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 five Red Lobster properties in Ohio (2), Michigan,
Pennsylvania and Georgia for $19.4 million. The restaurants are occupied
under individual triple-net leases with a weighted average remaining
term of 21 years and annual rent escalators of 2.0%. Red Lobster
operates over 700 restaurants across the country and is the largest
casual dining seafood brand in the U.S.
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.fcpt.com/.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171102006831/en/
FCPT
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan,
415-965-8032
CFO
Source: Four Corners Property Trust