MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust, Inc. (NYSE: FCPT) today announced that its Board of Directors declared a quarterly cash dividend of $0.275 per share (equivalent to $1.10 per share per annum) for the fourth quarter of 2017. This represents an over 13% increase from the prior quarter. The dividend is payable on January 12, 2018 to shareholders of record as of December 29, 2017.
Bill Lenehan, Chief Executive Officer, commented, “This dividend increase is the first in the two years since our founding. It reflects our confidence in FCPT’s portfolio and our ability to deliver durable and growing long-term cash flows, while maintaining a low-leverage balance sheet. The increase is meaningful, but the dividend level remains consistent with our conservative dividend payout policy, and allows room for retained capital and additional future dividend growth as cash flows increase.”
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. FCPT will seek to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and related food services industry. Additional information about FCPT can be found on its website at http://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.