FCPT Announces Acquisition of a Torchy’s Tacos Property from Seritage Transaction for $2.2 Million

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Torchy’s Tacos property for $2.2 million from the Seritage transaction previously announced in October 2019 and expanded in August 2020. The property is located in a strong retail corridor in Florida and is corporate-operated under a triple net lease with approximately 6 years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today’s transaction, FCPT has acquired a total of 26 properties for $78.2 million from Seritage.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail 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 retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221019005993/en/

Four Corners Property Trust: Bill Lenehan, 415-965-8031 CEO

Gerry Morgan, 415-965-8032 CFO