MILL VALLEY, Calif.–(BUSINESS WIRE)–Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased commercial and restaurant properties (“ FCPT” or the “Company”), is pleased to announce the disposition of the Applebee’s restaurant property for $1.7 million. The property is located in Michigan and is operated by a franchise under a lease agreement with approximately two years remaining on the term. The price of this transaction was set at a capitalization rate in the range of previous FCPT transactions and will result in an immaterial gain for FCPT. The company plans to reuse the proceeds in new investment opportunities in accordance with the thresholds of the FCPT.
FCPT anticipates redistribution of proceeds from this transaction through a similar exchange under Section 1031 of the Internal Revenue Code (“1031-Exchange”). As a result, the 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 guarantee that the acquisition of a new property or properties will occur. If the Company does not identify one or more replacement properties of the same type of comparable value within 45 days after the date of sale and/or does not acquire such property or properties within 180 days after the date of sale, the Company shall pay a tax at the highest corporate income tax rate on the gain recognized on the sale of this property.
About FCPT
Headquartered in Mill Valley, CA, FCPT is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and commercial 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.
contacts
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO