Denny’s

Lowest
Cap Rate

6.00%

Lowest cap rate over past 24 months

Average
Cap Rate

6.85%

12 mo avg with 5+ yr lease term

Overview

Denny’s restaurants typically range from 4,000 to 5,000 square feet and are located on 0.75 to 1.25-acre parcels, often near highway exits, hotels, or travel corridors. Lease structures are commonly 15- to 20-year NNN or absolute NNN, with 10% rent increases every 5 years, and are often franchisee-operated. Corporate-guaranteed leases are available but less common. Most buildings are freestanding and include full dining room layouts and customer parking.

Average Property & Lease

Average Sale Price	$2,000,000 - $3,200,000
Average NOI	$140,000 - $220,000
Building SF	4,000
Lease Term	15 Years
Escalations	10% Every 5 Years
Stock Symbol	NASDAQ:DENN

CREDIT RATING

S&P	N/A
Moody's	N/A

TENANT DESCRIPTION

Denny’s was founded in 1953 in Lakewood, California, by Harold Butler and Richard Jezak as a donut shop called Danny’s Donuts. It evolved into a 24-hour diner concept by the late 1950s, known for affordable, all-day breakfast and comfort food. Over the decades, Denny’s became a staple of American roadside dining and expanded through franchising. Today, it remains one of the largest full-service family dining chains in the U.S., operating under Denny’s Corporation, a publicly traded company.

Founded	1953
Headquarters	Spartanburg, SC, U.S.
Number of Locations	1,400
Revenue	$456 M
Company Website	https://www.dennys.com
Key Principal	Kelli Valade

Denny’s

Lowest Cap Rate

6.00%

Average Cap Rate

6.85%

Overview

Average Property & Lease

CREDIT RATING

S&P

N/A

Moody's

N/A

TENANT DESCRIPTION

PROS

CONS

COMPANY QUICK STATS

Lowest
Cap Rate

Average
Cap Rate