FOUR CORNERS PROPERTY TRUST, INC. (NYSE:FCPT) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01
Completion of Acquisition or Disposition of Assets.
As previously reported by Four Corners Property Trust, Inc. (the "Company") in its Current Report on Form 8-K filed on August 8, 2018 (the "Initial Filing"), the Company previously completed the acquisition of 46 Chili's properties to a Purchase and Sale Agreement (the "PSA"), dated August 1, 2018, with Brinker Property Corporation ("Brinker Property") and Brinker Propco Florida, Inc. ("Brinker Florida"), both subsidiaries of Brinker International, Inc. ("Brinker"), for the purchase of up to 48 Chili's restaurant properties (the "Properties").
The Company is filing this Amendment No. 1 on Form 8-K/A (the "Amended Filing") to amend the Initial Filing to announce the closing of the remaining two Properties. The transaction closed on September 28, 2018, with the Company purchasing the remaining two Properties for a total purchase price of $5.9 million. Including the 46 Properties acquired on August 8, 2018, the aggregate sales price for all the Properties was $155.7 million with an aggregate initial annual cash rent of approximately $9.9 million. All of the Properties are currently operated by Brinker or its subsidiaries.
The Company has entered into individual triple-net lease agreements with either Brinker Property or Brinker Florida for each of the Properties, each of which will have initial lease terms of 15 years subject to between two and six consecutive five-year renewal options, depending on the property, by Brinker Property and Brinker Florida, with all of the leases guaranteed by Brinker.
Regulation FD Disclosure.
A copy of the Company’s press release announcing the closing of the transaction with Brinker, dated September 28, 2018, is furnished hereto as Exhibit 99.1.
The information in this Item 2.01 and Exhibit 99.1 to this Form 8-K shall not be deemed to be “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Financial Statements and Exhibits.
Press Release dated September 28, 2018
Four Corners Property Trust, Inc. ExhibitEX-99.1 2 fcptcloses2chilisrestaur.htm EXHIBIT 99.1 fcptcloses2chilisrestaur FCPT Closes the Remaining Two Chili’s Restaurant Properties for $5.9 million as part of Previously Announced Brinker Sale-Leaseback Transaction Mill Valley,…To view the full exhibit click
About FOUR CORNERS PROPERTY TRUST, INC. (NYSE:FCPT)
Four Corners Property Trust, Inc. is a self-administered company, which is engaged in the ownership, acquisition and leasing of restaurant properties. The Company’s business is conducted through its subsidiaries, Four Corners Operating Partnership, LP (Four Corners OP) and Four Corners GP, LLC (Four Corners GP). It operates through two segments: real estate operations and restaurant operations. It owns over 424 properties in the United States. Of these properties, 418 are held for investment. These 418 properties have an aggregate leasable area of approximately 3,287,000 square feet, which are located in over 44 states. The remaining six properties are operated by the Kerrow Restaurant Operating Business as LongHorn Steakhouses. Of approximately six LongHorn SteakHouse restaurant properties located in the San Antonio area, over three properties are leased to its subsidiary, Kerrow Holdings, LLC (together with its subsidiaries Kerrow), and approximately three are owned by Kerrow.