Murphy USA

• Publicly Traded, Investment-Grade Convenience Retailer: Murphy USA Inc. (NYSE: MUSA) is one of the nation’s largest independent fuel and convenience retailers, operating approximately 1,750 stores — including the Murphy USA, Murphy Express, and QuickChek banners — across 27 states, and ranks No. 4 on CSP’s 2025 Top 202 ranking of U.S. convenience-store chains by store count.
• Scale and Financial Performance: The company generated approximately $19.38 Billion in total revenue and $470.6 million in net income for full-year 2025, supported by adjusted EBITDA of roughly $1.02 Billion.
• Investment-Grade Credit Profile: Murphy USA carries a ‘BB+’ issuer rating from S&P Global Ratings, reflecting a disciplined balance sheet and consistent free cash flow generation.
• Disciplined, Ongoing Growth: The company opened 51 new-to-industry stores in 2025 and is targeting 45–55 new stores in 2026 as part of a long-term goal of 500+ new stores over the next decade — demonstrating continued reinvestment in its retail network.
• Necessity-Based, Traffic-Driven Model: Murphy USA’s stores are predominantly sited adjacent to Walmart Supercenters and other high-traffic retail anchors, generating consistent daily visitation driven by fuel and convenience purchases that are largely resistant to e-commerce displacement.
• Absolute NNN Ground Lease: Creating a passive and reliable stream of income.
• New 20-Year Base Term with Four (4) Five-Year Renewal Options: Representing a potential 40-year total lease commitment on a newly constructed (2026), freestanding pad site.
• 8% Rent Increases Every 5 Years throughout the base term and all four option periods: Annual rent grows from $178,000 at commencement to $224,228.74 in Years 16–20, and continues escalating through each option period to $305,060.72 by the final option period (Years 36–40). Corporate Guaranty: The lease is backed by a corporate guaranty structure, providing institutional-grade credit support behind the rent stream.
• Rising Cap Rate Profile: Scheduled escalations push the in-place cap rate from 5.00% at list price in Years 1–5 to approximately 5.40% by Years 6–10, and to roughly 5.83% by Years 11–15 — a built-in yield-growth profile for a long-term holder.
• Premier Southwest Fort Worth Location: Situated on McPherson Blvd at the Chisholm Trail Parkway, the most dynamic emerging retail corridor in Southwest Fort Worth and one of the fastest-growing areas in the entire DFW Metroplex.