An unknown buyer acquired Red Lobster property in Pennsylvania from Four Corners Property Trust, Inc. (NYSE:FCPT) for $5.1 million on January 6, 2023. Four Corners Property Trust plans to repurpose the proceeds into new investment opportunities through an Internal Revenue Code Section 1031 like-kind exchange. As a result, net cash proceeds from the sale will be held in an escrow account until one or more properties are purchased through the 1031-Exchange. If Four Corners Property Trust fails to identify one or more like-kind replacement properties of comparable value within 45 days of the date of sale and/or fails to acquire such property or properties within 180 days of the date of sale, Four Corners Property Trust will be required to pay a tax at the highest corporate income tax rate on any gain recognized on the sale of this property.

An unknown buyer completed the acquisition of Red Lobster property in Pennsylvania from Four Corners Property Trust, Inc. (NYSE:FCPT) on January 6, 2023.