Business Wire | Jul 13, 2020 06:11PM EDT

FCPT Announces Closing of Carrabba's Property from Seritage Transaction for $1.6 Million

Jul. 13, 2020

MILL VALLEY, Calif.--(BUSINESS WIRE)--Jul. 13, 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 Carrabba's property for $1.6 million from the Seritage transaction previously announced in October 2019. This property is located in South Carolina within a highly trafficked and populated corridor. This lease is corporate-operated with a remaining lease term of three years.

Inclusive of today's acquisition, FCPT has acquired a total of 14 properties for $44.6 million under the Seritage transaction to date. The Seritage portfolio transaction was priced at a cap rate in range with previous FCPT transactions.

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