European Portfolio Snapshot
REALTY INCOME
Quick-Service Restaurants (6.4% of ABR)
RESILIENT BUSINESS MODEL:
QSRs are less dependent on "dine-in" traffic as their revenue model is based
on an "off-premise" and drive-thru (historically 65%+ of sales) offerings.
KFC
9.7%
5.4%
ORIGINAL RECIPE
8444
MEAL
MADE
HARD WAY
CHICKEN
WAFFLES
HOT WINGS
ARE BACK
NOW HIRING
STRONG VALUE PROPOSITION:
In a recessionary environment, consumers tend to be more
value-centric and QSR operators benefit from a “trade down" effect
from casual dining consumers.
FUNGIBILITY OF REAL ESTATE:
Positive re-leasing results on QSR assets due to convenience
of real estate location and modest space footprint.
INDUSTRY SAME-STORE SALES TRENDS: STRONG RECOVERY TO ABOVE PRE-PANDEMIC LEVELS
Growth Over the Same Month in 2019(1)
27.4%
24.0%
18.5%
14.6%
12.9%
13.2%
13.7%
12.0%
11.7%
10.7%
9.7%
9.4%
22.0%
17.9%
Jan-21
Feb-21
Mar-21
Apr-21
May-21 June-21
July-21
Aug-21 Sept-21
Oct-21
Nov-21
Dec-21
22-Jan
22-Feb
22-Mar
22-Apr
57
(1) Source: Miller Pulse.View entire presentation