FCPT Announces Acquisition of a Bojangles’ Property for $2.1 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a corporate-operated Bojangles’ property for $2.1 million, located in a prime retail area in South Carolina. The property is under a triple net lease with approximately nine years remaining on the lease term, and it was priced at a 6.5% going-in cash capitalization rate, not including transaction costs. This acquisition supports FCPT’s strategy to expand its portfolio in the restaurant sector.

Positive

• Acquisition of a Bojangles’ property enhances portfolio diversity.
• Property located in a high-traffic retail corridor, likely to ensure strong tenant performance.
• The triple net lease arrangement minimizes operational costs for FCPT.

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 corporate-operated Bojangles’ property for $2.1 million. The property is located in a highly trafficked retail corridor in South Carolina and is occupied under a triple net lease with approximately nine years of term remaining. The transaction was priced at a 6.5% going-in cash capitalization rate, 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/20201223005578/en/

FAQ

What is Four Corners Property Trust's recent acquisition?

FCPT has acquired a corporate-operated Bojangles’ property for $2.1 million.

What is the significance of the triple net lease in the acquisition?

The triple net lease indicates that the tenant is responsible for all property expenses, providing stability for FCPT.

Where is the newly acquired Bojangles’ property located?

The property is situated in a highly trafficked retail corridor in South Carolina.

What is the expected cash capitalization rate for the acquisition?

The transaction is priced at a 6.5% going-in cash capitalization rate.

How does this acquisition align with FCPT's business strategy?

This acquisition supports FCPT's goal of expanding its portfolio in the restaurant and retail sectors.