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Texas Roadhouse, 740 SW Blue Pkwy Lee's Summit, MO

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Texas Roadhouse, 740 SW Blue Pkwy Lee's Summit, MO OFFERING MEMORANDUM TEXAS ROADHOUSE 740 NW Blue Pkwy, Lee’s Summit, MO 64086 ARTIST RENDERING CONSTRUCTION PHOTO EXCLUSIVELY LISTED BY ARON CLINE JOSH BISHOP CHAD KURZ SVP & Senior Director VP & Director SVP & National Director LIC # 01904371 (CA) LIC # 688810 (TX) [email protected] DIR (214) 692-2927 CALVIN SHORT KYLE MATTHEWS MOB (562) 480-2937 SVP & Senior Director BROKER OF RECORD LIC # 01911198 (CA) 2 | Offering MemorandumLIC # 01927216 (CA) LIC # 2017010164 (MO) INVESTMENT HIGHLIGHTS Brand New Texas Roadhouse Ground Lease: The property was completed in 2018 and offers a15-year initial lease term with 3, 5-year options. The current rent is just $150,000 with increases of 10% every 5 years including the option period. Out-Parcel to Lifestyle Center: Property is an out-parcel to newer lifestyle center with nearly 1 Million square feet of retail in the immediate vicinity anchored by Target and Lowe’s Home Improvement. There are nearly 100 national and regional retail tenants in the immediate vicinity. Over 120,000 Vehicles Per Day: The property is located on U.S. Route 50 which is a major east-west route in the state of Missouri and sees over 120,000 vehicles per day near the property. Wealthy Suburb of Kansas City: The property is located in a wealthy suburb of Kansas City with nearly 100,000 residents and an average household income of ±$100,000 in the 5-mile radius. University of Central Missouri: University of Central Missouri just built their innovation campus which will have 550 high school students and 3,000 college students. The $100M project was paid for by a $40M bond issuance and the rest by University of Central Missouri. Great Store Sales and Still Growing: Texas Roadhouse has extremely strong store sales, average store sales for 2017 is $4,973,000 which is up 18.80% over the past 4 years. If this site performs at average, it is an incredibly low 3.02% rent to sales ratio. Strong Corporate Guaranty: Texas Roadhouse is a publicly traded company with a market cap of ±$5B. The stock price sits at ±$70 per share which is up nearly 270% over the past 5 years. Texas Roadhouse, Inc. had revenue of ±$2B in 2016 with net operating income of $28,618,000. Capital Investment for new Texas Roadhouse is $5M: According to the 2016 10-K, Texas Roadhouse estimates that the average capital investment for Texas Roadhouse restaurant in 2017 to be $5,250,000. For 2016, the average capital investment for just the land and building of a new Texas Roadhouse is $3,435,000, well below the current asking price. Upgraded Construction: The property is state-of-the-art construction with the majority of the building materials stone and brick with wood accents. Texas Roadhouse - Lee’s Summit, MO | 3 ARTIST 4 | Offering RENDERING Memorandum FINANCIAL OVERVIEW FINANCIAL INFORMATION 2017 Average Capital Investment for New Texas Roadhouse: Price $3,125,000 LAND Cap Rate 4.80% $1,265,000 Gross Leaseable Area 7,420 SF Lot Size ± 1.54 Acres (67,097 SF) BUILDING Year Built 2018 $2,170,000 ANNUALIZED OPERATING DATA Lease Commencement Monthly Rent Annual Rent Cap Rate FURNITURE & EQUIPMENT Year 1-5 $12,500.00 $150,000 4.80% $1,155,000 Year 6-10 $13,750.00 $165,000 5.28% PRE-OPENING COSTS Year 11-15 $15,125.00 $181,500 5.81% $660,000 Option 1 $16,637.50 $199,650 6.39% Option 2 $18,301.25 $219,615 7.03% OTHER Option 3 $20,131.33 $241,576 7.73% $5,000 TENANT SUMMARY TOTAL Tenant Name Texas Roadhouse $5,250,000 Lease Guarantor Corporate Lease Type Ground Lease VS Type of Ownership Fee Simple Roof and Structure Tenant Responsibility Price of Subject Property: Original Lease Term 15 Years Rent Commencement Date July 19, 2018 TOTAL Lease Expiration Date July 31, 2033 $3,125,000 Term Remaining on Lease ± 15 Years Increases 10% Increases *Texas Roadhouse data taken from their 10-K report and Options Three, 5-Year Options Yahoo Finance. Texas Roadhouse - Lee’s Summit, MO | 5 TENANT OVERVIEW Tenant Name Texas Roadhouse Ownership Public (NASDAQ: TXRH) Market Cap $5.025 B Revenue $2.219B (2017) Locations ± 550 Employees ± 47,900 Headquartered Louisville, KY Year Founded 1993 Website www.texasroadhouse.com TENANT OVERVIEW Texas Roadhouse was founded on February 17, 1993 in Clarksville, Indiana. Since then the chain has opened over 450 locations in 49 United States, and in Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Philippines, and Taiwan. Texas Roadhouse Corporation is headquartered in Louisville, Kentucky. Texas Roadhouse serves American cuisine, including steak, ribs, chicken, and seafood. Their steaks are hand-cut and are never frozen. They are also known for their free buckets of peanuts at each table along with free yeast rolls. Texas Roadhouse’s slogan is “Legendary Food, Legendary Service”. 