Popeyes Tenant Overview


  • No landlord responsibilities
  • Rental increases in the primary term


  • Non-investment grade credit
  • Franchisee operators

Earnings Highlights

Earnings Summary
  • Comparable sales up nearly 6% in Q4,
  • Digital sales grow over 20% year-over-year to $14 billion in 2023, representing over a third of system-wide sales
  • Nearly $1.5 billion of capital returned to shareholders in 2023 while investing for growth and reducing net leverage

Tenant Description

Popeyes Louisiana Kitchen, or Popeyes as it is commonly known, is a chain of fried chicken fast food restaurants.

Popeyes was founded in 1972 in New Orleans.

Popeyes is an attractive net lease investment due to their triple net leases with rental increases and their strong locations. Popeyes, like most QSRs, sign triple net leases that relieve the investor of any landlord responsibilities. The leases will typically feature rental increases in the base term every five years or annually, depending on the lease. Popeyes occupies buildings with strong real estate fundamentals, such as good visibility from a highly trafficked road. Their layout is common among QSR tenants, which makes backfilling the property much easier. Nearly all of the Popeyes locations are franchises, making it critical investors evaluate the financial strength of the restaurant operator.

Average Cap Rate
Trailing 12-month average
Average Property & Lease
Average Sale Price $2,401,235
NOI $130,904
$/Square Foot $686 - $1,201
Building SF 2,000 - 3,500
Lot Size 0.5 - 1.0 acres
Lease Term 15 - 20 years
Escalations 10% every 5 yrs
Stock Symbol QSR
Credit Rating
Moody's N/A
Average Cap Rate Trend
Rates reflect year-over-year comparison
Recent Sales Comps
Bell, CA 4.75%
Westchester, PA 5.00%
Farmington, NM 6.00%