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 two properties leased to Darden Restaurants, Inc.
(“Darden”) for $24.8 million. The two properties are an Olive Garden
restaurant in Pembroke Pines, Florida and a Bahama Breeze restaurant in
Tampa, Florida. The restaurants are occupied under individual triple-net
leases with approximately 14 years of weighted average term remaining.
The sale is the result of an unsolicited offer at a cash cap rate of
4.75%, 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 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/.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
include all statements that are not historical statements of fact and
those regarding the Company’s intent, belief or expectations. Words such
as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),”
“may,” “will,” “would,” “could,” “should,” “seek(s)” and similar
expressions, or the negative of these terms, are intended to identify
such forward-looking statements. Such forward-looking statements are
subject to various risks and uncertainties, including those described
under the section entitled "Risk Factors" in the Company's Annual Report
on Form 10-K for the year ended December 31, 2015, as such factors may
be updated from time to time in our periodic filings with the SEC, which
are accessible on the SEC's website at www.sec.gov.
Forward-looking statements speak only as of the date on which such
statements are made and, except in the normal course of the Company’s
public disclosure obligations, the Company expressly disclaims any
obligation to publicly release any updates or revisions to any
forward-looking statements to reflect any change in the Company’s
expectations or any change in events, conditions or circumstances on
which any statement is based. Forward-looking statements are based on
management’s current expectations and beliefs, and the Company can give
no assurance that its expectations or the events described will occur as
described.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161024006243/en/
Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: FCPT