FCPT Announces Acquisition of a Drilling Tools International Property for $4.7 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 a Drilling Tools International property for $4.7 million. Drilling Tools International (NASDAQ: DTI) is a publicly traded oilfield services company that manufactures and rents downhole drilling tools used in horizontal and directional drilling of oil and natural gas wells. The property is a drilling equipment manufacturing and rental facility located in a strong industrial corridor in Louisiana and corporate-operated under a long-term, triple net lease with approximately 11 years of term remaining. The transaction was priced at a 7.1% cap rate including rent credits received at closing and exclusive of transaction costs.

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.

Category: Acquisition