Business Wire | Jul 16, 2021 04:05PM EDT

FCPT Announces Acquisition of an Outback Steakhouse Property from Brookfield Properties for $1.9 Million

Jul. 16, 2021

MILL VALLEY, Calif.--(BUSINESS WIRE)--Jul. 16, 2021--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties ("FCPT" or the "Company"), is pleased to announce the acquisition of an Outback Steakhouse property for $1.9 million from a previously announced Brookfield Properties transaction. The property is located in a strong retail corridor in Washington and is franchisee-operated under a triple net lease with approximately three years of term remaining. The Brookfield Properties portfolio was priced at a capitalization rate consistent with previous FCPT transactions.

Inclusive of today's acquisition, FCPT has acquired a total of 19 properties for $35 million related to the Brookfield portfolio announced in October 2019.

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 www.fcpt.com.

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CONTACT: Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO Gerry Morgan, 415-965-8032 CFO