MILL VALLEY, Calif.--(BUSINESS WIRE)--
Four Corners Property Trust (NYSE:FCPT), a real estate investment
trust engaged in the long-term net leasing of high-quality restaurant
properties, announced today that it acquired six Pizza Hut restaurants
in the Chicago-Naperville-Elgin MSA in Illinois and Indiana for $5.7
million via a sale and leaseback transaction. FCPT funded the
acquisition with cash on hand. The restaurants are 100% occupied under
triple-net leases with terms of 20.0 years and an average going-in cash
cap rate of 7.2%, exclusive of transaction costs. The operator owns over
150 units across multiple brands, and is one of the ten largest Burger
King franchisees in the U.S. Yum! Brands selected the operator to
acquire over 40 corporate-owned stores based on operational experience
and financial wherewithal.
Bill Lenehan, CEO of FCPT, expanded on the transaction. “The acquisition
of these assets is very consistent with our stated acquisition program.
Our new operating partner is an experienced franchisee with very strong
credit. The properties are well located with performance in excess of
national brand average, and we expect their profitability to grow
further as the units are remodeled in the coming years.”
About Four Corners Property Trust
Four Corners Property Trust, Inc. is a publicly-traded REIT that owns,
acquires and leases restaurant and other retail properties on a
triple-net basis. Our primary goal is to create long-term shareholder
value through the payment of consistent and growing cash dividends and
the growth of our cash flow and asset base. To achieve this goal, we
intend to pursue a business strategy focused on opportunistic
acquisitions and asset and tenant diversification. Additional
information about Four Corners can be found on the website at http://www.fourcornerspropertytrust.com/.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160719006680/en/
Four Corners Property Trust, Inc.
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust, Inc.