The REIT, which was created by a merger betweenOrlando, FL-based CNL Restaurant Properties Inc.,Dallas-based US Restaurant Properties Inc. and 18CNL Income Funds, closed the deal with the RestaurantCo., which owns and operates Perkins.
Memphis, TN-based Restaurant Co., which owned andoperated 153 stores and 333 franchises, hired PiperJaffray in March to evaluate "a variety of financialand strategic alternatives" for Perkins. Manyrestaurant owners and operators utilizesale-leasebacks to grow their business. For example,Trustreet Properties has done business withApplebee's, Arby's, Bennigans, Burger King, GoldenCorral, IHOP, Jack in the Box, KFC, Pizza Hut, TGIFriday's and Wendy's.
Currently, the REIT has financial interests in about2,900 properties in 49 states. According to recent SECfilings, Trustreet Properties portfolio is 95.7%occupied with an average remaining lease term of10.8 years. More than 75% of the REIT's leaseexpirations do not occur until after 2011.
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