Investment Properties
The Partnership currently owns the following Investment Properties:
| Property Name | Address | Lessee | Annualized Operating Base Rent | Lease Expiration Date | ||||
Applebee's |
2770 Brice Rd |
RMH Franchise Corporation |
$138,000 |
8-31-2027 |
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Wendy's |
1721 Sam Rittenburg Blvd |
JAI Hospitality Group, LLC |
$166,348 |
12-31-2040 |
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Wendy's |
343 Folly Rd |
Wendcharles I, LLC |
$136,000 |
12-31-2040 |
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Wendy's |
361 Hwy 17 Bypass |
JAI Hospitality Group, LLC |
$146,520 |
12-31-2040 |
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Wendy's |
3013 Peach Orchard Rd |
Wendgusta, LLC |
$188,000 |
12-31-2040 |
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Wendy's |
1901 Whiskey Rd |
Wendgusta, LLC |
$210,632 |
12-31-2040 |
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Wendy's |
1004 Richland Ave |
Wendgusta, LLC |
$167,500 |
12-31-2040 |
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Wendy's |
517 Martintown Rd |
Wendgusta, LLC |
$87,780 |
11-6-2026 |
Summary of Properties
As of September 30, 2022, the Partnership owned eight Properties, seven of which contained fully constructed fast-food/casual dining restaurant facilities. The following are operated by tenants at the aforementioned Properties: seven separate Wendy’s restaurants, and an Applebee’s restaurant. The Properties are located in a total of three states.
Sale of Walton Way Property:
On April 22, 2022, the Partnership sold the property located at 1730 Walton Way, Augusta, GA for $1,600,000. The gain on the sale was approximately $1,103,000.
Eight Properties Leased to Wendy's Franchisees
At December 31, 2021, eight of the nine Properties were (and continue to be) leased to three Wendy’s franchisees. Operating base rents from these eight leases during the year ended December 31, 2021 comprised approximately 90% of the total 2021 operating base rents. During the year ended December 31, 2021, additional percentage rents were also generated from these eight Wendy’s Properties and totaled $366,473. Additionally, those eight Properties exceeded 80% of the Partnership’s total Properties, both by historical asset value and number. Six of the Properties that are currently leased to Wendy’s franchisees feature lease expiration dates of December 31, 2040. The other two Properties that are currently leased to Wendy’s franchisees feature a lease expiration date of November 6, 2026.