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 five Red Lobster restaurant properties in Illinois,
Michigan, Ohio, Pennsylvania and South Carolina for $18.5 million. The
five newly acquired properties are under a single, triple-net master
lease which includes eight other Red Lobster properties previously
acquired by FCPT in November 2017 and December 2018. The 13-unit master
lease has approximately 20 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 U.S. and Canada and is
the largest casual dining seafood brand in the U.S. This transaction
marks over $500 million of acquisitions since FCPT’s investment platform
launched in July 2016.
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/20190606005813/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust