FCPT closes $200M seven-year delayed draw term loan; $50M drawn at closing

Four Corners Property Trust, Inc.

Facility: $200M senior unsecured delayed draw term loan; $50M funded on closing, $150M to fund acquisitions in late Q2/early Q3 2026.
Interest: 1.25% over SOFR (all-in ~4.9%), with 96% of term loans hedged at 3.0% blended rate; 98% of total debt fixed through Nov 2027.
Maturity: April 6, 2033; prepayment fees apply for first two years, none after year two.
Financial covenants include total leverage ≤60%, fixed charge coverage ≥1.50x, unencumbered leverage ≤60%.
Pro forma full draw: run-rate leverage ~5.4x, within 5.0x-6.0x target range; spread to historic acquisition yields ~200+ bps.

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