FCPT Announces Investment Grade Rating from Moody’s Investor Service

Rhea-AI Summary

Four Corners Property Trust (FCPT) has received an inaugural Investment Grade rating of Baa3 with a stable outlook from Moody's Investor Service. This rating reflects the company's conservative financial position and high-quality portfolio. CFO Gerry Morgan highlighted that this rating, alongside the existing BBB rating from Fitch, will save the company over $1 million in annual interest expenses by qualifying for lower credit spreads on its Credit Facility. This positions FCPT favorably for future capital offerings.

Positive

• Inaugural Investment Grade rating of Baa3 from Moody's.
• Annual interest expense savings of over $1 million.
• Existing BBB rating from Fitch enhances financial credibility.

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”) today announced that the Company has received an inaugural Investment Grade rating from Moody’s Investor Service (“Moody’s”) of Baa3: stable outlook on its senior unsecured revolving and term loan facility.

“The rating from Moody’s is a reflection of our conservative financial position, the quality of our portfolio, and our strong underwriting practices,” said CFO Gerry Morgan. “By obtaining this rating in addition to the Company’s existing BBB rating from Fitch, FCPT qualifies for lower credit spreads under its Credit Facility which will save over $1 million in annual interest expense, and will benefit us on future capital offerings.”

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.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance; and expectations regarding the making of distributions and the payment of dividends. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in FCPT’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220516005821/en/

FCPT

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust