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 six Red Lobster restaurant properties in Delaware,
Indiana, Kentucky, Minnesota, Mississippi and North Dakota for $25.9
million. The six newly acquired properties are under a single,
triple-net master lease which includes two other Red Lobster properties
previously acquired by FCPT in November 2017. The 8-unit master lease
has approximately 21 years of term remaining and annual rent escalations
of 2.0%. The transaction was priced at a similar going-in cash
capitalization rate as previously announced transactions. Red Lobster
operates over 700 restaurants across the country and is the largest
casual dining seafood brand in the U.S.
Bill Lenehan, CEO of FCPT, stated, “This transaction marks over $510
million in closed deals since our investment platform launched in July
2016. To date, FCPT has closed $449 million of acquisitions across 197
properties and sold seven Darden-leased properties for $63 million.”
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 seeks to grow its portfolio by acquiring
additional real estate to lease, on a 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: https://www.businesswire.com/news/home/20181217005844/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust