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Latest2026-09-29 · 18:05

Why Chick-fil-A ground leases trade at the tightest caps in QSR

Operators don't sign the lease and the brand doesn't franchise the dirt. Here's what that does to credit, term and resale.

▶ Watch nowListen to the podcast
▶The Breakdown · Ep. 041Chick-fil-A

The Breakdown

One tenant, twenty minutes. Every Tuesday.

Ep. 040 · 14:32
Dollar General
Dollar General's store count is still growing. Should rent coverage worry you?
Ep. 039 · 09:58
Dutch Bros
Dutch Bros at 1,000 units: the drive-thru coffee land grab, explained
Ep. 038 · 16:47
Walgreens
Walgreens dark boxes: buyout, backfill or wait out the term?

The Cap Rate Hour

Podcast · Brokers, lenders and 1031 buyers. Every Friday.

Ep. 062 · 48 min
Safest box?
Are dollar stores still the safest box in America?
Ep. 061 · 41 min
Ground vs. fee
Ground lease or fee simple? A lender explains the spread
Ep. 060 · 52 min
1031 is back
The 1031 buyer is back. Here's what they're paying for.

Long reads

All guides →
What Is a NNN Lease? A Landlord's Guide to Triple Net
How triple net leases work, what tenants and landlords each pay, how NNN differs from NN and absolute NNN, and what to check before you buy.
How Cap Rates Work in Net Lease
What a net lease cap rate measures, what moves it, why it is not a total return, and how to compare cap rates across deals fairly.
1031 Exchange Timeline for Net Lease Buyers
The 45-day and 180-day rules, qualified intermediaries, identification rules, and boot, explained for investors buying net lease replacement property.
How to Read an FDD as a Landlord: Items 19, 20 and 21
Use the Franchise Disclosure Document to judge the brand behind a franchisee net lease tenant: unit economics, closures, and franchisor finances.
Corporate vs. Franchisee Guarantees in Net Lease
How corporate and franchisee lease guarantees differ, why they price differently, and how to underwrite each one as a net lease investor.
Ground Lease vs. Fee Simple in Net Lease
How ground leases and fee simple net lease deals differ in risk, pricing, depreciation, and reversion, and how to choose between them.