MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec 28, 2022--

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 the acquisition of a Red Lobster property and a Smokey Bones property for $6.9 million. The properties are located in a highly trafficked corridor in New York and are corporate-operated under triple net leases with a weighted average of 2.5 years of term remaining. The transaction was priced at a 6.5% cap rate, exclusive of transaction costs.

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20221228005421/en/

CONTACT: Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

KEYWORD: CALIFORNIA NEW YORK UNITED STATES NORTH AMERICA

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

SOURCE: Four Corners Property Trust

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PUB: 12/28/2022 05:43 PM/DISC: 12/28/2022 05:43 PM

http://www.businesswire.com/news/home/20221228005421/en