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FCPT Announces Acquisition of Texas Roadhouse and Chili’s Restaurant Properties for $2.1 Million

January 10, 2020 GMT

MILL VALLEY, Calif.--(BUSINESS WIRE)--Jan 10, 2020--

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 the acquisition of a Texas Roadhouse property and a Chili’s property for $2.1 million. The Texas Roadhouse property is leased to the corporate operator and the Chili’s property is leased to a franchisee. The properties are occupied under triple net leases with approximately 7 years of average term remaining and are located in Kansas. The transaction was priced at a 7.4% cash cap rate including estimated percentage rent, exclusive of transaction costs.

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 http://www.fcpt.com/.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200110005537/en/

CONTACT: Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO 

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: REIT RESTAURANT/BAR RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY

SOURCE: Four Corners Property Trust

Copyright Business Wire 2020.

PUB: 01/10/2020 03:31 PM/DISC: 01/10/2020 03:31 PM

http://www.businesswire.com/news/home/20200110005537/en