FCPT Announces Acquisition of an Outback Steakhouse Property from Brookfield Properties for $1.9 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired an Outback Steakhouse property for $1.9 million, part of a previously announced transaction with Brookfield Properties. The property, located in a prime retail area in Washington, is franchisee-operated under a triple net lease with approximately three years remaining on its term. This acquisition brings FCPT's total to 19 properties for $35 million from the Brookfield portfolio since October 2019.

Positive

• Acquisition of an Outback Steakhouse property for $1.9 million enhances portfolio.
• Total of 19 properties acquired from Brookfield portfolio shows consistent expansion.
• The property is located in a strong retail corridor, indicating potential for high traffic.

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 $1.9 million from a previously announced Brookfield Properties transaction. The property is located in a strong retail corridor in Washington and is franchisee-operated under a triple net lease with approximately three 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 19 properties for $35 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/20210716005443/en/

FAQ

What property did FCPT acquire recently?

FCPT acquired an Outback Steakhouse property for $1.9 million.

How many properties has FCPT acquired from Brookfield Properties?

FCPT has acquired a total of 19 properties from Brookfield Properties.

What is the location of the newly acquired property?

The newly acquired Outback Steakhouse property is located in a strong retail corridor in Washington.

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

The property operates under a triple net lease with approximately three years remaining.