Red Robin Gourmet Burgers, Inc., 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.
Proceeds 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.
Todd Wilson, Red Robin’s Chief Financial Officer, says, “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.”
The Company has begun marketing additional owned properties to explore one or more subsequent Sale-Leaseback transactions.
CBRE Group served as an advisor to Red Robin on the transaction.