FCPT Announces Extensions for 100% of Olive Garden and LongHorn Leases Maturing in 2027
Key Highlights
- ➤66 Olive Garden and LongHorn leases extended approximately five years
- ➤100% of FCPT’s Darden leases with 2026 renewal notices renewed
- ➤Rents continue increasing 1.5% annually under the extended leases
- ➤Six leases expiring in October 2028 received early extension options
- ➤Agreement included no landlord rent concessions or capital contributions
Expert Statements
Bill Lenehan, CEO of Four Corners Property Trust
“This Master Agreement represents our first opportunity to provide proof of concept for the high renewal rate and sustainable rent levels in the original spin-off portfolio. Further, the Master Agreement includes an early exercise for several leases maturing more than two years from now, underscoring the confidence Darden has in our properties. This outcome is the direct result of FCPT’s strategy of pairing best-in-class operators with high-quality, low rent properties.”
FCPT Announces Extensions for 100% of Olive Garden and LongHorn Leases Maturing in 2027
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the execution of a master agreement, extension and exercise (“Master Agreement”) with Darden Restaurants, Inc. and certain of its affiliates (“Darden”) (NYSE:DRI) with respect to all 66 Olive Garden and LongHorn leases previously expiring in October 2027. The Master Agreement also includes the early extension options for six leases expiring in October 2028. The leases have been extended by approximately five years, and in all cases, rent will continue to increase by 1.5% annually in accordance with the underlying leases.
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