FCPT Announces Acquisition of a Burger King Property for $1.4 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Burger King property in Ohio for $1.4 million. This property, located in a high-traffic retail area, is under a triple net lease with Carrols Corporation, which has approximately one year remaining on the lease term. The acquisition was valued at a 6.8% going-in cash capitalization rate, not including transaction costs. The Company is focused on expanding its portfolio of net-leased restaurant properties.

Positive

• Acquired a Burger King property for $1.4 million, expanding the portfolio.
• Transaction valued at a favorable 6.8% going-in cash capitalization rate.

Negative

• The lease has only approximately one year remaining, introducing uncertainty regarding future tenancy.

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 Burger King property for $1.4 million. The property is located in a highly trafficked retail corridor in Ohio and is occupied under a triple net lease to Carrols Corporation with approximately one year of term remaining. The transaction was priced at a 6.8% 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/20210608006120/en/

FAQ

What is the significance of FCPT's acquisition of the Burger King property?

The acquisition allows FCPT to expand its portfolio in a high-traffic area, potentially increasing future revenue.

What is the transaction value of the Burger King property acquired by FCPT?

The transaction value of the Burger King property is $1.4 million.

What is the going-in cash capitalization rate for the recent acquisition?

The acquisition was priced at a 6.8% going-in cash capitalization rate.

Who is the tenant for the newly acquired Burger King property?

The property is leased to Carrols Corporation.

How long is the lease term remaining on the Burger King property?

There is approximately one year remaining on the lease term.