Essential Properties Realty Trust, Inc. acquired Nine owned properties from Red Robin Gourmet Burgers, Inc. for approximately $29 million.
June 04, 2023
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Essential Properties Realty Trust, Inc. (NYSE:EPRT) acquired Nine owned properties from Red Robin Gourmet Burgers, Inc. (NasdaqGS:RRGB) for approximately $29 million on June 5, 2023. 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. CBRE Group served as an advisor to Red Robin on the transaction.
Essential Properties Realty Trust, Inc. (NYSE:EPRT) completed the acquisition of Nine owned properties from Red Robin Gourmet Burgers, Inc. (NasdaqGS:RRGB) on June 5, 2023. During the second quarter of fiscal 2023, the Company completed a $28.9 million Sale-Leaseback transaction with Essential Properties Realty Trust, Inc.
Essential Properties Realty Trust, Inc. is an internally managed real estate investment trust (REIT). The Company 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. The Company has a diversified portfolio that focuses on properties leased to tenants in businesses, including car washes, restaurants (primarily quick service restaurants and casual dining), early childhood education, medical and dental services, convenience stores, automotive services, equipment rental and sales, grocery, entertainment, industrial, and health and fitness. The Companyâs portfolio consists of about 1,873 freestanding net lease properties with a weighted average lease term of 14 years and a weighted average rent coverage ratio of 3.8x. In addition, the Companyâs portfolio is leased to about 374 tenants operating 588 different concepts in 16 industries across 48 states.
ESSENTIAL PROPERTIES REALTY TRUST, INC. 
