Investment Overview

The tenant, Panera LLC, has executed a new 10-year lease for a Panera Bread restaurant pad that opened in July of 2024. There are now nine years remaining on the corporate signed lease, with a 10% mid-term increase, and in each of the four, 5-year extension periods, offering a nice hedge against inflation. The lease has minimal landlord responsibilities. Panera LLC is a wholly owned subsidiary of JAB Holding Company, which is an investment grade credit rated Baa1 by Moody’s. JAB is a privately held firm that also operates brands such as Caribou Coffee, Krispy Kreme, Einstein Bros Bagels, Keurig, and Dr. Pepper, among others. This is a relocation of the Panera from across the street. Panera reached out to ownership to move to Rockvale in order build its new, stand alone prototype with a drive-thru.