Business Wire | Nov 2, 2020 06:14PM EST

FCPT Announces Acquisition of a Four Property Verizon Portfolio for $7.2 Million

Nov. 02, 2020

MILL VALLEY, Calif.--(BUSINESS WIRE)--Nov. 02, 2020--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 four Verizon properties for $7.2 million. The properties are located in OH and PA and are occupied by a Verizon retail operator (Cellular Sales of Knoxville) with over 780 locations under net leases with approximately nine years of weighted average term remaining. The transaction was priced at a 7.10% going-in cash capitalization rate, 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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CONTACT: Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO

CONTACT: Gerry Morgan, 415-965-8032 CFO