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ORLANDO-Trustreet Properties Inc. has completed its largest acquisition since the REIT was formed in August 2004, providing $139 million in sale-leaseback financing for 67 Perkins Restaurant and Bakery stores.

The REIT, which was created by a merger between locally based CNL Restaurant Properties Inc., Dallas-based U.S. Restaurant Properties Inc. and 18 CNL Income Funds, closed the deal with the Restaurant Co., which owns and operates Perkins.

Memphis-based Restaurant Co., which owned and operated 153 stores and 333 franchises, hired Piper Jaffray in March to evaluate “a variety of financial and strategic alternatives” for Perkins. Many restaurant owners and operators utilize sale-leasebacks to grow their business. For example, Trustreet Properties has done business with Applebee’s, Arby’s, Bennigans, Burger King, Golden Corral, IHOP, Jack in the Box, KFC, Pizza Hut, TGI Friday’s and Wendy’s.

Currently, the REIT has financial interests in about 2,900 properties in 49 states. According to recent SEC filings, Trustreet Properties portfolio is 95.7% occupied with an average remaining lease term of10.8 years. More than 75% of the REIT’s lease expirations do not occur until after 2011.

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