Four Corners Property Trust, Inc. (NYSE:FCPT)
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2 Years : From Jan 2017 to Jan 2019
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.
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20180112005700/en/
Four Corners Property Trust:Bill Lenehan, 415-965-8031CEOorGerry