Shake Shack
Shake Shack leases are signed by the corporate entity, a public company with little debt and no rating. New drive-thru and suburban pads are an emerging net lease product, but the brand is still small, so credit is judged on the company's balance sheet.
- US units
- 420
- FY2025
- 3Y net growth
- +46.3%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 10–15 yr
- NN/NNN (corporate)
- Model
- Corporate
- Public
Unit count
Shake Shack in the news
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Shake Shack net lease FAQ
What is Shake Shack's credit rating?
Shake Shack 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 Shake Shack locations are there in the US?
Shake Shack reported about 420 US locations as of FY2025. That is +46.3% versus 287 in FY2022.
What does a typical Shake Shack net lease look like?
Lease type: NN/NNN (corporate). Initial term: 10–15 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 Shake Shack corporate or franchised?
Operating model: Corporate (US domestic units company-operated, plus some licensed). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.