U.S. Markets close in 2 hrs 4 mins

FCPT Announces Acquisition of LongHorn Steakhouse and IHOP Restaurant Properties for $2.6 million


Four Corners Property Trust (FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a LongHorn Steakhouse property and an IHOP property for $2.6 million. The properties are located in Alabama and Virginia, respectively, and are occupied under triple net leases with 8 years of weighted average term remaining. The transaction was priced at a 6.9% going-in cash cap 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, on a net basis, for use in the restaurant and related food services industry. Additional information about FCPT can be found on the website at http://www.fcpt.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190419005141/en/