PAPA JOHNS INTERNATIONAL INC

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

About this filing

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FY2023 · Filed Feb 29, 2024

PZZA$19.73-0.8%Stored close · as of Nov 6, 2026

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Contents

Item 2. Properties

As of December 31, 2023, there were 5,906 Papa John’s restaurants worldwide. The following tables provide the locations of our restaurants. We define “North America” as the United States and Canada and “Domestic” as the contiguous United States.

North America Restaurants:

	Company (a)	Franchised	Total
Alabama	3	89	92
Alaska	—	10	10
Arizona	—	67	67
Arkansas	—	28	28
California	—	165	165
Colorado	—	48	48
Connecticut	—	5	5
Delaware	—	17	17
District of Columbia	—	9	9
Florida	41	260	301
Georgia	91	104	195
Hawaii	—	19	19
Idaho	—	13	13
Illinois	8	73	81
Indiana	46	95	141
Iowa	—	25	25
Kansas	16	21	37
Kentucky	37	68	105
Louisiana	—	59	59
Maine	—	4	4
Maryland	59	42	101
Massachusetts	—	7	7
Michigan	—	31	31
Minnesota	—	37	37
Mississippi	—	33	33
Missouri	41	27	68
Montana	—	9	9
Nebraska	—	13	13
Nevada	—	24	24
New Hampshire	—	3	3
New Jersey	—	57	57
New Mexico	—	17	17
New York	—	86	86
North Carolina	104	81	185
North Dakota	—	10	10
Ohio	—	165	165
Oklahoma	—	36	36
Oregon	—	14	14
Pennsylvania	—	88	88
Rhode Island	—	2	2
South Carolina	9	77	86
South Dakota	—	11	11
Tennessee	39	79	118
Texas	—	310	310
Utah	—	32	32
Virginia	26	119	145
Washington	—	49	49
West Virginia	—	24	24
Wisconsin	11	17	28
Wyoming	—	10	10
Total U.S. Papa John’s Restaurants	531	2,689	3,220
Canada	—	213	213
Total North America Papa John’s Restaurants	531	2,902	3,433

(a) Company-owned Papa John’s restaurants include restaurants owned by majority-owned subsidiaries. There were 98 such restaurants at December 31, 2023 (59 in Maryland, 26 in Virginia, and 13 in Georgia).

International Restaurants:

	Company	Franchised	Total
Azerbaijan	—	15	15
Bahrain	—	23	23
Bolivia	—	5	5
Cambodia	—	7	7
Chile	—	154	154
China	—	317	317
Colombia	—	60	60
Costa Rica	—	56	56
Cyprus	—	10	10
Dominican Republic	—	21	21
Ecuador	—	31	31
Egypt	—	78	78
El Salvador	—	41	41
Germany	—	14	14
Guam	—	2	2
Guatemala	—	35	35
Honduras	—	15	15
Iraq	—	1	1
Ireland	—	80	80
Israel	—	29	29
Jordan	—	7	7
Kazakhstan	—	11	11
Kenya	—	1	1
Kuwait	—	35	35
Kyrgyzstan	—	3	3
Mexico	—	50	50
Morocco	—	7	7
Netherlands	—	17	17
Nicaragua	—	4	4
Oman	—	28	28
Pakistan	—	28	28
Panama	—	34	34
Peru	—	60	60
Philippines	—	15	15
Poland	—	11	11
Portugal	—	3	3
Puerto Rico	—	26	26
Qatar	—	55	55
Saudi Arabia	—	24	24
South Korea	—	254	254
Spain	—	90	90
Trinidad	—	9	9
Tunisia	—	14	14
Turkey	—	55	55
United Arab Emirates	—	92	92
United Kingdom	117	407	524
Uzbekistan	—	3	3
Venezuela	—	19	19
Total International Papa John’s Restaurants	117	2,356	2,473

Most Papa John’s Company-owned restaurants are located in leased space. The initial term of most Domestic restaurant leases is five years with most leases providing for one or more options to renew for at least one additional term. Generally, the leases are triple net leases, which require us to pay all or a portion of the cost of insurance, taxes and utilities. As a result of assigning our interest in obligations under property leases as a condition of the refranchising of certain restaurants, we are also contingently liable for payment of approximately 48 Domestic leases.

Our corporate office in Atlanta, Georgia, is located in a leased space. Nine of our 12 North America QC Centers are located in leased spaces, with the remaining three QC Centers located in buildings we own. Our corporate office located in Louisville, Kentucky is in a building owned by us. We also maintain a Company-owned office and a full-service QC Center outside of London, UK, where our International operations are managed. As of the fourth quarter of 2023, we leased the building of our previously-owned printing operations located in Louisville to a third-party. See “Note 22. Divestitures” of “Notes to Consolidated Financial Statements” for additional information.

At December 31, 2023, we leased and subleased approximately 322 Papa John’s restaurant sites to franchisees in the UK. The initial lease terms on the franchised sites in the UK are generally 15 years. The Company has the option to negotiate an extension toward the end of the lease term at the landlord’s discretion. The initial lease terms of the franchisee subleases are generally five to ten years. See “Note 3. Leases” of “Notes to Consolidated Financial Statements” for additional information.

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