FCPT Closes Acquisition of 13 Darden Restaurant Properties for $79.5 Million and Announces Year-to-Date Acquisition Volume Totals of $269.1 Million
06 Julho 2023 - 6:18PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate
investment trust primarily engaged in the ownership and acquisition
of high-quality, net-leased restaurant and retail properties
(“FCPT” or the “Company”), closed on the purchase of 13
corporate-operated Darden restaurant properties (12 Cheddar’s
Scratch Kitchen properties and 1 Olive Garden property) for a
purchase price of $79.5 million on initial full year cash rent of
approximately $5.0 million. This was part of the previously
announced transaction in May 2023. The Company may acquire one
additional Cheddar’s Scratch Kitchen property in the near term
pending further due diligence. If the Company acquires the
additional property, the total transaction size will be 14
properties for $85.0 million on initial full year annual cash rent
of approximately $5.35 million.
Including today’s acquisition, and year-to-date, FCPT has
completed the acquisition of 71 properties for a total investment
of $269.1 million (excluding transaction costs) at a weighted
average cap rate of 6.7%. Annualized in-place rents for FCPT’s
portfolio as of today are approximately $212.6 million.
Patrick Wernig, Managing Director of Acquisitions at FCPT, said,
“At roughly the half-way point of 2023, we are pleased to have
closed an acquisition volume similar to our historic full year
volumes. Our financial leverage remains within our target range,
and we continue to find a buyer friendly market for new
acquisitions.”
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate
investment trust primarily engaged in the ownership, acquisition
and leasing of restaurant and retail properties. The Company seeks
to grow its portfolio by acquiring additional real estate to lease,
on a net basis, for use in the restaurant and retail industries.
Additional information about FCPT can be found on the website at
www.fcpt.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements include all statements that are not historical
statements of fact and those regarding FCPT’s intent, belief or
expectations, including, but not limited to, statements regarding
the anticipated consequences and benefits of the transaction and
other future events and their potential effects on FCPT, including,
but not limited to, statements relating to anticipated financial
and operating results, the Company’s plans, objectives,
expectations and intentions, cost savings and other statements.
Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),”
“believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)”
and similar expressions, or the negative of these terms, are
intended to identify such forward-looking statements.
Forward-looking statements speak only as of the date on which such
statements are made and, except in the normal course of FCPT’s
public disclosure obligations, FCPT expressly disclaims any
obligation to publicly release any updates or revisions to any
forward-looking statements to reflect any change in FCPT’s
expectations or any change in events, conditions or circumstances
on which any statement is based. Forward-looking statements are
based on management’s current expectations and beliefs and FCPT can
give no assurance that its expectations or the events described
will occur as described. For a further discussion of these and
other factors that could cause FCPT’s future results to differ
materially from any forward-looking statements, see the section
entitled “Risk Factors” in FCPT’s most recent annual report on Form
10-K, and other risks described in documents subsequently filed by
FCPT from time to time with the Securities and Exchange
Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230706951900/en/
Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO
Gerry Morgan, 415-965-8032 CFO
Four Corners Property (NYSE:FCPT)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Four Corners Property (NYSE:FCPT)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024