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 two Outback Steakhouses and one Carrabba’s properties for $12.9 million. The properties are located in dense retail corridors in Florida. All three properties are corporate-operated under triple net leases with a weighted average term remaining of approximately 11 years and annual rent increases of 1%. The transaction was priced at a 6.4% going-in cash capitalization rate based on 2021 rents, exclusive of transaction costs.
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, 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.