FCPT Extends All 66 Olive Garden and LongHorn Leases by Five Years
FCPT is trading near its 52-week low of $20.855 (2.6% above the low).
Summary
FCPT signed a master agreement with Darden Restaurants extending all 66 Olive Garden and LongHorn leases that were set to expire in October 2027 by roughly five years. The deal also includes early extension options for six leases expiring in 2028. Rent continues to escalate 1.5% annually, and FCPT gave no concessions or capital contributions. This locks in 100% of the Darden leases with 2026 renewal notices, removing a major near-term rollover risk for the REIT. The early exercise on 2028 leases signals Darden's commitment to these locations. FCPT trades near its 52-week low, so this stability could support the stock.
At the time of this announcement, FCPT was trading at $21.40 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $2.3B. The 52-week trading range was $20.86 to $26.86. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.