FCPT Closes First Tranche (10 Restaurant Properties) of Washington Prime Transaction
January 12 2018 - 5:35PM
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 ten restaurant properties today from Washington
Prime Group Inc. (“WPG”). This is the first of two tranches in the
forty-one property acquisition announced in September 2017. Closing
of the thirty-one remaining properties in the second tranche is
expected to be completed by the end of the second quarter of 2018,
subject to remaining due diligence and customary closing
conditions.
The purchase price for the first tranche was approximately $13.8
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 7.5 years.
Four of the ten properties are ground leases (i.e., the tenant
built its own building with ownership reverting to the landlord
upon lease expiry).
The first tranche restaurant properties consist entirely of
outparcels to WPG properties and are well located within highly
trafficked retail corridors in Florida, Illinois, Iowa and Ohio.
All ten properties are on out-lots to either open air or WPG’s
“Tier One Enclosed” properties. None of the ten restaurant
properties or the adjacent WPG properties are currently encumbered
by property-level debt.
The ten properties represent ten different restaurant brands:
Arby’s, BJ’s Restaurant, Buffalo Wild Wings, Chick-Fil-A, Chili’s,
McDonald’s, Olive Garden, Panda Express, Red Lobster, and
Starbucks. Of the ten leases, eight are with corporate operators
and two are with franchisees.
Additional detail on all properties acquired from WPG will be
disclosed upon the closing of the second tranche.
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 proposed transactions, the anticipated consequences and
benefits of the transactions and the targeted close date for the
transactions, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180112005700/en/
Four Corners Property Trust:Bill Lenehan, 415-965-8031CEOorGerry
Morgan, 415-965-8032CFO
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