FCPT Announces Acquisition of 13 KFC properties for $21.7 million

Rhea-AI Summary

Four Corners Property Trust (NYSE: FCPT) has acquired a portfolio of 13 KFC properties located in Alabama for $21.7 million. The properties are secured under two identical triple-net master leases with a major franchisee, featuring approximately 14 years of lease term remaining and annual rent increases of 2%. The acquisition was made at a cap rate consistent with previous FCPT transactions, indicating a strategic investment aimed at growing the company’s net-leased restaurant property portfolio.

Positive

• Acquisition of 13 KFC properties enhances FCPT's portfolio.
• Total value of the acquisition is $21.7 million.
• Lease agreements feature 14 years of term remaining and annual rent increases of 2%.
• Transaction priced at a cap rate consistent with previous FCPT deals.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)--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 portfolio of 13 KFC properties for $21.7 million. The portfolio is located in Alabama and occupied under two, identical, triple-net master leases to one of the largest franchisees in the country with approximately 14 years of term remaining and annual rent increases of 2%. The transaction was priced at a cap rate in range with previous FCPT transactions.

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.