FCPT Announces Acquisition of a Red Robin Property for $2.4 million from PREIT

MILL VALLEY, Calif.–(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 the acquisition of a Red Robin property for $2.4 million from the PREIT transaction previously announced in June 2022. The property is located in a strong retail corridor in Maryland and is occupied under a triple net lease to the corporate entity with approximately 4 years of term remaining. The overall transaction was priced at a 6.5% going-in cash capitalization rate, exclusive of transactions 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.
Contacts
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO

Gerry Morgan, 415-965-8032
CFO