Four Corners Property Trust Announces Disposition of Two Darden-Leased Restaurant Properties for $24.8 million
October 24 2016 - 1:44PM
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”), is
pleased to announce the disposition of two properties leased to
Darden Restaurants, Inc. (“Darden”) for $24.8 million. The two
properties are an Olive Garden restaurant in Pembroke Pines,
Florida and a Bahama Breeze restaurant in Tampa, Florida. The
restaurants are occupied under individual triple-net leases with
approximately 14 years of weighted average term remaining. The sale
is the result of an unsolicited offer at a cash cap rate of 4.75%,
exclusive of transaction costs.
FCPT anticipates redeploying the proceeds from this transaction
through an Internal Revenue Code Section 1031 like-kind exchange
(“1031-Exchange”). As a result, net cash proceeds from the sale
will be held in an escrow account until one or more properties are
purchased through the 1031-Exchange. However, there can be no
assurance that an acquisition of a new property or properties will
occur. If the Company fails to identify one or more like-kind
replacement properties of comparable value within 45 days of the
date of sale and/or fails to acquire such property or properties
within 180 days of the date of sale, the Company will be required
to pay a tax at the highest corporate income tax rate on the
“built-in gain” (i.e. the gain that existed at the time FCPT
acquired the properties from Darden) recognized on the sale of the
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 will seek to grow its
portfolio by acquiring additional real estate to lease, on a
triple-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.fourcornerspropertytrust.com/.
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 the Company’s intent, belief
or expectations. 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. Such forward-looking statements are
subject to various risks and uncertainties, including those
described under the section entitled "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended December
31, 2015, as such factors may be updated from time to time in our
periodic filings with the SEC, which are accessible on the SEC's
website at www.sec.gov. Forward-looking statements speak only
as of the date on which such statements are made and, except in the
normal course of the Company’s public disclosure obligations, the
Company expressly disclaims any obligation to publicly release any
updates or revisions to any forward-looking statements to reflect
any change in the Company’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 the Company can give no assurance
that its expectations or the events described will occur as
described.
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version on businesswire.com: http://www.businesswire.com/news/home/20161024006243/en/
Four Corners Property TrustBill Lenehan, 415-965-8031CEOGerry
Morgan, 415-965-8032CFO
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