FCPT extends all 66 Olive Garden and LongHorn leases past 2027

Four Corners Property Trust (NYSE: FCPT) has executed a master agreement with Darden Restaurants (NYSE: DRI) to extend all 66 Olive Garden and LongHorn Steakhouse leases that were set to expire in October 2027, according to a press release.

The leases have been extended by approximately five years, with annual rent increases of 1.5% continuing in accordance with the underlying lease terms. The agreement included no landlord rent concessions or capital contributions.

The master agreement also includes the early exercise of extension options for six leases scheduled to expire in October 2028, more than two years ahead of their renewal notice dates.

FCPT CEO Bill Lenehan said in a statement: "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."

The extensions cover 100% of FCPT's Darden leases for the two restaurant brands with renewal notice dates in 2026. FCPT is a real estate investment trust headquartered in Mill Valley, California, focused on the ownership and acquisition of net-leased restaurant and retail properties.

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