FCPT Announces Acquisition of a LongHorn Steakhouse Property from Brookfield Properties for $2.1 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a LongHorn Steakhouse property for $2.1 million, enhancing its portfolio of high-quality, net-leased restaurant properties. The acquisition comes from a previously announced Brookfield Properties transaction and is situated in a busy retail area in Oklahoma, under a triple net lease with approximately seven years remaining. With this purchase, FCPT has acquired a total of 17 properties related to the Brookfield portfolio for $29 million, maintaining a capitalization rate consistent with earlier transactions.

Positive

• Acquisition of LongHorn Steakhouse property enhances portfolio.
• Property located in a highly trafficked retail corridor.
• Corporate-operated under a triple net lease with approximately seven years remaining.
• Total of 17 properties acquired from Brookfield portfolio for $29 million.

Negative

• None.

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a LongHorn Steakhouse property for $2.1 million from a previously announced Brookfield Properties transaction. The property is located in a highly trafficked retail corridor in Oklahoma and is corporate-operated under a triple net lease with approximately seven years of term remaining. The Brookfield Properties portfolio was priced at a capitalization rate consistent with previous FCPT transactions.

Inclusive of today’s acquisition, FCPT has acquired a total of 17 properties for $29 million related to the Brookfield portfolio announced in October 2019.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant 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/20201221005720/en/

FAQ

What is the value of the LongHorn Steakhouse acquisition by FCPT?

The acquisition is valued at $2.1 million.

How many properties has FCPT acquired from the Brookfield portfolio?

FCPT has acquired a total of 17 properties from the Brookfield portfolio.

What type of lease is the LongHorn Steakhouse property under?

The property is under a triple net lease.

Where is the LongHorn Steakhouse property located?

It is located in a highly trafficked retail corridor in Oklahoma.

What was the total amount spent by FCPT on the Brookfield portfolio?

FCPT has spent a total of $29 million on the Brookfield portfolio.