FCPT extends 100% of Olive Garden, LongHorn leases maturing 2027; 66 leases renewed ~5 years

Four Corners Property Trust, Inc.

FCPT executed a Master Agreement with Darden Restaurants (NYSE:DRI) covering all 66 Olive Garden and LongHorn leases originally expiring October 2027.
Leases extended by approximately five years; rent continues to increase 1.5% annually in accordance with the underlying leases.
Agreement also includes early extension options for six leases expiring October 2028, exercised more than two years ahead.
No landlord rent concessions or capital contributions were included in the transaction.
CEO Bill Lenehan said it is the first proof of concept for high renewal rates and sustainable rent in the original spin-off portfolio.

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