FCPT Announces Acquisition of a Caliber Collision Property for $889,000

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Caliber Collision property in Michigan for $889,000. This site, located in a busy area, is under a net lease with approximately nine years remaining. The acquisition was made at a 6.9% capitalization rate, considering near-term rent increases and excluding transaction costs. FCPT aims to expand its portfolio by acquiring quality net-leased restaurant and retail properties.

Positive

• Acquisition of Caliber Collision property for $889,000 enhances portfolio.
• Property is located in a highly trafficked area, indicating strong potential for long-term income.
• Transaction priced at a 6.9% capitalization rate, reflecting favorable terms.

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 $889,000. The property is located in a highly trafficked corridor in Michigan and is occupied under a net lease with approximately nine years of term remaining. The transaction was priced at a 6.9% capitalization rate including near term rent increases and 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/20220909005544/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 significance of Four Corners Property Trust's acquisition of the Caliber Collision property?

The acquisition strengthens FCPT's portfolio with a quality asset in a prime location, contributing to long-term growth.

What was the purchase price for the Caliber Collision property by FCPT?

FCPT acquired the property for $889,000.

What is the capitalization rate of the recent acquisition by Four Corners Property Trust?

The acquisition was priced at a 6.9% capitalization rate.

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

The property has approximately nine years remaining on its net lease.