FCPT buys $66.4M Bloomin' portfolio, raises $148M equity via ATM, Darden now <50% of rent

Four Corners Property Trust, Inc.

Acquired 20 Outback and Carrabba's restaurants from Bloomin' Brands for $66.4M; cap rate accretive on day one.
Raised ~$148M equity via ATM in Q3-to-date ($156M YTD); ~$41M available for forward settlement, leverage at 5.3x.
Fully paid down revolver, $250M undrawn; no debt maturities until Nov 2025.
Darden now under 50% of base rent; Olive Garden down to 35% from 74% at inception.
2024 YTD acquisitions $132M at 7.2% cap rate; portfolio ABR $228.7M across 1,176 leases.

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