Dutch Bros
Dutch Bros, Inc. is a fast-growing public company with no public credit rating, and most new shops are company-operated with leases signed by the corporate entity. Small-footprint drive-thru pads mean low rent per site and good re-tenanting potential, but cap rates price in an unrated, still-maturing credit.
- US units
- 1,225
- Q2 2026
- 3Y net growth
- +82.6%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15 yr + options
- NNN ground lease or build-to-suit (corporate)
- Model
- Mixed
- Public
Unit count
Dutch Bros in the news
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Dutch Bros net lease FAQ
What is Dutch Bros's credit rating?
Dutch Bros does not carry a public S&P issuer credit rating (NR). Landlords underwrite it on unit-level performance, the guarantor named in the lease and, for public companies, reported financials.
How many Dutch Bros locations are there in the US?
Dutch Bros reported about 1,225 US locations as of Q2 2026. That is +82.6% versus 671 in FY2022.
What does a typical Dutch Bros net lease look like?
Lease type: NNN ground lease or build-to-suit (corporate). Initial term: 15 yr + options. Rent increases: 10% every 5 yrs. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Dutch Bros corporate or franchised?
Operating model: Mixed (~72% company-operated, all new growth company-run). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.