FCPT Announces Acquisition of an Outback Steakhouse Property for $2.4 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of an Outback Steakhouse property in Indiana for $2.4 million. This transaction is located in a prime retail area and is corporate-operated under a net lease, with approximately 4 years remaining on the lease term. The deal is priced at a 6.8% cash capitalization rate, not including transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of an Outback Steakhouse property for $2.4 million strengthens the portfolio.
• Located in a strong retail corridor, enhancing visibility and tenant performance.
• Corporate-operated lease with 4 years remaining indicates stable cash flow.

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 an Outback Steakhouse property for $2.4 million. The property is located in a strong retail corridor in Indiana and is corporate-operated under a net lease with approximately 4 years of term remaining. The transaction was priced at a 6.8% going-in cash capitalization rate, exclusive of transaction costs.

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/20220722005420/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What property did FCPT acquire?

FCPT acquired an Outback Steakhouse property.

How much did FCPT pay for the Outback Steakhouse property?

FCPT paid $2.4 million for the property.

What is the cash capitalization rate for the acquisition?

The acquisition was priced at a 6.8% cash capitalization rate.

Where is the new property located?

The property is located in Indiana.

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

There are approximately 4 years remaining on the net lease.