Casey’s General Stores
Interested in selling your Casey’s NNN property or Casey’s ground-lease property and wondering what you can get for it in today’s changing market?
Contact us for a complimentary broker opinion of value for your off-market Casey’s NNN property for sale or Casey’s ground-lease property for investment, specifically tailored to support your 1031 exchange requirements. This valuable assessment will provide you with the necessary clarity to make informed decisions regarding the sale of your Casey’s NNN property or the inclusion of a Casey’s ground-lease property in your investment portfolio. As specialists in working with 1031 exchange buyers seeking off-market Casey’s properties, we are dedicated to delivering competitive offers with reduced fees to help you maximize your investment returns.
Number of locations
As of April 30, 2025, Casey’s operates 2,904 convenience stores across the United States. On average, many of Casey’s stores are located in smaller towns; a significant portion serve communities with populations under 20,000.
Revenue and income
For the 12-month period ending April 30, 2025, Casey’s reported total revenue of US$ 15.9 billion. In fiscal 2025, Casey’s recorded a net income of US$ 546.5 million and EBITDA of US$ 1.2 billion, reflecting a strong financial performance. The company also continues returning value to shareholders — for example, they increased their quarterly dividend to US$ 0.57 per share in 2025, marking their 26th consecutive annual dividend increase.
Future plans
Under its latest strategic plan, Casey’s aims to continue expanding its store footprint. The company has indicated goals to grow store count, accelerate its food business, and enhance operations to meet evolving consumer preferences. In FY 2025 alone, Casey’s built or acquired 270 stores — the most in a single year in the company’s history — including the acquisition of 198 convenience stores from another chain. The company also emphasizes its prepared-food offering (pizza, hot sandwiches, bakery items) and fuel sales, making it both a convenience store and a fuel retailer — a diversified business mix that supports resilience amid changing consumer behaviors.
Corporate vs. franchise
Casey’s is a publicly traded company listed on NASDAQ under ticker symbol “CASY.” The company operates primarily under the brand names “Casey’s” and “Casey’s General Store.
Additional information H-E-B Properties
1. Casey’s was founded in 1968, when the first store opened in Boone, Iowa.
2. Over time, Casey’s expanded beyond Iowa into multiple states, scaling up its convenience-store footprint while maintaining a core offering of fuel, groceries, and prepared foods such as pizza, sandwiches, donuts, and other items.
3. Casey’s operates from its main headquarters in Ankeny, Iowa.
Casey’s General Stores History
Casey’s General Stores began in 1959 when founder Donald Lamberti leased and remodeled his father’s country store in Des Moines, Iowa. After several successful years, Lamberti was encouraged by a gasoline distributor to open additional convenience stores. In 1968, the first official Casey’s store opened in Boone, Iowa, marking the start of the brand.
Throughout the 1970s and 1980s, Casey’s expanded steadily across small towns in the Midwest, becoming known for its friendly neighborhood convenience stores, fuel sales, and fresh-made food—especially its now-famous pizza, which debuted in the early 1980s. The company’s focus on serving rural and suburban communities helped it grow rapidly.
By the 2000s, Casey’s became one of the largest convenience store chains in the United States. The company continued acquiring smaller chains and opening new locations, strengthening its presence across the Midwest and South. Today, Casey’s operates nearly 3,000 stores in multiple states and remains headquartered in Ankeny, Iowa. Known for its prepared foods, fuel, grocery items, and bakery offerings, Casey’s continues to innovate with updated store formats, digital ordering, loyalty programs, and strong growth plans.
Why Invest in Ground Lease and NNN Lease of Casey’s?
Investing in a Casey’s ground lease or triple net (NNN) lease property can be attractive for several reasons:
1) Casey’s NNN Property Investment: Stable income
As a large, publicly traded convenience-store and fuel retailer with 2,900+ stores and diversified revenues (fuel, prepared food, convenience retail), Casey’s offers reliable long-term income potential under NNN or ground leases.
2) Casey’s NNN Property Investment: Established tenant
Casey’s proven track record, brand recognition, and national footprint reduce the risk of vacancy or lease default, offering landlords a stable tenant.
3) Casey’s NNN Property Investment: Low management responsibility
Under NNN / ground lease agreements, Casey’s typically handles maintenance, taxes, insurance, and operations — providing passive, hands-off income for the landlord.
4) Casey’s NNN Property Investment: Favorable lease terms & Growth potential
With a recent record of high store expansion (270 stores in one year), plus a clear strategy for growth, there is strong demand for real estate — potentially improving ground-lease value and investor returns over time. The business mix (fuel + convenience + food) provides multiple revenue streams, which can support stability even if one segment faces headwinds.
5) Casey’s NNN Property Investment: Real estate value and demographics
Many Casey’s stores are in smaller towns and rural/suburban markets — often underserved by big-box retailers — which could provide attractive real estate yield compared with urban retail properties. Since Casey’s operates in many states, there’s geographic diversification, which can reduce localized risk for investors holding multiple properties.
Pros and Cons of Casey’s General Stores Ground Lease and NNN Lease Investment
Pros:
1. Stable income stream from a well-known, established convenience store / fuel operator with a strong national footprint.
2. Reduced vacancy / default risk due to Tenant’s size, financial performance, and brand strength.
3. Minimal landlord responsibilities — as long as lease terms are structured appropriately, the tenant handles maintenance, taxes, insurance, and operations.
4. Potential for long-term lease stability, especially given Casey’s aggressive growth and expansion strategy.
5. Properties located in smaller towns and less-saturated markets — often offering favorable cap rates and less competition for tenants.
6. Diversified business model (fuel, grocery, prepared food) — which can provide resiliency against economic cycles or shifts in consumer behavior.
Cons:
1. As with any lease investment — there’s lease renewal risk: at lease expiration, terms might be renegotiated, or the tenant might leave or relocate.
2. Dependence on tenant performance — returns hinge on Casey’s continued success, ability to adapt to competition (other convenience stores, fuel-price volatility, grocery competition), and economic conditions.
3. Rural / small-town property risks — while less competition, smaller markets may offer slower population growth, which could limit long-term property value appreciation.
4. Possible restriction on alternate use — convenience/fuel-store layout might limit potential conversion if tenant vacates, which can impact re-tenanting value.
5. Regulatory or fuel-market risk — as fuel is a significant part of Casey’s revenue, changes in regulation, environmental policies, or fuel demand/price fluctuations can impact performance.
Thorough due diligence and careful evaluation of Casey’s store locations, lease terms, tenant financial strength, and overall investment strategy are essential. Before proceeding, investors should analyze local market conditions, store performance, and Casey’s long-term operational stability. Consulting with experienced real estate professionals and financial advisors will help ensure the investment aligns with your financial goals and risk tolerance.
MarketWatch: Casey’s General Stores
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