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”), closed on the purchase of five
restaurant properties today from Washington Prime Group Inc. (“WPG”).
This is the second closing of the acquisition previously announced in
September 2017. Closing of the remaining properties is expected to be
completed throughout the remainder of 2018 based on the timing of
parcelization of each respective property, subject to remaining due
diligence and customary closing conditions.
The purchase price for the five properties was approximately $9.5
million and represents a capitalization rate consistent with our
investment thresholds and past transactions. The leases have a current
weighted average remaining term of approximately 8.6 years. Four of the
five properties are ground leases (i.e., the tenant built its own
building with ownership reverting to the landlord upon lease expiry).
The five restaurant properties consist entirely of outparcels to WPG
properties and are well located within highly trafficked retail
corridors in Florida, Indiana, Illinois, Ohio, and Texas. All five
properties are on out-lots to either Open Air or WPG’s “Tier One
Enclosed” properties. None of the five restaurant properties or the
adjacent WPG properties are currently encumbered by property-level debt.
The five properties represent five different restaurant brands:
Cheddar’s Scratch Kitchen, McDonald’s, Olive Garden, Panera, and
Starbucks. Of the five leases, four are with corporate operators and one
is with one of the largest Panera franchisees.
Additional detail on all properties acquired from WPG will be disclosed
upon the closing of each of the additional properties.
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 for use in the restaurant and related
food services industry. Additional information about FCPT can be found
on the website at www.fcpt.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
include all statements that are not historical statements of fact and
those regarding FCPT’s intent, belief or expectations, including, but
not limited to, statements regarding the anticipated consequences and
benefits of the transaction and other future events and their potential
effects on FCPT, including, but not limited to, statements relating to
anticipated financial and operating results, the company’s plans,
objectives, expectations and intentions, cost savings and other
statements. Words such as “anticipate(s),” “expect(s),” “intend(s),”
“plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,”
“seek(s)” and similar expressions, or the negative of these terms, are
intended to identify such forward-looking statements. Forward-looking
statements speak only as of the date on which such statements are made
and, except in the normal course of FCPT’s public disclosure
obligations, FCPT expressly disclaims any obligation to publicly release
any updates or revisions to any forward-looking statements to reflect
any change in FCPT’s expectations or any change in events, conditions or
circumstances on which any statement is based. Forward-looking
statements are based on management’s current expectations and beliefs
and FCPT can give no assurance that its expectations or the events
described will occur as described. For a further discussion of these and
other factors that could cause FCPT’s future results to differ
materially from any forward-looking statements, see the section entitled
“Risk Factors” in FCPT’s most recent annual report on Form 10-K, and
other risks described in documents subsequently filed by FCPT from time
to time with the Securities and Exchange Commission.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180629005755/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust