FCPT Announces Sale Leaseback of Eight Mavis Tire Operated Properties for $20 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 eight Mavis Tire and affiliated operated properties for $20 million via a sale-leaseback. The properties are located across Alabama (2), Georgia (2), Louisiana (1), New Jersey (1), New York (1), and Tennessee (1). Each property is operated under a long-term, triple net lease. 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.

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Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Pat Wernig, 415-965-8038

CFO

Source: Four Corners Property Trust

FAQ

What is FCPT's recent acquisition?

FCPT acquired eight Mavis Tire-operated properties for $20 million.

Which states are the acquired properties located in?

The properties are located in Alabama, Georgia, Louisiana, New Jersey, New York, and Tennessee.

What type of lease will the properties operate under?

The properties will operate under long-term, triple net leases.

What was the cost of the FCPT acquisition?

The acquisition cost was $20 million.

What is a sale-leaseback transaction?

A sale-leaseback transaction involves selling a property and leasing it back from the buyer.