Business Wire | Dec 30, 2020 06:36PM EST

FCPT Announces Acquisition of a REI Property from Seritage Transaction for $6.8 Million

Dec. 30, 2020

MILL VALLEY, Calif.--(BUSINESS WIRE)--Dec. 30, 2020--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 a Recreation Equipment, Inc. ("REI") property for $6.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in a strong retail corridor in Virginia and is corporate-operated under a net lease with approximately five years of term remaining. The Seritage transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today's acquisition, FCPT has acquired a total of 22 properties for $70 million from Seritage.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201230005384/en/

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