FCPT Announces 2020 Acquisition Volume and Sale-Leaseback of a Chili’s Restaurant Property for $2.9 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Chili’s restaurant property in South Carolina for $2.9 million through a sale-leaseback transaction. The property, located in a strong retail corridor, is leased to a franchisee with a 20-year term remaining at a 6.5% going-in cash capitalization rate, excluding transaction costs. This acquisition contributes to FCPT's strategy of expanding its real estate portfolio, having completed 101 property acquisitions totaling $222.7 million in 2020.

Positive

• Acquisition of Chili’s restaurant property enhances portfolio.
• Strong retail location may drive future revenue growth.
• Long-term lease with franchisee provides stable cash flow.

Negative

• None.

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Chili’s restaurant property for $2.9 million via a sale-leaseback transaction. The property is located in a strong retail corridor in South Carolina and is occupied under a new triple net lease by a franchisee operator with 20 years of term remaining. The transaction was priced at a 6.5% going-in cash capitalization rate, exclusive of transaction costs.

Including today's acquisitions, in 2020 FCPT completed real estate acquisitions of 101 properties for a total investment of $222.7 million, exclusive of transaction costs.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201231005250/en/

FAQ

What property did FCPT acquire?

FCPT acquired a Chili’s restaurant property in South Carolina.

How much did FCPT pay for the Chili’s property?

FCPT paid $2.9 million for the Chili’s property.

What is the capitalization rate for the acquisition?

The acquisition was priced at a 6.5% going-in cash capitalization rate.

How many properties has FCPT acquired in 2020?

In 2020, FCPT completed acquisitions of 101 properties.

What is the total investment made by FCPT in 2020?

FCPT's total investment in 2020 amounted to $222.7 million.