Four Corners extends 66 Darden restaurant leases to 2032

Four Corners Property Trust has extended 66 restaurant leases with Darden Restaurants Inc. and its affiliates until 2032, according to a press release. The master agreement covers all existing Olive Garden and LongHorn Steakhouse leases, which were set to expire in 2027, and adds approximately five years to those terms. Additionally, the agreement includes early extension options for six leases that were due to expire in 2028.

These extensions account for 100% of FCPT's Darden leases with renewal notice dates in 2026. Rent under the terms of the agreement will continue to increase by 1.5% annually. The agreement does not include any landlord rent concessions or capital contributions. According to FCPT CEO Bill Lenehan, this is the company's first opportunity to demonstrate the high renewal rate and sustainable rent levels in its original spin-off portfolio.

FCPT is a real estate investment trust based in Mill Valley, California, specializing in the ownership and acquisition of net-leased restaurant and retail properties.