Burger King is one of the most recognizable brands in the restaurant sector, and the second largest fast food hamburger chain in the world. The chain has been in operation for over 60 years and has more than 14,000 locations in over 100 countries. Burger King utilizes a franchise system, with corporate operating very few stores. Burger King brand recognition leads investors to feel a strong level of comfort, as well as the strong real estate fundamentals that many Burger King properties possess. Although leases vary greatly between each franchisee, recently many leases are 20 year terms, with rental increases every 5 years throughout the term. Most leases feature no landlord responsibilities due to the “absolute net lease” or ground lease structures.