Growing International Portfolio
REALTY INCOME
Quick-Service Restaurants (5.5% 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
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 Year-on-Year(1)
19%
9%
10%
7%
7%
6%
5%
5%
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
(1) Source: Restaurant Brand International and Yum Brands average same store sales over the period per company filings.
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