FCPT Announces Acquisition of a Caliber Collision Portfolio for $7.2 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has announced the acquisition of three Caliber Collision properties for $7.2 million. The properties are strategically located in high-traffic areas of New York, featuring corporate-operated net leases with a weighted average remaining term of seven years and annual rent increases of 2%. This transaction, priced at a 6.8% cap rate on current rent, reinforces FCPT's commitment to expanding its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of three properties enhances FCPT's portfolio.
• Properties located in high-traffic areas, likely to increase foot traffic and revenue.
• Weighted average remaining lease term of seven years provides stability in cash flow.
• Annual rent increases of 2% contribute to long-term revenue growth.
• Transaction priced at a 6.8% cap rate indicates solid investment return.

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 three Caliber Collision properties for $7.2 million. The properties are located in highly trafficked corridors in New York and are corporate-operated under net leases with a weighted average of seven years of term remaining and annual rent increases of 2%. The transaction was priced at a 6.8% cap rate on rent today, 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/20210921006131/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What properties did FCPT acquire in New York?

FCPT acquired three Caliber Collision properties located in high-traffic corridors in New York.

What is the total value of the acquisition by FCPT?

The total value of the acquisition by FCPT is $7.2 million.

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

The acquisition was priced at a cap rate of 6.8% on current rent.

What are the lease terms for the acquired properties?

The properties have a weighted average remaining lease term of seven years with annual rent increases of 2%.

How does this acquisition impact FCPT's business strategy?

This acquisition aligns with FCPT's strategy to grow its portfolio of high-quality, net-leased restaurant and retail properties.