FCPT Announces Acquisition of a Caliber Collision Property for $6.1 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) announced the acquisition of a Caliber Collision property in Tennessee for $6.1 million. The property, located in a strong retail corridor, operates under a corporate net lease with approximately seven years remaining. The deal was priced at a 6.7% cap rate, including near-term rent increases and credits received at closing. Excluding transaction costs, the cap rate would be 6.5% based on the rent at closing. This acquisition aligns with FCPT's strategy of growing its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of Caliber Collision property enhances portfolio diversification.
• Strategic location in a strong retail corridor supports potential revenue growth.
• Net lease structure provides stable income with approximately seven years remaining.

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 a Caliber Collision property for $6.1 million. The property is located in a strong retail corridor in Tennessee and is corporate operated under a net lease with approximately seven years of term remaining. The transaction was priced at a 6.7% cap rate including near term rent increases, credits received at closing, and exclusive of transaction costs or a 6.5% cap rate on rent as of the closing date.

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/20221117006153/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What is the value of the Caliber Collision property acquired by FCPT?

The property was acquired for $6.1 million.

What is the cap rate for the recent acquisition by FCPT?

The acquisition was priced at a 6.7% cap rate, with a 6.5% cap rate based on closing rent.

How long is the lease term remaining for the Caliber Collision property?

The lease has approximately seven years remaining.

Where is the acquired Caliber Collision property located?

The property is located in Tennessee, in a strong retail corridor.