Four Corners Property Trust (NYSE:FCPT), headquartered in Mill Valley, CA, is a real estate investment trust (REIT) primarily engaged in the acquisition and leasing of restaurant properties, announced that it has acquired seven corporate-operated Chili’s restaurant properties for $28.7 million.
The properties are located in Colorado (2), Louisiana, Mississippi, Oklahoma, and Texas (2), and are occupied under triple-net leases with approximately 14 years of term remaining and annual rent increases of 1.5%.
The leases are guaranteed by Brinker International, Inc. (NYSE: EAT). The transaction was priced at a 6.3% going-in cash capitalization rate.