Casual dining restaurant operator Darden Restaurants just got the OK from its board of directors to start paving the way for a real estate spinoff starting next month.

Darden will be spinning off 424 properties, using the funds earned to pay back about $1B in debt. Shareholders should expect a tax-free deal, Nation's Restaurant News reported.

The new publicly traded REIT, Four Corners Property Trust, was created by Darden, which then sold the properties to it and leased them back in a sale-leaseback deal to boost shareholder value.

Darden CEO Gene Lee says the move will "optimize the value of a significant portion of our captive real estate," meaning an improved capital structure and a stronger financial system.

But until next month, Darden can sit and wait at one of its 1,500 restaurants under the brands of Olive Garden and Yard House. [NRN]