FCPT Announces Acquisition of a Three Property Portfolio for $8.5 Million from PREIT

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a portfolio of three restaurant properties, including Miller’s Ale House, Olive Garden, and Outback Steakhouse, for $8.5 million. Located in a strong retail area in Maryland, these assets are under triple net ground leases with a weighted average remaining term of approximately eight years. The transaction's capitalization rate aligns with FCPT's previous dealings, indicating consistent performance. This acquisition reinforces FCPT's strategy to expand its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of three high-quality properties for $8.5 million.
• Strong retail corridor location, enhancing property value.
• Triple net ground leases with a weighted average remaining term of eight years ensuring stable income.
• Transaction cap rate aligns with previous acquisitions indicating consistent 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 portfolio of three properties (Miller’s Ale House, Olive Garden, Outback Steakhouse) for $8.5 million. The properties are located in a strong retail corridor in Maryland and are occupied under triple net ground leases to the corporate entities, with a weighted average remaining term of approximately eight years. The overall transaction was priced at a cap rate in range with previous FCPT transactions.

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/20220915006034/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What properties did Four Corners Property Trust acquire?

FCPT acquired a portfolio including Miller’s Ale House, Olive Garden, and Outback Steakhouse.

What was the acquisition cost for the properties?

The total acquisition cost was $8.5 million.

Where are the acquired properties located?

The properties are located in a strong retail corridor in Maryland.

What type of leases are associated with the acquired properties?

The properties are occupied under triple net ground leases.

What is the average remaining lease term for the acquired properties?

The average remaining lease term is approximately eight years.