FCPT Announces Acquisition of a Cheesecake Factory Property and a Dual-tenant Starbucks and AT&T Property for $12.3 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a Cheesecake Factory property and a dual-tenant Starbucks and AT&T property for $12.3 million. Located in a prime area of Kansas, these corporate-operated properties are under net leases with a weighted average term of approximately seven years. The acquisition is valued at a 6.6% cap rate, excluding transaction costs. This strategic move indicates FCPT's focus on expanding its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of two profitable properties, enhancing portfolio value.
• Properties located in a highly trafficked area, likely to attract more customers.
• Net leases with approximately seven years of remaining term, providing stable revenue.

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 Cheesecake Factory property and a dual-tenant Starbucks and AT&T property for $12.3 million. The properties are located in a highly trafficked corridor in Kansas and are corporate-operated under net leases with a weighted average of approximately seven years of term remaining. The transaction was priced at a 6.6% cap rate, 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/20221202005419/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 Four Corners Property Trust acquire?

FCPT acquired a Cheesecake Factory property and a dual-tenant Starbucks and AT&T property.

What was the acquisition price for the properties?

The acquisition price for the properties was $12.3 million.

What is the cap rate for the acquisition?

The transaction was priced at a 6.6% cap rate, exclusive of transaction costs.

Where are the acquired properties located?

The properties are located in a highly trafficked corridor in Kansas.

What type of leases are associated with the acquired properties?

The properties are leased under corporate-operated net leases.