Market Overview

FCPT Announces Acquisition of LongHorn Steakhouse Restaurant Property for $1.5 Million


Four Corners Property Trust (NYSE: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 restaurant property leased to
Darden Restaurants, Inc. (NYSE:DRI) for $1.5 million. The property is
located in Columbia, South Carolina, and is occupied under a triple-net
lease with approximately 10 years of term remaining and a rent
escalation of 12.5% in 2022. Darden Restaurants operates over 1,700
restaurants, including over 490 LongHorn Steakhouse locations. The
transaction was priced at a 6.6% going-in cash cap rate, exclusive of
transaction costs.

Bill Lenehan commented, "We are pleased to announce this attractively
priced acquisition with a large, investment grade rated restaurant
operator. While we intend to diversify away from our largest tenant over
time, we will also explore opportunistic transactions when available."

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

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