Business Wire | Jul 31, 2020 04:10PM EDT

FCPT Announces Acquisition of an Olive Garden Property and Adjacent Land for $5.5 Million

Jul. 31, 2020

MILL VALLEY, Calif.--(BUSINESS WIRE)--Jul. 31, 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 ground-leased Olive Garden property and additional acreage approved for another restaurant site for $5.5 million. The Company intends to use the site for the future development of a LongHorn Steakhouse to be operated by the Company's Kerrow operating business. The Olive Garden property is occupied under a 10-year triple-net ground lease with Darden, the brand's corporate operator. The acquired property is located in a strong retail corridor in San Antonio, TX. The transaction was priced at a capitalization rate consistent with previous transactions.

Carol Dilts, Vice President at Kerrow, added: "The team here is excited and looking forward to expanding in the San Antonio market. Everybody on the Kerrow team has demonstrated incredible tenacity throughout COVID, and we look forward to continued success over the coming quarters."

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 Gerry Morgan, 415-965-8032 CFO