Washington Prime Group Inc. (fka WPGGQ)

[Enterprising Investor]

FCPT Closes Two Additional Restaurant Properties of Washington Prime Transaction (7/27/18)

MILL VALLEY, Calif.--(BUSINESS WIRE)--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 two additional restaurant properties today from Washington Prime Group Inc. (“WPG”). The two properties are a corporate-operated Olive Garden and a franchisee-operated Taco Bell. This is the third closing of the acquisition previously announced in September 2017. Closing of the remaining properties will vary based on the timing of parcelization of each respective property, subject to remaining due diligence and customary closing conditions.

The purchase price for the two properties was approximately $4.6 million and represents a capitalization rate consistent with our investment thresholds and past transactions. The leases have a current weighted average remaining term of approximately 7.6 years. Both of the properties are ground leases (i.e., the tenant built its own building with ownership reverting to the landlord upon lease expiry). The two restaurants are outparcels to one of WPG’s Open Air properties and are well located within a highly trafficked retail corridor in Connecticut.

Additional detail on all properties acquired from WPG will be disclosed upon the closing of each of the additional properties.

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 for use in the restaurant and related food services industry. Additional information about FCPT can be found on the website at www.fcpt.com.

https://www.businesswire.com/news/home/20180727005566/en/