FCPT Announces Sale-Leaseback of a Portfolio of Six Whataburger Properties from MWB Restaurants for $16.8 Million

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 six Whataburger properties for $16.8 million from MWB Restaurants via sale-leaseback. The properties are newly constructed and located in strong retail corridors in Alabama and franchisee-operated under long term, triple net leases with approximately 20 years of term remaining. The transaction was priced at a 6.8% cap rate on rent as of the closing date and exclusive of transaction costs.

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/20250328650092/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Patrick Wernig, 415-965-8038

CFO

Source: Four Corners Property Trust

FAQ

What is the value of FCPT's recent Whataburger properties acquisition?

FCPT acquired six Whataburger properties for $16.8 million from MWB Restaurants through a sale-leaseback transaction.

What is the cap rate for FCPT's Whataburger properties acquisition?

The transaction was priced at a 6.8% cap rate on rent as of the closing date, exclusive of transaction costs.

What is the lease term for the Whataburger properties acquired by FCPT?

The properties are under triple net leases with approximately 20 years of term remaining.

Where are the newly acquired Whataburger properties by FCPT located?

The newly constructed Whataburger properties are located in strong retail corridors in Alabama.