Business
Red Robin Gourmet Burgers, Inc. Completes Second Sale-Leaseback Transaction With Essential Properties Realty Trust, Inc.
Gross Proceeds of Approximately $31 Million for Nine Owned Properties Company Marketing Additional Owned Properties for Sale-Leaseback Transaction ENGLEWOOD,
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\nGross Proceeds of Approximately $31 Million for Nine Owned Properties\n\n\nCompany Marketing Additional Owned Properties for Sale-Leaseback Transaction\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 it completed a second Sale-Leaseback transaction with Essential Properties Realty Trust, Inc. (NYSE: EPRT) to sell and simultaneously lease-back nine owned properties.\n\n\nThe 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.\n\n\nTodd 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.”\n\n\nPete 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.”\n\n\nCBRE Group served as an advisor to Red Robin on the transaction.\n\n\nAbout Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) \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 bever...