FCPT Announces Acquisition of a Chili’s Property from Seritage Transaction for $2.6 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has completed the acquisition of a Chili’s property in Florida for $2.6 million, part of a broader transaction with Seritage initiated in October 2019 and expanded in August 2020. This acquisition marks the final purchase from Seritage, bringing FCPT's total properties acquired from this portfolio to 27 for a cumulative value of $80.8 million. The property is under a triple net lease, situated in a robust retail corridor, and the transaction reflects a cap rate consistent with previous FCPT deals.

Positive

• Acquisition of a high-quality property enhances portfolio.
• Finalizes a significant acquisition strategy of 27 properties valued at $80.8 million.
• Property located in a strong retail corridor, likely boosting value and lease performance.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Chili’s property for $2.6 million from the Seritage transaction previously announced in October 2019 and expanded in August 2020. The property is located in a strong retail corridor in Florida and is under a triple net lease. The transaction was priced at a cap rate in range with previous FCPT transactions.

This is the last property to be acquired from the previously announced portfolio transactions with Seritage. Inclusive of today’s transaction, FCPT has acquired a total of 27 properties for $80.8 million from Seritage.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221122005862/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What recent acquisition did FCPT make?

FCPT acquired a Chili’s property in Florida for $2.6 million.

What was the total value of properties acquired by FCPT from Seritage?

FCPT has acquired a total of 27 properties from Seritage, valued at $80.8 million.

When were the previous transactions with Seritage announced?

The transactions with Seritage were first announced in October 2019 and expanded in August 2020.

What type of lease does the newly acquired property have?

The acquired Chili’s property is under a triple net lease.

How does the acquisition impact FCPT's portfolio?

This acquisition enhances FCPT's portfolio and continues its strategy of acquiring high-quality net-leased properties.