Four Corners Property Acquires 13 Darden Restaurants Properties For $79.5M
Portfolio Pulse from Lekha Gupta
Four Corners Property Trust Inc (FCPT) has completed the acquisition of 13 corporate-operated Darden Restaurants Inc (DRI) properties for $79.5 million. The purchase includes 12 Cheddar's Scratch Kitchen properties and 1 Olive Garden property. FCPT may acquire one more Cheddar's Scratch Kitchen property in the near term, which would increase the total transaction size to $85.0 million. Year-to-date, FCPT has acquired 71 properties for $269.1 million. As of March 31, 2023, FCPT had around $392 million of available liquidity.
July 07, 2023 | 9:53 am
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NEUTRAL IMPACT
Darden Restaurants has sold 13 of its properties to FCPT. The sale could potentially free up capital for DRI to invest in its core operations.
The sale of properties to FCPT could free up capital for DRI to invest in its core operations. However, the impact on DRI's stock price will depend on how effectively the company uses the proceeds from the sale.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
FCPT has completed the acquisition of 13 Darden Restaurants properties and may acquire one more, increasing its property portfolio. The company has sufficient liquidity for further acquisitions.
The acquisition of Darden Restaurants properties expands FCPT's portfolio and demonstrates its aggressive growth strategy. The company's strong liquidity position suggests it can continue its acquisition spree, which could potentially boost its revenues and profitability in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100