FCPT Announces Acquisition of a Burger King Property for $1.7 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Burger King property for $1.7 million. Located in a busy retail area of Wisconsin, the property is leased under a triple net lease with approximately 15 years remaining. This acquisition reflects a 6.5% going-in cash capitalization rate, excluding transaction costs. FCPT focuses on owning high-quality, net-leased restaurant properties, aiming to expand its portfolio within the restaurant and retail sectors.

Positive

• Acquisition of a high-quality Burger King property for $1.7 million
• Strategically located in a high-traffic retail corridor
• Triple net lease with approximately 15 years remaining, providing stable income
• 6.5% going-in cash capitalization rate indicates efficient investment

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 Burger King property for $1.7 million. The property is located in a highly trafficked retail corridor in Wisconsin and is occupied under a triple net lease to a franchisee with approximately 15 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/20210629006018/en/

FAQ

What property did FCPT acquire recently?

FCPT acquired a Burger King property for $1.7 million.

What is the location of the newly acquired property?

The Burger King property is located in a highly trafficked retail corridor in Wisconsin.

What type of lease is associated with the acquired Burger King property?

The property is leased under a triple net lease.

What is the remaining lease term for the Burger King property?

There are approximately 15 years remaining on the lease.

What is the cash capitalization rate for this acquisition?

The acquisition was priced at a 6.5% going-in cash capitalization rate.