FCPT Announces Acquisition of Three Bloomin’ Brands Properties for $12.9 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired two Outback Steakhouses and one Carrabba's property for $12.9 million. Located in prime retail areas of Florida, these properties come with corporate-operated triple net leases, featuring a weighted average lease term of approximately 11 years and annual rent escalations of 1%. The acquisition was executed at a 6.4% going-in cash capitalization rate based on 2021 rents, excluding transaction costs. This strategic move enhances FCPT's portfolio and solidifies its position in the restaurant real estate market.

Positive

• Acquisition of high-quality properties enhances FCPT's portfolio.
• Properties are under triple net leases, providing stable cash flow.
• Annual rent increases of 1% ensure revenue growth.
• Strategically located in dense retail corridors in Florida.

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 two Outback Steakhouses and one Carrabba’s properties for $12.9 million. The properties are located in dense retail corridors in Florida. All three properties are corporate-operated under triple net leases with a weighted average term remaining of approximately 11 years and annual rent increases of 1%. The transaction was priced at a 6.4% going-in cash capitalization rate based on 2021 rents, exclusive of transaction costs.

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/20201222005692/en/

FAQ

What properties did FCPT acquire?

FCPT acquired two Outback Steakhouses and one Carrabba's property.

What was the total cost of the acquisition?

The total acquisition cost was $12.9 million.

What type of leases are involved in the acquisition?

The properties are corporate-operated under triple net leases.

What is the weighted average lease term for the acquired properties?

The weighted average lease term is approximately 11 years.

What is the going-in cash capitalization rate for the acquisition?

The going-in cash capitalization rate is 6.4% based on 2021 rents.