The assumption that they own the land under the restaurants is just that ... an assumption.
Why would Red Lobster’s land be somehow immune from the increased value over forty years that everywhere else in the US it increased?
I find that MOST chain restaurants are leased property with the landlords having built them to suit SO the landlords have like a 30 year escalating lease the first four years the lease are really cheap after four years the business should be stable THEN the lease escalates EVERY 2-4 years right now with the cost of food, labor, AND all insurances I am quite sure they are drowning!! Look for Chilis, Applebees, and MOST chain restaurants to be doing the same unless something happens to change their overwhelming costs right now!! Many restaurants that grew very quickly used this build to suit with landlords HOWEVER the increases on the leases are quite substantial AND who knew they would be paying huge increases in insurances, labor, and food is OUT OF CONTROL!!