Business Wire | Sep 29, 2020 06:23PM EDT

FCPT Announces Acquisition of a Bahama Breeze Restaurant Property From Seritage Transaction for $2.8 Million

Sep. 29, 2020

MILL VALLEY, Calif.--(BUSINESS WIRE)--Sep. 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 Bahama Breeze restaurant property for $2.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The Bahama Breeze is located in South Carolina and is situated within a highly trafficked and populated corridor. The property has a remaining term of ten years and is leased to the brand's corporate entity (subsidiary of Darden Restaurants, Inc.). The transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today's acquisition, FCPT has acquired a total of 18 properties for $58 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 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