Sheetz
Family-owned, unrated, with very high-volume stores; expanding into Ohio, North Carolina, Michigan and (from 2027) Indiana. Long ground leases are prized but trade on brand strength rather than published financials.
- US units
- 859
- Sep 2026 (approx.)
- 3Y net growth
- +26.3%
- vs. 2022 (approx.)
- Credit rating
- NR
- No public rating
- Typical term
- 20 yr
- Ground lease (absolute)
- Model
- Corporate
- Private
Unit count
Sheetz in the news
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Sheetz net lease FAQ
What is Sheetz's credit rating?
Sheetz 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 Sheetz locations are there in the US?
Sheetz reported about 859 US locations as of Sep 2026 (approx.). That is +26.3% versus 680 in 2022 (approx.).
What does a typical Sheetz net lease look like?
Lease type: Ground lease (absolute). Initial term: 20 yr. Rent increases: ~10% every 5 yr. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Sheetz corporate or franchised?
Operating model: Corporate. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.