Bob Evans Farms completes $51.6M sale-leaseback transaction
Bob Evans Farms, Inc., New Albany, Ohio, completed a sale-leaseback transaction of its BEF Foods industrial properties located in Lima, Ohio, and Sulphur Springs, Texas.
BEF Foods, Inc., a wholly-owned subsidiary of Bob Evans Farms, Inc., and Broadstone Net Lease, Inc., a private real estate investment trust managed by Broadstone Real Estate, LLC., entered into an agreement pursuant to which BEF Foods sold its industrial properties located in Lima, Ohio, and Sulphur Springs, Texas, to BNL for $51.6 million.
"With this transaction now complete, we continue to pursue monetization of our corporate headquarters facility along with approximately $200 million of restaurant properties,” says Mark Hood, chief administrative officer and chief financial officer. “We expect to utilize the net proceeds from these asset monetization transactions to pay down debt and to re-purchase shares, while maintaining prudent leverage. During the second quarter, we repurchased $44.4 million of shares, bringing fiscal year-to-date share repurchase activity to $104.9 million. We expect to complete the remainder of the current $150 million share repurchase authorization during the balance of fiscal 2016.”