Red Robin Gourmet Burgers, Inc. Completes Second Sale-Leaseback Transaction With Essential Properties Realty Trust, Inc.
31 Agosto 2023 - 5:05PM
Business Wire
Gross Proceeds of Approximately $31 Million for
Nine Owned Properties
Company Marketing Additional Owned Properties
for Sale-Leaseback Transaction
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or
the “Company”), a full-service restaurant chain serving an
innovative selection of high-quality gourmet burgers in a
family-friendly atmosphere, today announced it completed a second
Sale-Leaseback transaction with Essential Properties Realty Trust,
Inc. (NYSE: EPRT) to sell and simultaneously lease-back nine owned
properties.
The transaction generated gross proceeds of approximately $31
million. The Company anticipates proceeds will be used to repay
debt and fund capital investments, pursuant to the Company’s Credit
Agreement, and may support repurchasing up to $5 million of Company
stock.
Todd Wilson, Red Robin’s Chief Financial Officer, said, “We view
EPRT as a best-in-class real estate partner to middle market
companies and are grateful for their ongoing interest in our real
estate portfolio. Through this second tranche of properties, we
completed another step on our journey to create value for
shareholders as we pay down debt and accelerate investments to
drive growth.”
Pete Mavoides, Essential Properties’ President and CEO added,
“We are pleased to have the opportunity to partner with Red Robin
and add another nine well-located restaurants, leased on a
long-term basis to a high-quality tenant to our portfolio. We
greatly value our relationship with this iconic restaurant
brand.”
CBRE Group served as an advisor to Red Robin on the
transaction.
About Red Robin Gourmet Burgers, Inc. (NASDAQ:
RRGB) Red Robin Gourmet Burgers, Inc. (www.redrobin.com),
is a casual dining restaurant chain founded in 1969 that operates
through its wholly owned subsidiary, Red Robin International, Inc.,
and under the trade name, Red Robin Gourmet Burgers and Brews. We
believe nothing brings people together like burgers and fun around
our table, and no one makes moments of connection over craveable
food more memorable than Red Robin. We serve a variety of burgers
and mainstream favorites to Guests of all ages in a casual, playful
atmosphere. In addition to our many burger offerings, Red Robin
serves a wide array of salads, appetizers, entrees, desserts,
signature beverages and Donatos® pizza at select locations. It’s
now easy to enjoy Red Robin anywhere with online ordering available
for to-go, delivery and catering, or you can download our new app
for easy customization, access to the Red Robin Royalty® dashboard
and more. There are more than 500 Red Robin restaurants across the
United States and Canada, including those operating under franchise
agreements. Red Robin… YUMMM®!
About Essential Properties Realty Trust, Inc. (NYSE:
EPRT) Essential Properties Realty Trust, Inc. is an
internally managed REIT that acquires, owns and manages primarily
single- tenant properties that are net leased on a long-term basis
to companies operating service-oriented or experience-based
businesses. As of June 30, 2023, the Company’s portfolio consisted
of 1,742 freestanding net lease properties with a weighted average
lease term of 14.0 years and a weighted average rent coverage ratio
of 4.1x. In addition, as of June 30, 2023, the Company’s portfolio
was 99.9% leased to 360 tenants operating 560 different concepts in
16 industries across 48 states.
Forward-Looking Statements Forward-looking
statements in this press release regarding the Company’s use of
proceeds from its recently completed Sale-Leaseback transaction,
including anticipated debt repayment, capital investments, and
potential stock repurchases; plans with respect to potential future
Sale-Leaseback transactions involving the Company’s owned
properties; and all other statements that are not historical facts
are made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based on
assumptions believed by the Company to be reasonable and speak only
as of the date on which such statements are made. Without limiting
the generality of the foregoing, words such as "expect," "believe,"
"anticipate," "intend," "plan," "project," "could," "should,"
"will," "outlook" or "estimate," or the negative or other
variations thereof or comparable terminology are intended to
identify forward-looking statements. Except as required by law, the
Company undertakes no obligation to update such statements to
reflect events or circumstances arising after such date and
cautions investors not to place undue reliance on any such
forward-looking statements. Forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from those described in the statements based on a number
of factors, including but not limited to the following: changes in
or the effectiveness of the Company‘s plans, operations and/or
strategic initiatives, including plans with respect to the
repayment of the Company’s debt, capital expenditures and stock
repurchases; risks associated with our share repurchase program,
including that we are not obligated to acquire any particular
amount of our common stock thereunder; risks associated with and
changes in the Company’s plans with respect to future
Sale-Leaseback transactions, including changes in demand for our
owned properties; and other risk factors described from time to
time in the Company's Form 10-K, Form 10-Q, and Form 8-K reports
(including all amendments to those reports) filed with the U.S.
Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20230831113911/en/
For Red Robin investor relations questions: Raphael
Gross, ICR (203) 682-8253 investor@redrobin.com
For Red Robin media relations questions: Kathleen Bush,
Red Robin Gourmet Burgers, Inc. kbush@redrobin.com (303)
846-5114
For Essential Properties Realty Trust investor
relations/media questions: Mark E. Patten, Chief Financial
Officer (609) 436-0619 info@essentialproperties.com
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