Market Overview

FCPT Closes 46 Chili's Restaurant Properties for $149.8 million as part of Previously Announced Brinker Sale-Leaseback Transaction

Share:

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"), closed on the purchase of 46
corporate-operated Chili's restaurants through a sale-leaseback
transaction with certain subsidiaries of Brinker International, Inc.
(NYSE:EAT) for a purchase price of $149.8 million on initial annual
cash rent of approximately $9.5 million. The Company may acquire up to
two additional properties in the near term pending further due
diligence. If the Company acquires the additional properties, the total
transaction size will be 48 properties for $155.7 million on initial
annual cash rent of approximately $9.9 million.

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/.

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 Comments and Join the Discussion!