FCPT Announces Acquisition of an Olive Garden Property for $2.9 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of an Olive Garden property in South Carolina for $2.9 million. This property is secured under a triple-net lease with Darden Restaurants, featuring six years remaining on the lease term. The transaction reflects a 6.2% cap rate based on current rent, and 6.8% if including a scheduled rent increase in January 2021. The acquisition aligns with FCPT's strategy to expand its portfolio of high-quality, net-leased restaurant properties.

Positive

• Acquisition of Olive Garden property enhances FCPT's portfolio.
• Transaction priced at a favorable 6.2% cap rate on current rent.
• Strong retail location supports future growth potential.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)--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 an Olive Garden property for $2.9 million. The property is located within a strong retail corridor in South Carolina and is occupied under a triple-net lease to Darden Restaurants with six years of term remaining. The transaction was priced at a 6.2% cap rate on rent today and exclusive of transaction costs, or 6.8% inclusive of a contractual rent increase in January 2021.

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 for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.