Business Wire | Jul 14, 2020 05:06PM EDT

FCPT Announces Acquisition of a BP Gas Station Property for $3.3 Million

Jul. 14, 2020

MILL VALLEY, Calif.--(BUSINESS WIRE)--Jul. 14, 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 BP gas station property for $3.3 million. The ground lease is guaranteed by BP corporate (NYSE: BP), has a sub-lease to a Dunkin' Donuts franchisee, and is occupied under a triple-net lease with approximately 4 years of term remaining. The property is located in a strong retail corridor in Illinois and includes a convenience store and a Dunkin' with a drive-thru. The transaction was priced at a 6.5% 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 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