Notes: Nov. 11, 2015 -- Darden Restaurants, Inc. (DRI) completed the spin-off of real estate and restaurant assets into Four Corners Property Trust, Inc. Under the terms of the spin-off, Darden stockholders received one common share of Four Corners Property for every three shares of Darden common stock held at the close of business on Nov 2, 2015. The spin-off is also expected to be tax free for Darden shareholders. Darden received cash proceeds of $315 million in relation to the spin-off, which it plans to use, along with the cash on hand, to retire approximately $1 billion in debt. With the completion of the deal, Darden expects the annual combined dividend received by Darden and Four Corners Property shareholders to be equivalent to Darden's current dividend of $2.20 per annum. This will include Four Corners Property's expected annualized dividend of $1.35 and $1.75 paid by Darden. Darden announced its intention to divest these assets in Jun 2015. After the completion of the transaction, Four Corners Property has now become an independent, public company that intends to become a REIT effective Jan 1, 2016. The new company started trading on Nov 10, 2015, on the New York Stock Exchange under the ticker symbol FCPT. Read more: http://www.nasdaq.com/article/darden-completes-spin-off-to-four-corners-property-trust-cm542040#ixzz3t4WE0t24