Wawa
Privately held, unrated, but considered a top-tier convenience credit with very high-volume stores and fast growth into Florida and new Midwest/Southeast markets. Ground leases with long terms command some of the lowest cap rates in the c-store sector.
- US units
- 1,251
- Sep 2026 (approx.)
- 3Y net growth
- +25.1%
- vs. 2022 (approx.)
- Credit rating
- NR
- No public rating
- Typical term
- 20 yr
- Ground lease (absolute)
- Model
- Corporate
- Private
Unit count
Wawa in the news
All news →- inc.com
Wawa net lease FAQ
What is Wawa's credit rating?
Wawa 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 Wawa locations are there in the US?
Wawa reported about 1,251 US locations as of Sep 2026 (approx.). That is +25.1% versus 1,000 in 2022 (approx.).
What does a typical Wawa net lease look like?
Lease type: Ground lease (absolute). Initial term: 20 yr. Rent increases: 5-10% every 5 yr. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Wawa corporate or franchised?
Operating model: Corporate. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.