FCPT Announces Sale Leaseback of an Olive Garden Property for $4.2 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired an Olive Garden property for $4.2 million in Pennsylvania through a sale-leaseback agreement with Darden Restaurants. The property features a triple-net lease with ten years remaining on the lease term, strategically located in a bustling retail area. This acquisition aligns with FCPT's ongoing strategy to enhance its portfolio of high-quality, net-leased restaurant and retail properties, and the cap rate is consistent with prior transactions.

Positive

• Acquisition of Olive Garden property for $4.2 million enhances portfolio.
• Triple-net lease with ten years remaining provides stable income.
• Strategically located in a dense retail corridor.

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”), is pleased to announce the acquisition of an Olive Garden property for $4.2 million from Darden Restaurants via a sale-leaseback. The property is located in a dense retail corridor in Pennsylvania and is under a triple-net lease with ten years of term remaining. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211222005509/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What property did FCPT acquire?

FCPT acquired an Olive Garden property for $4.2 million.

What is the lease term for the Olive Garden property acquired by FCPT?

The property is under a triple-net lease with ten years remaining.

What was the acquisition price of the Olive Garden property by FCPT?

The acquisition price was $4.2 million.

Where is the Olive Garden property located that FCPT acquired?

The property is located in Pennsylvania.

How does the acquisition align with FCPT’s business strategy?

The acquisition supports FCPT's strategy to grow its portfolio of high-quality, net-leased properties.