Four Corners Property Trust, Inc. has signed a definitive agreement to acquire 11-property outparcel portfolio. from Pennsylvania Real Estate Investment Trust for $32.5 million.

Four Corners Property Trust, Inc. (NYSE:FCPT) has signed a definitive agreement to acquire 11-property outparcel portfolio. from Pennsylvania Real Estate Investment Trust (NYSE:PEI) for $32.5 million on June 9, 2022. The transaction is priced at a 6.5% going-in cash cap rate, exclusive of transaction costs.

The transaction is subject to customary closing conditions, seller's board approval, and regulatory approvals. FCPT expects to acquire a majority of the portfolio in the second and third quarters of 2022. As of June 30, 2022, Four Corners Property Trust has acquired a property worth $2.4 million out of the 11-property outparcel portfolio.