Business
Red Robin Gourmet Burgers, Inc. Completes Sale-Leaseback Transaction With Essential Properties Realty Trust, Inc.
Gross Proceeds of Approximately $29 Million for Nine Owned Properties Company Marketing Additional Properties for Sale-Leaseback Transactions ENGLEWOOD,
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\nGross Proceeds of Approximately $29 Million for Nine Owned Properties\n\n\nCompany Marketing Additional Properties for Sale-Leaseback Transactions\n\n\n ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nRed 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 that it has completed an approximately $29 million Sale-Leaseback transaction with Essential Properties Realty Trust, Inc. (NYSE: EPRT) to sell and simultaneously lease-back nine owned properties.\n\n\nProceeds from the transaction will be used to repay debt and fund capital investments, pursuant to the Company’s Credit Agreement, and support repurchasing shares of Company stock.\n\n\nTodd Wilson, Red Robin’s Chief Financial Officer, said, “We are pleased to have partnered with EPRT, a best-in-class real estate partner to middle market companies, on this initial tranche of properties. We look forward to a long-standing and mutually beneficial relationship with them.”\n\n\nThe Company has begun marketing additional owned properties to explore one or more subsequent Sale-Leaseback transactions.\n\n\nCBRE Group served as an advisor to Red Robin on the transaction.\n\n\nAbout Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)\n\n\nRed 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 thos...