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
Columbus, OH

RMH Franchise Corporation

$138,000

8-31-2027

Wendy's

1721 Sam Rittenburg Blvd
Charleston, SC

Wendcharles II, LLC

$76,920

11-6-2026

Wendy's

343 Foley Rd
Charleston, SC

Wendcharles I, LLC

$70,200

11-6-2026

Wendy's

361 Hwy 17 Bypass
Mount Pleasant, SC

Wendcharles I, LLC

$77,280

11-6-2026

Wendy's

3013 Peach Orchard Rd
Augusta, GA

Wendgusta, LLC

$86,160

11-6-2026

Wendy's

1901 Whiskey Rd
Aiken, SC

Wendgusta, LLC

$96,780

11-6-2026

Wendy's

1730 Walton Way
Augusta, GA

Wendgusta, LLC

$96,780

11-6-2026

Wendy's

1004 Richland Ave
Aiken, SC

Wendgusta, LLC

$90,480

11-6-2026

Wendy's

517 Martintown Rd
N Augusta, SC

Wendgusta, LLC

$87,780

11-6-2026

Brakes4Less

3859 Washington Rd
Martinez, GA

Brakes4Less of Columbia, Inc

$60,000

8-31-2028

 


Summary of Properties


As of June 30, 2019, the Partnership owned 10 Properties, nine of which contained fully constructed fast-food/casual dining restaurant facilities. The following are operated by tenants at the aforementioned nine Properties: eight separate Wendy’s restaurants, and an Applebee’s restaurant. The tenant for the Property operated as an Applebee’s restaurant has been in Chapter 11 bankruptcy since May 2018 and, in January 2019, this tenant filed with the court to continue with the Partnership’s lease without modification. As of September 30, 2018, the Martinez, GA Property was leased by Brakes4Less of Columbia, Inc. Per the terms of the First Amendment to the Brakes4Less lease dated January 15, 2019, the first 12 months’ rent was abated. The 10 Properties are located in a total of three states. The Brakes4Less store opened at the end of June, 2019.

 


Eight Properties Leased to Wendy's Franchisees


Eight of the ten Properties are operated as Wendy’s fast food restaurants and are franchises of the international Wendy’s Company. Operating base rents from these eight leases comprised approximately 80% of the total 2018 operating base rents included in operating rental income of the Partnership. During the year ended December 31, 2018, additional percentage rents totaled $528,372, all of which were unbilled and were accrued in relation to the Properties operated as Wendy’s restaurants. Therefore, during 2018, the Partnership generated approximately 87% of its total operating revenues from those eight Properties. As of June 30, 2019, the eight Properties operated as Wendy’s restaurants exceeded 80% of the Partnership’s total Properties, both by asset value and number.

 

 

 

 

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The Provo Group, Inc. ("TPG")