Superior Stability and Dividend Growth
REALTY INCOME
Quick-Service Restaurants (6.6% 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.
11.1%
Jan-21
(1) Source: Miller Pulse.
KFC
4.2%
20.2%
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.
SAME-STORE SALES TRENDS: STRONG RECOVERY TO ABOVE PRE-PANDEMIC LEVELS
Growth Over the Same Month in 2019(1)
15.7%
15.7%
14.4%
12.7%
11.7%
12.0%
11.0%
9.8%
9.5%
14.4%
12.2%
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
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