FCPT Announces Acquisition of an Outback Steakhouse Restaurant from Washington Prime Group for $1.9 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) announced the acquisition of an Outback Steakhouse restaurant in Florida for $1.9 million. This property was part of a transaction involving the Washington Prime Group, bringing FCPT's total acquisitions from the group to 51 properties valued at $82.6 million. The new restaurant is under a triple-net lease with approximately five years remaining. The capitalization rate for this acquisition aligns with FCPT’s investment criteria.

Positive

• Acquired Outback Steakhouse property for $1.9 million, enhancing portfolio.
• Total acquisitions from Washington Prime Group now at 51 properties worth $82.6 million.
• New acquisition under a triple-net lease, ensuring stable revenue.

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 Outback Steakhouse restaurant for $1.9 million from a previously announced Washington Prime Group transaction. The property is located in Florida and is under a triple-net lease to the brand’s corporate entity with a lease term of approximately five years remaining. The Washington Prime portfolio was priced at a capitalization rate consistent with FCPT’s investment thresholds and past transactions.

Inclusive of today’s acquisition, FCPT has acquired a total of 51 properties for $82.6 million from Washington Prime Group.

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.