FCPT Announces $17.1 Million Outparcel Portfolio
July 08 2022 - 5:23PM
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 that it has
signed a definitive agreement for the purchase of 7 outparcel
properties for $17.1 million. The transaction was priced at a cap
rate in range with previous FCPT transactions. The portfolio
includes six single tenant restaurant properties and one
non-restaurant retail property (AT&T, BJ’s Brewhouse, Hook
& Reel, IHOP, Krispy Kreme, Taco Bell, and an additional
restaurant). FCPT expects the acquisition to close in the third
quarter of 2022, subject to customary closing conditions and
regulatory approvals.
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 a highly trafficked and
populated corridor in El Paso, Texas. Each property has a separate,
individual lease and the leases have a current weighted average
remaining term of approximately five years.
Bill Lenehan, CEO of Four Corners Property Trust, stated: “We
are excited to continue opportunistically acquiring outparcel real
estate leased to strong credit operators. Our team has developed an
expertise in this category and will continue to grow our pipeline
with low-rent outparcel properties in dense retail centers.”
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.
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 April 28, 2022, 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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version on businesswire.com: https://www.businesswire.com/news/home/20220708005547/en/
Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO
Gerry Morgan, 415-965-8032 CFO
Four Corners Property (NYSE:FCPT)
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