MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of five Red Lobster properties in Ohio (2), Michigan, Pennsylvania and Georgia for $19.4 million. The restaurants are occupied under individual triple-net leases with a weighted average remaining term of 21 years and annual rent escalators of 2.0%. Red Lobster operates over 700 restaurants across the country and is the largest casual dining seafood brand in the U.S.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company will seek to grow its portfolio by acquiring additional real estate to lease, on a triple-net basis, for use in the restaurant and related food services industry. Additional information about FCPT can be found on the website at http://www.fcpt.com/.