secwatch.observer — SEC 8-K summary
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Issuer:     Four Corners Property Trust, Inc. (FCPT)
CIK:        0001650132
Form:       8-K
Filed at:   2023-07-06T23:59:59+00:00
Accession:  0001650132-23-000099
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FCPT closes $79.5M acquisition of 13 Darden restaurant properties; YTD volume $269.1M
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- Closed purchase of 12 Cheddar's Scratch Kitchen and 1 Olive Garden property for $79.5M, initial annual rent ~$5.0M.
- May acquire one more Cheddar's property for total 14 properties at $85.0M and ~$5.35M rent.
- Year-to-date acquisition volume totals $269.1M across 71 properties at weighted avg cap rate 6.7%.
- Portfolio annualized in-place rents now ~$212.6M.
- Management cites buyer-friendly market; leverage remains within target range.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1650132/000165013223000099/0001650132-23-000099-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1650132/000165013223000099/fcpt-20230706.htm
  HTML page:      https://secwatch.observer/filing/0001650132-23-000099

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