Four Corners Property (FCPT) announces $150 million distressed property joint venture.

Four Corners Property Trust (FCPT) announced today that it has formed a $150 million joint venture with Lubert-Adler Real Estate Funds to acquire vacant retail properties for repositioning.  FCPT will invest up to $20 million in the venture and have the right to purchase any of the properties upon stabilization.

The focus of the joint venture will be to acquire and re-tenant vacant restaurant properties over a multi-year investment period.  According to Dean Adler, CEO of Lubert-Adler, "we believe this to be a generational distressed investment opportunity" and "believe that FCPT, as the industry sharp-shooter, is an ideal partner to execute this strategy with us."

Four Corners Property is an equity REIT specializing in the acquisition and ownership of free-standing restaurant properties. The current portfolio includes 733 properties in 46 states with a remaining weighted-average lease term of 10.5 years.  FCPT has a total market capitalization of approximately $2.5 billion and is a member of the S&P SmallCap 600 and Russell 2000 indexes.