FCPT Extends 66 Darden Restaurant Leases by Approximately Five Years

Four Corners Property Trust, Inc. (NYSE:FCPT) announced on October 14, 2026, that it has entered into a Master Agreement with Darden Restaurants, Inc. (NYSE:DRI) to extend 66 leases previously set to expire in October 2027. The agreement covers all Olive Garden and LongHorn leases in FCPT’s portfolio that had renewal notice dates in 2026.

Under the terms of the agreement, the leases have been extended by approximately five years. Rent will continue to increase by 1.5% annually, consistent with the underlying lease terms. The Master Agreement also includes the early exercise of extension options for six leases maturing in October 2028.

The company noted that the agreement did not include any landlord rent concessions or capital contributions. Bill Lenehan, CEO of FCPT, stated that the agreement provides proof of concept for high renewal rates and sustainable rent levels in the company’s portfolio.