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, is pleased to announce the acquisition of ten restaurant
properties consisting of seven restaurant concepts (two Arby’s, two
Wendy’s, two Steak ‘n Shake, one Burger King, one Denny’s, one Zaxby’s,
and one Fazoli’s) across 8 states for $15.6 million. The restaurants are
occupied under triple-net leases with a weighted average 10 years of
remaining term and the transaction closed at an effective going-in cap
rate of 6.6%, exclusive of transaction costs. The operators at these
properties are a mix of corporate tenants and strong franchisees.
FCPT funded the acquisition with 274,744 Operating Partnership units
(“OP units”) at $20.13 per unit and $10.1 million in cash drawn from its
revolving line of credit. The seller, US Restaurant Properties Inc.
(“USRP”), is an experienced private net lease REIT, and its principals
led the formerly publicly traded REIT of the same name.
Bill Lenehan, with FCPT, commented “We are excited to announce our first
OP unit transaction and to acquire this diverse, high-quality portfolio
from USRP. The team at USRP has assembled a very strong portfolio and we
are honored that they have become significant personal investors in
FCPT. We look forward to continue working with their team and have
already benefited from their collaboration and depth of experience.”
Robert Stetson, the founder and CEO at USRP, stated “The team at USRP is
enthused about both this partnership transaction and the prospect of
assisting FCPT in its future growth. At USRP, we have been focused on
buying net-lease, restaurant properties for over 20 years and have
purchased more than 1,000 restaurant properties over that time. The FCPT
portfolio is by far the best large scale portfolio we have encountered
and is a key reason we are investing significant personal capital in
FCPT. Like FCPT, we started USRP with a single tenant and focused on a
diversification strategy that over time generated outsized returns for
our shareholders.”
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/.
About US Restaurant Properties
Mr. Stetson is a founder of one of the first REITs dedicated to
restaurant properties, U.S. Restaurant Properties Inc. ("USRP"). Prior
to USRP, Mr. Stetson served as the former President of Burger King
Corp.--Restaurant Division and Chief Financial Officer of several
brands, including Pizza Hut Inc. USRP was founded in 1994, traded on the
NYSE, and was ultimately acquired by GE Capital in 2007 with an
enterprise value of $2.8 billion. In its current form, USRP is now a
Dallas-based private company focused upon restaurant and related
properties.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161109006246/en/
Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
or
Gerry
Morgan, 415-965-8032
CFO
Source: FCPT