ESCONDIDO, Calif. — Realty Income Corporation (RIC) has entered into an agreement to acquire 89 Pizza Hut properties for $59 million from NPC International Inc.
According to a news release, RIC's acquisition of the stores is subject to long-term, triple-net lease agreements. The 89 properties are located in 13 states. RIC also intends to acquire an additional 11-unit Pizza Hut property portfolio sometime subsequent to the closing of this transaction.
NPC International is the world's largest Pizza Hut franchisee with approximately 790 units.