FCPT Announces Closing of Second Tranche (Three Properties) of Seritage Transaction for $11.3 Million

MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of three properties for $11.3 million from the Seritage transaction previously announced in October 2019. The properties are located in Florida within highly trafficked and populated corridors with one property leased to Olive Garden and two properties leased to LongHorn Steakhouse. All three leases are corporate-operated and subject to an average term of approximately eight years.

Inclusive of today’s acquisition, FCPT has acquired a total of 13 properties for $43 million under the Seritage transaction to date. The Seritage portfolio 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 acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.