Press Release

FCPT Announces Disposition of Darden-Leased Restaurant Property for $5.1 Million

Company Release - 11/27/2017 12:28 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 disposition of an Olive Garden restaurant property leased to Darden Restaurants, Inc. (NYSE: DRI) for $5.1 million. The property is located in Pinellas Park, Florida, and is occupied under a triple-net lease with approximately 16 years of term remaining. The sale is the result of an unsolicited offer at a cash cap rate of 4.7%, exclusive of transaction costs.

FCPT anticipates redeploying the proceeds from this transaction through an Internal Revenue Code Section 1031 like-kind exchange (“1031-Exchange”). As a result, net cash proceeds from the sale will be held in an escrow account until one or more properties are purchased through the 1031-Exchange. However, there can be no assurance that an acquisition of a new property or properties will occur. If the Company fails to identify one or more like-kind replacement properties of comparable value within 45 days of the date of sale and/or fails to acquire such property or properties within 180 days of the date of sale, the Company will be required to pay a tax at the highest corporate income tax rate on the “built-in gain” (i.e. the gain that existed at the time FCPT acquired the properties from Darden) recognized on the sale of the properties.

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, 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.fcpt.com/.

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

Source: Four Corners Property Trust