Four Corners Property Trust Exchanges Assets with Darden Restaurants
Four Corners Property Trust (FCPT) announced a single property asset exchange with Darden Restaurants (DRI). Under the asset exchange agreement, FCPT transferred ownership of a recently closed Bahama Breeze property in Michigan to Darden and in exchange Darden transferred ownership of an Olive Garden property in Nevada to FCPT. As part of the transaction, FCPT entered into a new lease with Darden for the Olive Garden property at the same rent and on the same terms as the former Bahama Breeze lease. The Olive Garden property is located in a retail corridor in Nevada and is corporate-operated under a triple-net lease. The transaction was structured as a cashless asset exchange, as the parties agreed that the respective "as is" fair market values of the exchanged properties are reasonably equivalent.
