trade at?
Neither The Boulder Group’s September 2026 profiles nor Matthews’ 2026 report covers Planet Fitness, so we do not quote a cap rate range. Ask our team for recent comparable sales.
Is Planet Fitness rated?
We have not found an S&P corporate credit rating for Planet Fitness. KBRA rates the securitized notes issued by its Master Issuer entity, which are secured by franchise-related assets (KBRA). Those ratings are not a rating of any one property’s lease.
What are the main risks?
Most clubs are franchised, so tenant credit varies, and growth has slowed in 2026. There are also no report benchmarks for pricing. Review the operator, the guarantor, the remaining lease term and recent comparable sales.
Questions about NNN Planet Fitness Properties for Sale?
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Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.