Benzinga | Oct 26, 2020 04:12PM EDT

FCPT Announces Acquisition Of Dual-Tenant Panera Bread / AT&T Property For $2.6M

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties ("FCPT" or the "Company"), is pleased to announce the acquisition of a dual-tenant property for $2.6 million. The property is occupied by a corporate-operated Panera Bread and a corporate-operated AT&T (NYSE:T). Each tenant is subject to a separate net lease with approximately nine years of weighted average term remaining. The property is located in Indiana. The transaction was priced at a 6.8% going-in cash cap rate, after property management expenses and exclusive of transaction costs.

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 http://www.fcpt.com/.

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