Papa Johns 2000 Annual Report Download - page 22

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17
Honduras .............................................................................................................................. 2
Iceland................................................................................................................................... 1
Mexico................................................................................................................................... 19
Puerto Rico........................................................................................................................... 9
Saudi Arabia......................................................................................................................... 4
Venezuela.............................................................................................................................. 13
United Kingdom.................................................................................................................. 1
Total International Franchised Papa John’ s Restaurants .................................... 69
Most Papa John’ s restaurants are located in leased space. The initial term of most restaurant leases is
five years or less with most leases providing for one or more options to renew for at least one additional
term. Virtually all of our leases specify a fixed annual rent. Generally, the leases are triple net leases
which require us to pay all or a portion of the cost of insurance, taxes and utilities. Certain leases further
provide that the lease payments may be increased annually, with a small number of escalations based on
changes in the Consumer Price Index.
Approximately 144 Company-owned restaurants are located in buildings we own on land either owned or
leased by us. These restaurants range from 1,200 to 1,800 square feet. Ten of the restaurants are located
in multi-bay facilities we own. These multi-bay facilities contain from 2,800 to 5,000 square feet, and the
space not utilized by the Papa John’ s restaurants in each facility is leased or held for lease to third party
tenants.
All 202 franchised and three Company-owned Perfect Pizza restaurants are located in the United
Kingdom. In addition to leasing the three Company-owned restaurant sites, we lease and sublease to
franchisees 168 of the 202 franchised restaurant sites. The initial lease terms on the Company and
franchised sites are generally 10 to 15 years. The initial lease terms of the franchisee subleases are
generally five to ten years.