Wendy’s is an American international fast food restaurant chain founded by Dave Thomas on November 15, 1969, in Columbus, Ohio. The company moved its headquarters to Dublin, Ohio, on January 29, 2006. As of 2016, Wendy’s was the world’s third largest hamburger fast food chain with 6,500+ locations, following Burger King and McDonald’s. On April 24, 2008, the company announced a merger with Triarc Companies Inc., a publicly traded company and the parent company of Arby’s. Despite the new ownership, Wendy’s headquarters remained in Dublin.

Previously, Wendy’s had rejected more than two buyout offers from Triarc. Following the merger, Triarc became known as Wendy’s/Arby’s Group, and later as The Wendy’s Company. As of January 2, 2017, there were a total of 6,537 locations, including 330 that are company-owned. 6,207 restaurants are franchised, and 77% of them are located in North America. While Wendy’s sets standards for exterior store appearance, food quality, and menu, individual owners have control over hours of operations, interior decor, pricing and staff uniforms and wages.

Wendy’s menu consists primarily of hamburgers, chicken sandwiches, French fries and beverages, including the signature Frosty, which is a soft-serve frozen dairy dessert. Since phasing out their famous “Big Classic”, the company does not have a signature sandwich, such as the Burger King Whopper or the McDonald’s Big Mac – although, by default, the “signature sandwich” spot seems to have been filled by Dave’s 1/4 lb. Single (introduced in 2011 as Dave’s Hot ‘N Juicy as a reworking of the longstanding Wendy’s Single, shortened to simply Dave’s in 2016), a square-pattied burger made with fresh ground beef rather than round frozen patties. Wendy’s uses square hamburger patties – which hang over the edge of a circular bun – as its signature item.

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Parent Company: The Wendy's Company
Store Count: 6,500
S&P Rating: B

S&P Outlook: Stable

Moody Rating: B2

Moody Outlook: Stable

Typical Lease Characteristics

Lease Term: 10 – 20 Years  Years

Lease Type: Absolute NNN Lease 

Lease Increases: 10% Every 5 years 

Lease Extensions: 4-5 (5) Year Options

Lease Guarantor: Corporate and Franchisee 


  • Public Company, Credit Rated
  • Nationwide presence with high brand recognition
  • Typically Long term leases with increases


  • fast food.
  • Competitive Industry Sector
  • Susceptible to economic trends and pressures

Market Snapshots:

On Market Ranges:

# of Properties in set: 35

Price: $1,695,890 - $1,910,110Average: $1,785,145

PPSF: $510 - $710Average: $610

Year Built: 1975 - 2017Average: 1991

CAP Rate Range: 5.08% - 6.36%Average: 5.53%

Size range: 2,193 sq ft - 4,500 sq ft Average: 2,922 sq ft

Last 12 Month Range:

# of Properties in set: 86

Price: $1,512,990 - $1,965,150Average: $1,739,073

PPSF: $544 - $716Average: $612

Year Built: 1970 - 2017Average: 1992

CAP Rate Range: 5.49% - 6.53%Average: 5.78%

Size range: 1,621 sq ft - 4,644 sq ft Average: 2,857 sq ft

Wendy’s Company Profile

Headquarters Information

Columbus, Ohio

Founded in 1969

Company type: Public

Stock Ticker: WEN

Parent Company: The Wendy's Company

Sector: Services

Industry: Restaurant

# of Employees: 37,000

S&P Rating: B

S&P Outlook: Stable

S&P Rating: B2

Moody Outlook: Stable

Wendy’s Stock Keys

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