FCPT Announces Acquisition of a Six Property Outparcel Portfolio for $14.0 Million

MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of six outparcel properties for $14.0 million from a transaction previously announced in July 2022. The portfolio includes five single tenant restaurant properties and one non-restaurant retail property (AT&T, BJ’s Brewhouse, Hook & Reel, IHOP, Krispy Kreme, and Taco Bell). The properties are located in a strong retail corridor in Texas and share similar qualities with FCPT’s existing outparcel assets. They have contractual rent stream growth, net-lease structures, and strong tenancy with credit-worthy operators. Each property has a separate, individual lease and the leases have a current weighted average remaining term of approximately four years. The transaction was priced at a cap rate in range with previous FCPT transactions. The final outparcel property included in the previous announcement is expected to close in Q4 2022.

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.