Whataburger
Most Whataburger restaurants are company-operated, so leases typically carry the corporate guarantee of a private, unrated company with strong sales (~$3.7M+ AUV). Expansion beyond Texas makes newer markets less proven, but Texas sites are seen as core real estate.
- US units
- 1,161
- FY2025
- 3Y net growth
- +25.5%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15–20 yr
- NNN or ground lease (corporate)
- Model
- Mostly corporate
- Private equity (BDT & MSD majority since 2019)
Unit count
Whataburger in the news
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Whataburger net lease FAQ
What is Whataburger's credit rating?
Whataburger 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 Whataburger locations are there in the US?
Whataburger reported about 1,161 US locations as of FY2025. That is +25.5% versus 925 in FY2022.
What does a typical Whataburger net lease look like?
Lease type: NNN or ground lease (corporate). Initial term: 15–20 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 Whataburger corporate or franchised?
Operating model: Mostly corporate (~85% company-operated). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.