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 a corporate-operated Chili’s restaurant through a
sale-leaseback transaction with certain subsidiaries of Brinker
International, Inc. (NYSE: EAT) for a purchase price of $2.15 million on
initial annual cash rent of approximately $137,000. The lease has 15
years of initial term, rent increases of 10% every five years during the
initial term and a corporate guarantee from Brinker International, Inc.
FCPT believes that rent is well-supported with conservative EBITDAR
coverage of 3.9x. The property is in a well-located retail corridor in
Colorado with high traffic and attractive demographics. This transaction
is a follow on to the three property transaction that closed on
September 14, 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/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181023006077/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust