FCPT Announces Disposition of Darden-Leased Restaurant Property for $5.2 Million
May 17 2017 - 4:36PM
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 an Olive Garden restaurant
property leased to Darden Restaurants, Inc. (NYSE: DRI) for $5.2
million. The property is located in Lakeland, Florida, and is
occupied under a triple-net lease with approximately 15 years of
term remaining. The sale is the result of an unsolicited offer at a
cash cap rate of 5.1%, 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 seeks 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.fcpt.com/.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170517006313/en/
Four Corners Property Trust:Bill Lenehan, 415-965-8031CEOGerry
Morgan, 415-965-8032CFO
Four Corners Property (NYSE:FCPT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Four Corners Property (NYSE:FCPT)
Historical Stock Chart
From Apr 2023 to Apr 2024