Realty Income (O) Reaches Agreement to Continue Leases on All Buffets Properties
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Realty Income Corporation (NYSE: O) today announced that it has reached an agreement with Buffets Holdings, Inc., for the continued lease of all of its properties.
Under the terms of the agreement, all 105 of the leases, 104 owned by Realty Income and one owned by Crest Net Lease, Inc., will be assumed and continue to be operated by Buffets. Rents will be modified, for the 104 Realty Income properties, from an annualized rent of $22.4 million to $19.4 million, or 87% of previous rents. In addition, rents are to increase 2% annually. Currently the 104 properties represent approximately 6.8% of Realty Income's annualized lease revenue.
Realty Income Corporation engages in the acquisition and ownership of commercial retail real estate properties in the United States.
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