Business Wire | Oct 29, 2020 05:47PM EDT

FCPT Announces Acquisition of a Wendy's Property from Washington Prime Group for $1.2 Million

Oct. 29, 2020

MILL VALLEY, Calif.--(BUSINESS WIRE)--Oct. 29, 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 Wendy's restaurant property for $1.2 million from a previously announced Washington Prime Group transaction. The property is located in Virginia and is under a triple-net lease to the brand's corporate entity with a lease term of approximately nine years remaining. The Washington Prime portfolio was priced at a capitalization rate consistent with FCPT's investment thresholds and past transactions.

Inclusive of today's acquisition, FCPT has acquired a total of 49 properties for $78.9 million from Washington Prime Group.

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