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 three corporate-operated Chili’s restaurants through a
sale-leaseback transaction with certain subsidiaries of Brinker
International, Inc. (NYSE: EAT) for a purchase price of $9.0 million on
initial annual cash rent of approximately $570,000. The properties are
under individual leases with 15 years of initial term, rent increases of
10% every five years during the initial term and have a corporate
guarantee from Brinker International, Inc. FCPT believes that rent is
well-supported with conservative EBITDAR coverage, averaging 3.8x for
the three restaurants. The properties are located in Texas (1) and
Oklahoma (2), and are within well-located retail corridors with high
traffic and attractive demographics. This transaction is independent
from and not related to our previous Brinker transaction announced in
August 2018.
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/.
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Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust