Four Corners Property Acquires 13 Darden Restaurants Properties For $79.5M

Four Corners Property Trust Inc FCPT disclosed the buyout completion of 13 corporate-operated Darden Restaurants Inc DRI restaurant properties for $79.5 million.

In particular, the company acquired 12 Cheddar's Scratch Kitchen properties and 1 Olive Garden property.

Apart from this, FCPT may acquire one more Cheddar's Scratch Kitchen property in the near term, upon pending further due diligence.

If the property is acquired, the total transaction size will be 14 properties for $85.0 million on initial full-year annual cash rent of around $5.35 million.

With the completed buyout, YTD, FCPT has acquired 71 properties for $269.1 million (excluding transaction costs) at a weighted average cap rate of 6.7%. 

"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," said Patrick Wernig, Managing Director of Acquisitions.

Related: Four Corners Property Continues Its Acquisition Spree 

As of March 31, 2023, FCPT had around $392 million of available liquidity, including cash and cash equivalents of $31 million.

Price Action: FCPT shares closed lower by 0.78% at $25.37 on Thursday.