Panera Bread is a chain of fast, casual restaurant that has become an increasingly popular net lease investment property due to the rapidly escalating consumer demand for healthy food choices. Panera Bread brand began in 1981 as Au Bon Pain Co., Inc. The company was renamed and repositioned as Panera Bread to capitalize on the growing health and fitness movement. In doing so the company’s stock has grown exponentially, today totaling a market capitalization of $7.11 billion. Panera Bread Cafes are located near major shopping centers, university and college campuses, and business centers. They feature high-quality food in a warm, inviting, and comfortable environment with handcrafted artisan bread that is baked daily. The menu also features soups, salads, and sandwiches along with rotating seasonal dishes. Panera Bread net lease properties provide for a long-term NNN investment with no property management responsibilities. The average restaurant size is 4,500 square feet on 1.0-1.5 acres of land, often on a pad site.Lease terms are typically 15-20 years with one or two options to extend the lease. Many leases include rent increases between 5%-10% in base term and option periods.