FCPT Announces Acquisition of Four Hardee’s Restaurant Properties for $7.0 Million

Company Release - 12/15/2016 5:19 PM ET

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 four Hardee’s properties, three in Georgia and one in Alabama, for $7.0 million. The restaurants are occupied under a new triple-net master lease with 20-year term. The transaction closed in conjunction with the tenant’s acquisition of the Georgia sites’ operations, and was priced at a going-in cash cap rate of 6.5%, exclusive of transaction costs. The restaurants are above average performers for the brand and well-located in their respective communities. The tenant has a strong performance record within the Hardee’s system.

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 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.fourcornerspropertytrust.com/.

Four Corners Property Trust
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032

Source: Four Corners Property Trust