FCPT Announces Disposition of an Outback Steakhouse Restaurant Property for $5.1 million
May 09 2022 - 5:19PM
Business Wire
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 disposition
of an Outback Steakhouse restaurant property for $5.1 million. The
property is located in New Mexico and is operated by Out West
Restaurant Group, Inc., a franchisee of Outback Steakhouse. The
transaction was priced at a 5.0% cap rate on current rent,
exclusive of transaction costs, and will result in an immaterial
gain to FCPT. The company plans to repurpose the proceeds into new
investment opportunities consistent with FCPT thresholds.
FCPT anticipates redeploying the proceeds from this transaction
through an Internal Revenue Code Section 1031 like-kind exchange
(“1031-Exchange”). As a result, net cash proceeds from the sale
will be held in an escrow account until one or more properties are
purchased through the 1031-Exchange. However, there can be no
assurance that an acquisition of a new property or properties will
occur. If the Company fails to identify one or more like-kind
replacement properties of comparable value within 45 days of the
date of sale and/or fails to acquire such property or properties
within 180 days of the date of sale, the Company will be required
to pay a tax at the highest corporate income tax rate on the gain
recognized on the sale of this property.
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate
investment trust primarily engaged in the ownership, acquisition
and leasing of restaurant and retail 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 retail industries.
Additional information about FCPT can be found on the website at
www.fcpt.com.
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Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO
Gerry Morgan, 415-965-8032 CFO
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