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 four restaurant properties consisting of three restaurant
concepts (two Burger Kings, one Steak ‘n Shake, one Taco Bell) across
four states (Alabama, Indiana, New York, Tennessee) for $5.8 million.
The restaurants are occupied under triple-net leases with a weighted
average 12 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, including Carrols Restaurant Group (the largest operator of
Burger King restaurants) and Tacala, LLC (the largest operator of Taco
Bell restaurants).
This is a follow-up to the Operating Partnership unit (“OP unit”)
transaction FCPT completed with U.S. Restaurant Properties Inc. (“USRP”)
in November 2016. FCPT funded the acquisition with 174,576 OP units
based on a value per unit of $20.13 (consistent with the November 2016
OP unit transaction) and $2.3 million in cash. 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 both the
finalization of our OP unit deal with USRP, and the acquisition of these
well-located properties with strong credit from both corporate and large
franchisee tenants. The collaboration between USRP and FCPT continues to
provide new opportunities for both companies.”
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/.
About USRP
USRP was founded in 1994 as one of the first REITs dedicated to
restaurant properties. USRP 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
on restaurant and related properties.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170112006099/en/
Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: FCPT