6 | Offering Memorandum Texas Roadhouse Sizzles on Huge Comps Gains madison.com (Dan Caplinger) Feb 21, 2018 Restaurant chains across the industry have faced tough conditions for a long costs, although weaker food costs helped to contain overall expense increases time, with rising competition and structural challenges combining to put pres- and left restaurant margin figures down just a tenth of a percentage point to 17%. sure on revenue and profits for many companies in the space. Texas Roadhouse (NASDAQ: TXRH) has found a way to avoid the restaurant downturn, and its Texas Roadhouse kept on opening new locations at a similar pace to previous consistent performance has produced big gains for long-term shareholders over quarters. The company opened seven new corporate-owned restaurants and the past several years. two international franchise restaurants during the quarter. That brought the total number of stores to 550 systemwide. Coming into Tuesday’s fourth-quarter financial report, Texas Roadhouse inves- tors wanted to see the steakhouse chain continue to show its strength. Texas CEO Kent Taylor celebrated 2017. “We delivered another strong year of results,” Roadhouse once again managed to produce impressive financial performance, Taylor said, “with double-digit revenue and diluted earnings-per-share growth and even though some investors were still hungry for more, the long-term pros- for both the fourth quarter and the full year.” The CEO also pointed to the 32nd pects for the chain look good. Let’s take a closer look at Texas Roadhouse and consecutive quarter of positive comparable restaurant sales as a milestone in what its latest results say about its future. Texas Roadhouse’s history. Order up for Texas Roadhouse What’s next for Texas Roadhouse? Texas Roadhouse’s fourth-quarter results marked a great finish to a strong year. Texas Roadhouse has carried its good performance into 2018. Taylor said that Total revenue came in at $545.1 million, up 12.5% from a year ago and match- comps for the first 55 days of the first quarter were up 4.7%, as the company got ing expectations among those following the stock. Net income jumped 38% to a boost from the move of the New Year’s holiday to Monday as well. $28.6 million, and that translated to earnings of $0.40 per share, $0.03 higher than the consensus forecast among investors. In terms of official guidance, Texas Roadhouse didn’t change much in terms of what it sees ahead for 2018. The company adjusted its tax rate expectations In several recent quarters, Texas Roadhouse has managed to build business at downward to 15% to 16%, but it still sees positive comparable-restaurant sales, its existing locations, making it stand out from the crowd. That happened again 30 new restaurant openings, flat food costs, and mid-single digit percentage this quarter, with a 5.8% rise in comparable-restaurant sales at company-owned gains in labor costs. locations and a 4.7% gain in comps for franchise restaurants domestically. That the Christmas holiday fell on a Monday this year had a positive impact that Texas The restaurant chain also delivered more dividend income to shareholders. The Roadhouse estimated to be 0.4 percentage points, but the comps gains overall company declared a $0.25 per share payout for the quarter, up 19% from the reflected even faster growth than the company has seen recently. $0.21 it had paid previously. The new payout puts Texas Roadhouse’s yield at about 1.75%. However, some investors weren’t entirely pleased with the way that Texas Road- house achieved its results. Income tax rates fell by nine percentage points to just Texas Roadhouse investors seemed to have wanted an even better quarter than below 20% during the quarter, and that added $0.04 per share to the bottom the steakhouse chain had, as the stock fell 4% in after-hours trading following line. It’s unclear to what extent investors had incorporated tax-related changes the announcement. Yet as long as the company can buck adverse trends that into their expectations, but some could argue that looking at earnings on an ad- are hurting its competitors a lot more, Texas Roadhouse should be in a good justed basis would have left Texas Roadhouse just shy of what they had wanted position to keep expanding and being successful in the future. to see. On the margin front, Texas Roadhouse kept struggling with higher labor Texas Roadhouse - Lee’s Summit, MO | 7 CONSTRUCTION 8 | Offering Memorandum PHOTO CONSTRUCTION PHOTO Texas Roadhouse - Lee’s Summit, MO | 9 PROPERTY OVERVIEW THE OFFERING Property Name Texas Roadhouse 740 NW Blue Pkwy Property Address Lee’s Summit, MO 64086 Site Description Number of Stories One Year Built 2018 Gross Leasable Area (GLA) ±7,420 SF Lot Size ± 1.54 Acres (67,097 SF) Type of Ownership Fee Simple Parking Spots 118 Parking
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