FCPT Announces Acquisition of an Outback Steakhouse Property for $2.3 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE: FCPT) has acquired an Outback Steakhouse property located in a prime retail area of Florida for $2.3 million. This asset features a corporate-operated net lease with approximately eight years remaining. The acquisition's cap rate aligns with previous transactions by FCPT, indicating a consistent investment strategy. This move enhances FCPT's portfolio, focused on high-quality net-leased restaurant properties, and demonstrates its commitment to growth in the restaurant and retail sectors.

Positive

• Acquisition of Outback Steakhouse property for $2.3 million strengthens portfolio.
• Property has approximately eight years remaining on a corporate-operated net lease.
• Transaction priced at a cap rate consistent with prior FCPT transactions.

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 an Outback Steakhouse property for $2.3 million. The property is located in a strong retail corridor in Florida and is corporate-operated under a net lease with approximately eight years of term remaining. The 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 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.

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FAQ

What property did FCPT acquire?

FCPT acquired an Outback Steakhouse property for $2.3 million.

Where is the newly acquired property located?

The property is located in a strong retail corridor in Florida.

What is the term remaining on the lease for the Outback Steakhouse property?

The lease has approximately eight years remaining.

How does this acquisition impact FCPT's portfolio?

The acquisition strengthens FCPT's portfolio of high-quality, net-leased restaurant properties.

What was the cap rate for the acquisition of the Outback Steakhouse property?

The acquisition was priced at a cap rate in line with previous FCPT transactions.