FCPT Announces 2021 Acquisition Volume and Acquisition of a Chick-fil-A Property from Washington Prime Group for $3.5 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a Chick-fil-A property in Connecticut for $3.5 million. This transaction marks the final property acquisition from a portfolio of assets previously announced with Washington Prime, totaling over $100 million across 59 properties. In 2021, FCPT completed acquisitions of 122 properties, totaling approximately $257 million, enhancing its portfolio of net-leased restaurant and retail properties. The new Chick-fil-A location is corporate-operated with around 15 years remaining on the term, offering stable income potential.

Positive

• Acquired a high-quality Chick-fil-A property for $3.5 million.
• Final acquisition from a $100 million portfolio with Washington Prime.
• Completed 122 property acquisitions in 2021 for a total investment of $257 million.
• The property has a remaining term of approximately 15 years, ensuring stable income.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Chick-fil-A property for $3.5 million. The property is located in a dense retail corridor in Connecticut and is corporate-operated with approximately fifteen years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

This is the last property to be acquired from the previously announced portfolio transactions with Washington Prime. Inclusive of today’s acquisition, FCPT has acquired over $100 million across 59 outparcel properties from Washington Prime, representing an average purchase price of approximately $1.7 million per property.

Including today's acquisitions, in 2021 FCPT completed real estate acquisitions of 122 properties for a total investment of approximately $257 million, exclusive of transaction costs.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail 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/20211230005320/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What was the acquisition made by FCPT?

FCPT acquired a Chick-fil-A property in Connecticut for $3.5 million.

How much has FCPT invested in property acquisitions in 2021?

In 2021, FCPT completed property acquisitions totaling approximately $257 million.

What is the cap rate for the recent Chick-fil-A acquisition?

The cap rate for the Chick-fil-A acquisition aligns with previous FCPT transactions.

How many properties has FCPT acquired from Washington Prime?

FCPT has acquired over $100 million worth of 59 properties from Washington Prime.

What is the remaining term for the acquired Chick-fil-A property?

The Chick-fil-A property has approximately 15 years remaining on its lease term.