Fcpt Announces Acquisition Of A Six Property Outparcel Portfolio For $14.0 Million

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of six outparcel properties for $14.0 million from a transaction previously announced in July 2022. The portfolio includes five single tenant restaurant properties and one non-restaurant retail property (AT&T, BJ’s Brewhouse, Hook & Reel, IHOP, Krispy Kreme, and Taco Bell). The properties are located in a strong retail corridor in Texas and share similar qualities with FCPT’s existing outparcel assets. They have contractual rent stream growth, net-lease structures, and strong tenancy with credit-worthy operators. Each property has a separate, individual lease and the leases have a current weighted average remaining term of approximately four years. The transaction was priced at a cap rate in range with previous FCPT transactions. The final outparcel property included in the previous announcement is expected to close in Q4 2022.