FCPT Announces Acquisition of 12 NAPA Auto Parts properties for $21.1 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has successfully acquired a portfolio of 12 NAPA Auto Parts properties for $21.1 million. Located in 10 states, these properties are under a triple-net master lease with approximately 5 years of lease term remaining. The acquisition was made at a 6.4% capitalization rate exclusive of transaction costs, indicating a strong investment return potential. This strategic move aligns with FCPT's goal to expand its real estate portfolio in the restaurant and retail sectors.

Positive

• Acquisition of 12 NAPA Auto Parts properties strengthens portfolio.
• Strategic investment valued at $21.1 million.
• Properties under a triple-net lease for approximately 5 years.
• Acquisition priced at a favorable 6.4% capitalization rate.

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 portfolio of 12 NAPA Auto Parts properties for $21.1 million. The properties are located across 10 states and are occupied under a triple-net master lease to the corporate entity with approximately 5 years of term remaining. The transaction was priced at a 6.4% capitalization rate, 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/20220527005352/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What is the significance of FCPT's acquisition of NAPA Auto Parts properties?

The acquisition enhances FCPT's portfolio and aligns with its growth strategy in the restaurant and retail sectors.

How much did FCPT pay for the NAPA Auto Parts properties?

FCPT acquired the portfolio for $21.1 million.

What is the capitalization rate for the properties acquired by FCPT?

The properties were acquired at a 6.4% capitalization rate.

How many states are the NAPA Auto Parts properties located in?

The properties are located across 10 states.

What type of lease is associated with the NAPA Auto Parts properties?

These properties are occupied under a triple-net master lease.