Panera Bread

QSRPanera Brands (private)

Avg cap rate (T12)

Being compiled

S&P

Being compiled

Moody's

Being compiled

U.S. units

2,200+

Typical lease

15 yr NN/NNN, 10% / 5 yrs

Ratings and unit counts come from public sources (agency ratings, company filings, trade press) as of Oct 14, 2026, believed reliable but not independently verified. A rating may belong to a parent company rather than the entity that signs or guarantees the lease. Typical lease terms are general market norms, not a valuation of any property. Do your own due diligence before any purchase, sale or lease. The Panera Bread logo is a trademark of its owner, shown only to identify the tenant; no affiliation or endorsement is implied. Full disclosures