FCPT Upgraded by Fitch Ratings to BBB with Stable Outlook

Rhea-AI Summary

Four Corners Property Trust, Inc. (NYSE: FCPT) announced that Fitch Ratings has upgraded its long-term issuer rating to ‘BBB’ from ‘BBB-‘, maintaining a stable outlook. CFO Gerry Morgan stated that the upgrade reflects the quality of FCPT’s portfolio and financial position, which will help lower borrowing costs. This rating enhancement highlights the company's commitment to a conservative financial policy and could positively impact its future financial performance.

Positive

• Fitch upgraded FCPT's long-term issuer rating to 'BBB' from 'BBB-'
• The upgrade signifies improved credit profile and financial strength
• Potential reduction in borrowing costs due to the rating increase

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust, Inc. (NYSE: FCPT) today announced that Fitch Ratings has upgraded FCPT’s long-term issuer rating to ‘BBB’ from ‘BBB-‘ with a stable outlook.

“The rating upgrade by Fitch underscores the quality and performance of our portfolio, the strength of our financial position, and our commitment to a conservative financial policy,” said CFO Gerry Morgan. “This is an important step in lowering our borrowing costs. We thank Fitch for acknowledging our improved credit profile.”

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/20220310005930/en/

FCPT

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust, Inc.

FAQ

What did Fitch Ratings upgrade for Four Corners Property Trust (FCPT)?

Fitch Ratings upgraded FCPT's long-term issuer rating to 'BBB' from 'BBB-'.

How does the Fitch rating upgrade affect FCPT's borrowing costs?

The rating upgrade is expected to lower FCPT's borrowing costs.

What is the outlook associated with FCPT's Fitch rating upgrade?

The outlook for FCPT is stable following the rating upgrade.

Who is the CFO of Four Corners Property Trust (FCPT)?

The CFO of FCPT is Gerry Morgan.

Where is Four Corners Property Trust (FCPT) headquartered?

FCPT is headquartered in Mill Valley, California.