Papa Johns

Lowest
Cap Rate

5.75%

Lowest cap rate over past 24 months

Average
Cap Rate

6.50%

12 mo avg with 5+ yr lease term

Overview

Most Papa Johns locations range from 1,200 to 1,800 square feet, often located in inline retail strips, endcaps, or small outparcels. Leases are generally structured as 10- to 15-year NNN or absolute NNN, with 7% to 10% rent escalations every 5 years. Newer leases are increasingly corporate-guaranteed, though many legacy stores are franchisee-backed. Sites are optimized for carryout and delivery, with minimal dine-in areas.

Average Property & Lease

Average Sale Price	$1,200,000 – $2,000,000
Average NOI	$80,000 – $130,000
Building SF	1,200
Lease Term	15 Years
Escalations	10% Every 5 Years
Stock Symbol	NASDAQ:PZZA

CREDIT RATING

S&P	B+
Moody's	B1

TENANT DESCRIPTION

Papa Johns was founded in 1984 in Jeffersonville, Indiana, by John Schnatter, who began selling pizzas out of the back of his father’s tavern. The brand quickly grew by focusing on high-quality ingredients and a streamlined delivery model, becoming one of the largest pizza chains in the world. Papa Johns is publicly traded under Papa John’s International, Inc., and operates thousands of locations globally through a mix of corporate-owned and franchise-operated stores.

Founded	1984
Headquarters	Atlanta, GA, U.S.
Number of Locations	5,700
Revenue	$2.1 B
Company Website	https://www.papajohns.com
Key Principal	Rob Lynch

Papa Johns

Lowest Cap Rate

5.75%

Average Cap Rate

6.50%

Overview

Average Property & Lease

CREDIT RATING

S&P

B+

Moody's

B1

TENANT DESCRIPTION

PROS

CONS

COMPANY QUICK STATS

Lowest
Cap Rate

Average
Cap Rate