FCPT Announces Acquisition of Five Outback Steakhouse Properties for $19.7 Million from a Repeat Seller

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired five Outback Steakhouse properties for $19.7 million. The properties, purchased from the same seller as the previous Bloomin' Brands 19-property portfolio deal in August 2024, are situated in prime retail locations across Texas (3), Florida (1), and Missouri (1). The properties are corporate-operated under long-term net leases, and the transaction was completed at a cap rate consistent with FCPT's previous transactions.

Positive

• Strategic expansion of property portfolio with 5 new locations
• Properties are located in strong retail corridors
• Long-term net leases with corporate-operated tenants
• Transaction aligned with previous cap rates indicating consistent valuation

Negative

• None.

Insights

Real Estate Investment Analyst

This strategic acquisition of $19.7 million worth of Outback Steakhouse properties strengthens FCPT's portfolio in prime retail locations. The deal's significance lies in the properties' positioning in high-traffic retail corridors across three states and the established relationship with a repeat seller, indicating strong deal execution capabilities. The corporate-operated locations under long-term net leases provide stable, predictable income streams - a important factor for REITs. The cap rate alignment with previous transactions suggests disciplined pricing and consistent investment strategy. The geographic diversification across Texas, Florida and Missouri helps mitigate regional economic risks while maintaining exposure to growth markets.

The transaction builds upon FCPT's successful August 2024 portfolio acquisition from the same seller, demonstrating the company's ability to source and execute follow-on deals. The focus on high-quality, net-leased restaurant properties aligns with FCPT's core strategy and should contribute positively to the REIT's income stability and growth potential.

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 five Outback Steakhouse properties for $19.7 million from the same Seller as that of the Bloomin’ Brands 19-property portfolio the Company closed in August 2024. The properties are located in strong retail corridors across Texas (3), Florida (1), and Missouri (1) and are corporate operated under long-term net leases. 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 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.

Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20241127765448/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Patrick Wernig, 415-965-8038

CFO

Source: Four Corners Property Trust

FAQ

How many Outback Steakhouse properties did FCPT acquire in their latest transaction?

FCPT acquired 5 Outback Steakhouse properties in their latest transaction.

What was the purchase price for FCPT's latest Outback Steakhouse acquisition?

FCPT paid $19.7 million for the five Outback Steakhouse properties.

Where are the newly acquired FCPT Outback Steakhouse properties located?

The properties are located across three states: Texas (3 properties), Florida (1 property), and Missouri (1 property).

Was this FCPT's first transaction with this seller?

No, this was a repeat seller who previously sold a 19-property Bloomin' Brands portfolio to FCPT in August 2024.