Business Wire | Nov 10, 2020 05:33PM EST

FCPT Announces Acquisition of a Starbucks Property from Washington Prime Group for $1.8 Million

Nov. 10, 2020

MILL VALLEY, Calif.--(BUSINESS WIRE)--Nov. 10, 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 Starbucks property for $1.8 million from a previously announced Washington Prime Group transaction. The property is located in Connecticut and is under a net lease to the brand's corporate entity with a lease term of approximately ten 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 50 properties for $80.7 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 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

CONTACT: Gerry Morgan, 415-965-8032 CFO