Business Wire | Sep 23, 2020 04:26PM EDT

FCPT Announces Acquisition of a Wells Fargo Branch from Brookfield Properties for $1.8 Million

Sep. 23, 2020

MILL VALLEY, Calif.--(BUSINESS WIRE)--Sep. 23, 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 Wells Fargo retail branch for $1.8 million from the Brookfield Properties transaction previously announced in October 2019. The branch is located in Idaho and is corporate-operated under a triple-net lease with approximately four years of term remaining. The Brookfield Properties portfolio transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today's acquisition, FCPT has acquired a total of 16 properties for $27 million related to the Brookfield portfolio announced in October 2019.

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