Popeyes is an American multinational chain of fried chicken fast food restaurants founded in 1972 in New Orleans, Louisiana. Since 2008, its full brand name is Popeyes Louisiana Kitchen, Inc. and it was formerly named Popeyes Chicken & Biscuits and Popeyes Famous Fried Chicken & Biscuits. It is currently a subsidiary of Restaurant Brands International.

According to a company press release dated June 29, 2007, Popeyes is the second-largest “quick-service chicken restaurant group, measured by number of units”, after KFC.  More than 2,600 Popeyes restaurants are in more than 40 states and the District of Columbia, Puerto Rico, and 30 countries worldwide. About thirty locations are company-owned, the rest franchised

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Parent Company: Restaurant Brands International, Inc.
Store Count: 0
S&P Rating: N/R
Moody Rating: N/R

Moody Outlook: N/R

Typical Lease Characteristics

Lease Term: 10 – 15 Years  Years

Lease Type: Absolute NNN Lease 

Lease Increases: 10% Every 5 years 

Lease Extensions: 4-5 (5) Year Options

Lease Guarantor: Corporate and Franchise


  • Typically located in high traffic locations
  • Typically Long term leases with increases


  • Currently Not Rated
  • Competitive Industry Sector
  • Susceptible to economic trends and pressures

Market Snapshots:

On Market Ranges:

# of Properties in set: 7

Price: $1,708,910 - $2,039,040Average: $1,941,945

PPSF: $750 - $930Average: $795

Year Built: 1969 - 2018Average: 2000

CAP Rate Range: 5.93% - 7.07%Average: 6.37%

Size range: 2,052 sq ft - 3,292 sq ft Average: 2,508 sq ft

Last 12 Month Range:

# of Properties in set: 18

Price: $1,858,280 - $2,293,190Average: $1,976,889

PPSF: $714 - $806Average: $760

Year Built: 1969 - 2018Average: 2001

CAP Rate Range: 4.84% - 6.40%Average: 5.76%

Size range: 1,976 sq ft - 3,650 sq ft Average: 2,607 sq ft

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