Not enough spinach
Popeyes Louisiana Kitchen franchisee Sailormen filed for protection under Chapter 11 of the bankruptcy code. Operating 136 quick service restaurants across Florida and Georgia, the company generated $234 million in revenue during 2025.
The primary funded debt is a credit facility from BMO Bank with $130 million outstanding. At least 5 institutional net lease landlords are listed in the top unsecured claims with Service Properties Trust (NASDAQ: SVC) holding the largest claim at $251,881.
Out front
Frontage-focused FrontView REIT announced a business update:
-4Q acquisitions of 7 properties for $41.3 million (7.5% cash yield; 13-year WALT; 1.2% annual escalators)
-4Q dispositions of 11 properties for $17.8 million (7 occupied assets at a 6.8% cap rate)
-Full year 2025 acquisitions of 32 properties for $124.1 million (7.7% cash yield; 12-year WALT; 1.4% annual escalators) and dispositions of 36 properties for $78 million
FVR snapshot per company website (as of 9/30/2025)
The firm’s current investment pipeline includes $31.5 million (9 properties) under contract or in negotiations to purchase. 1Q acquisitions are expected to total $25 million at a 7.25-7.50% cash yield.
Check out FVR CEO Stephen Preston and CFO Pierre Revol on the Net Lease Observer podcast (no subscription required) here:
Apple podcast: Preston & Revol-FrontView REIT-NLO Pod | Apple
Spotify: Preston & Revol-FrontView REIT-NLO Pod | Spotify
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