FCPT News & Events

Four Corners Property Trust announces the acquisition of a Tires Plus property for $1.7 million. The property is located in a strong retail corridor in Minnesota and is corporate-operated under a triple net lease with approximately five years of term remaining. The transaction was priced at a 6.9% cap rate on rent as of the closing date and exclusive of transaction costs.

Catch up on the weekend's top five stories with this list compiled by The Fly: 1) Taylor Morrison Home Corporation (TMHC) and Berkshire Hathaway Inc. (BRK.A) jointly announced that they have reached a definitive agreement for Berkshire Hathaway to acquire Taylor Morrison for $72.50 per common share in cash, representing a total equity value for Taylor Morrison of approximately $6.8B and total enterprise value of approximately $8.5B. The acquisition price represents a 24% premium to Taylor Morrison's latest closing price of $58.50 on May 29, 2026. The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including approval by Taylor Morrison stockholders and receipt of required regulatory approvals. 2) Orrstown Financial (ORRF) disclosed Friday that on May 21, it received notice from a third-party vendor that such vendor had experienced a cybersecurity incident whereby a third-party gained unauthorized access to sensitive personal information of certain of the Company's customers. 3) SoftBank Group (SFTBY) announced its commitment to develop and operate 5 gigawatts, GW, of AI data center capacity in France, representing an investment of up to EUR 75B. The first phase, comprising an initial EUR 45B investment to deliver 3.1 GW of AI data center capacity in the Hauts-de-France region, is part of the 2026 Choose France summit hosted by President Emmanuel Macron. 4) The U.S. Department of Commerce has moved to close a potential loophole it created that may have allowed companies to export Nvidia's (NVDA) Rubin and Blackwell processors as well as AMD's (AMD) MI350 to Chinese entities located outside of China, Karen Freifeld of Reuters reports. This guidance suggests these AI chips may have been making their way to the subsidiaries of Chinese AI firms for almost a year. 5) Four Corners Property Trust (FCPT) announce the signing of a definitive agreement to acquire up to 102 Mission Pet Health veterinary properties for a purchase price of up to $268M from Shore Capital Real Estate Partners Fund I. The transaction is expected to close in early Q3 2026, subject to the completion of due diligence and the satisfaction of customary closing conditions. The properties are largely under two, triple net master leases in addition to two individually leased locations.

Four Corners Property Trust announce the signing of a definitive agreement to acquire up to 102 Mission Pet Health veterinary properties for a purchase price of up to $268M from Shore Capital Real Estate Partners Fund I. The transaction is expected to close in early Q3 2026, subject to the completion of due diligence and the satisfaction of customary closing conditions. The properties are largely under two, triple net master leases in addition to two individually leased locations. The portfolio has approximately 10 years of term remaining with attractive annual rent escalations averaging over 2.0%. The transaction was priced off of initial cash rent of approximately $17.33 million, inclusive of contractual rent increases in September 2026.

Four Corners Property Trust (FCPT) announced a single property asset exchange with Darden Restaurants (DRI). Under the asset exchange agreement, FCPT transferred ownership of a recently closed Bahama Breeze property in Michigan to Darden and in exchange Darden transferred ownership of an Olive Garden property in Nevada to FCPT. As part of the transaction, FCPT entered into a new lease with Darden for the Olive Garden property at the same rent and on the same terms as the former Bahama Breeze lease. The Olive Garden property is located in a retail corridor in Nevada and is corporate-operated under a triple-net lease. The transaction was structured as a cashless asset exchange, as the parties agreed that the respective "as is" fair market values of the exchanged properties are reasonably equivalent.