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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