• Panera Bread has 12+ years remaining on their current lease with 3 (5-year) options to extend, demonstrating their long-term commitment to the site • The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation • The lease is signed by Panera, LLC, a subsidiary of the corporate entity • Panera Bread, which was acquired by JAC Holding Company in 2017, is a leading quick-casual restaurant brand with 2,218 locations