04:30 PM EST, 11/27/2024 (MT Newswires) -- Four Corners Property Trust ( FCPT ) said Wednesday it purchased five Outback Steakhouse locations for $19.7 million.

The properties, bought from the same seller of the August 2024 Bloomin' Brands 19-property portfolio, are located in prime retail areas across Texas, Florida, and Missouri.

The properties are corporate-operated under long-term net leases, with the transaction completed at a cap rate in line with FCPT's prior deals, the company said.