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FCPT Announces Acquisition of LongHorn Steakhouse and IHOP Restaurant Properties for $2.6 million

April 19, 2019

MILL VALLEY, Calif.--(BUSINESS WIRE)--Apr 19, 2019--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 LongHorn Steakhouse property and an IHOP property for $2.6 million. The properties are located in Alabama and Virginia, respectively, and are occupied under triple net leases with 8 years of weighted average term remaining. The transaction was priced at a 6.9% going-in cash cap rate, 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 related food services industry. 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/20190419005141/en/

CONTACT: Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEOGerry Morgan, 415-965-8032

CFO

KEYWORD: UNITED STATES NORTH AMERICA ALABAMA CALIFORNIA VIRGINIA

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

SOURCE: Four Corners Property Trust

Copyright Business Wire 2019.

PUB: 04/19/2019 02:18 PM/DISC: 04/19/2019 02:18 PM

http://www.businesswire.com/news/home/20190419005141/en

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