Jersey Mike's Subs
Jersey Mike's went public in July 2026 but remains controlled by Blackstone, and nearly all stores are franchised, often in inline or endcap retail space. New drive-thru pads are a growing net lease product, but credit is still on the franchisee.
- US units
- 3,356
- Q2 2026 (approx.)
- 3Y net growth
- +40.0%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 10 yr
- NN/NNN inline or endcap, franchisee-signed
- Model
- Franchised
- Public (Blackstone-controlled)
Unit count
Jersey Mike's Subs in the news
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Jersey Mike's Subs net lease FAQ
What is Jersey Mike's Subs's credit rating?
Jersey Mike's Subs 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 Jersey Mike's Subs locations are there in the US?
Jersey Mike's Subs reported about 3,356 US locations as of Q2 2026 (approx.). That is +40.0% versus 2,397 in FY2022.
What does a typical Jersey Mike's Subs net lease look like?
Lease type: NN/NNN inline or endcap, franchisee-signed. Initial term: 10 yr. 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 Jersey Mike's Subs corporate or franchised?
Operating model: Franchised (~99% franchised). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.