TopGolf

Lowest
Cap Rate

5.50%

Lowest cap rate over past 24 months

Average
Cap Rate

6.25%

12 mo avg with 5+ yr lease term

Overview

Topgolf venues are among the largest in the entertainment sector, typically ranging from 35,000 to 75,000 square feet on 10 to 15-acre parcels. These ground-up developments feature multi-level driving bays, restaurants, event spaces, bars, and rooftop terraces. Most leases are 20-year absolute NNN, with 10% rent escalations every 5 years, and are backed by corporate guarantees from Topgolf Callaway. Sites are strategically placed in high-visibility corridors, entertainment districts, or mixed-use lifestyle developments.

Average Property & Lease

Average Sale Price	$25,000,000 - $40,000,000
Average NOI	$1,500,000 - $2,500,000
Building SF	35,000
Lease Term	20 Years
Escalations	10% Every 5 Years
Stock Symbol	NYSE:MODG

CREDIT RATING

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

TENANT DESCRIPTION

Topgolf was founded in 2000 in the United Kingdom by two brothers who aimed to make golf more interactive and accessible through technology. The concept combines a multi-level driving range with food, drinks, and entertainment, creating a social experience for golfers and non-golfers alike. Topgolf rapidly expanded in the U.S. and was fully acquired by Callaway Golf Company (now Topgolf Callaway Brands Corp.) in 2021. It operates as a unique blend of sports, hospitality, and entertainment real estate.

Founded	2000
Headquarters	Dallas, TX, U.S.
Number of Locations	90
Revenue	$1.8 B
Company Website	https://www.topgolf.com
Key Principal	Chip Brewer

TopGolf

Lowest Cap Rate

5.50%

Average Cap Rate

6.25%

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