Business Wire | Sep 3, 2020 04:41PM EDT

FCPT Announces Acquisition of Two Properties from Seritage Transaction for $7.0 Million

Sep. 03, 2020

MILL VALLEY, Calif.--(BUSINESS WIRE)--Sep. 03, 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 two properties for $7.0 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The properties are located in California and Utah within highly trafficked and populated corridors and have a weighted average term of approximately nine years. The two properties are leased to the brands' corporate entities and include an auto services center operated by American Automobile Association ("AAA") and an Arby's restaurant. 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 17 properties for $55 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