secwatch.observer — SEC 8-K summary
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Issuer:     Four Corners Property Trust, Inc. (FCPT)
CIK:        0001650132
Form:       8-K
Filed at:   2023-05-24T23:59:59+00:00
Accession:  0001650132-23-000075
Event type: m_and_a
Sentiment:  positive
Materiality: 0.60
Item codes: 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FCPT agrees to acquire up to 14 Darden restaurant properties for $85M
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- Purchase price up to $85.0M; initial cash rent of ~$5.35M.
- Properties: 13 Cheddar's Scratch Kitchen and 1 Olive Garden, triple net leased with Darden corporate guaranty.
- Annual rent increases of 1.5%; portfolio weighted average lease term of 13 years.
- Expected close in Q3 2023, subject to due diligence and customary conditions.
- Properties located in TN (7), IN (3), KY (3), and OH (1); high-traffic retail corridors.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1650132/000165013223000075/0001650132-23-000075-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1650132/000165013223000075/fcpt-20230524.htm
  HTML page:      https://secwatch.observer/filing/0001650132-23-000075

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