secwatch.observer — SEC 8-K summary
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Issuer:     Four Corners Property Trust, Inc. (FCPT)
CIK:        0001650132
Form:       8-K
Filed at:   2024-08-27T23:59:59+00:00
Accession:  0000950170-24-100657
Event type: m_and_a
Sentiment:  positive
Materiality: 0.65
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1650132/000095017024100657/0000950170-24-100657-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1650132/000095017024100657/fcpt-20240826.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-100657

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer