FCPT Announces $32.5 million Outparcel Portfolio with PREIT
June 09 2022 - 3:05PM
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 that it has signed a definitive agreement for
the purchase of 11 outparcel properties from PREIT (NYSE: PEI) for
$32.5 million. The transaction is priced at a 6.5% going-in cash
cap rate, exclusive of transaction costs. The portfolio includes 8
single tenant restaurant properties and three non-restaurant retail
properties. FCPT expects to acquire a majority of the portfolio in
the second and third quarters of 2022, subject to customary closing
conditions, seller’s board approval, and regulatory approvals.
Bill Lenehan, CEO of Four Corners Property Trust, stated: “We
have previously executed multiple outparcel transactions with the
PREIT team and they have been an exceptional partner for us. We are
excited to announce this 11-property outparcel portfolio and to
continue our strategy of identifying low-rent outparcel properties
leased to strong credit operators.”
The properties share similar qualities with FCPT’s existing
outparcel assets and have contractual rent stream growth, net-lease
structures, and strong tenancy with credit-worthy operators. The
retail outparcels are located within highly trafficked and
populated corridors in Maryland, Massachusetts, Pennsylvania, and
South Carolina. Each property has a separate, individual lease and
the leases have a current weighted average remaining term of
approximately eight years.
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 retail industries. 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 the Company’s intent, belief
or expectations, including, but not limited to, statements
regarding: operating and financial performance, announced
transactions, expectations regarding the making of distributions
and the payment of dividends, and the effect of pandemics such as
COVID-19 on the business operations of the Company and the
Company’s tenants and their continued ability to pay rent in a
timely manner or at all. 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 the Company’s public disclosure obligations, the
Company expressly disclaims any obligation to publicly release any
updates or revisions to any forward-looking statements to reflect
any change in the Company’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 the Company can give no assurance that
its expectations or the events described will occur as described.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those set forth in or implied by such forward-looking
statements. In addition, the extent to which COVID-19 impacts the
Company and its tenants will depend on future developments, which
are highly uncertain and cannot be predicted with confidence,
including the scope, severity and duration of the pandemic, the
actions taken to contain the pandemic or mitigate its impact and
the direct and indirect economic effects of the pandemic and
containment measures, among others. For a further discussion of
these and other factors that could cause the company’s future
results to differ materially from any forward-looking statements,
see the section entitled “Risk Factors” in the company’s most
recent annual report on Form 10-K, as supplemented by the risk
factor described under “Item 1A. ‘Risk Factors’” in the Company’s
quarterly report on Form 10-Q filed with the Securities and
Exchange Commission on August 3, 2020, and other risks described in
documents subsequently filed by the company from time to time with
the Securities and Exchange Commission.
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Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO
Gerry Morgan, 415-965-8032 CFO
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