FCPT Announces Acquisition of a Chili’s Property for Under $1 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has announced the acquisition of a Chili’s property in New York for under $1 million. This asset is corporate-operated under a triple net lease and has approximately four years remaining on its lease term. The transaction is in line with FCPT's previous acquisitions, priced at a cap rate consistent with the company’s historical transactions. This move reflects FCPT's strategy to expand its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of a Chili’s property for under $1 million.
• Corporate-operated under a triple net lease, providing stable income.
• Cap rate consistent with previous FCPT transactions.

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 Chili’s property for under $1 million. The property is located in New York and is corporate-operated under a triple net lease with approximately four years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

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/20230323005673/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What property did FCPT acquire?

FCPT acquired a Chili’s property located in New York.

What was the acquisition price for the Chili’s property?

The acquisition price for the Chili’s property was under $1 million.

What type of lease is associated with the newly acquired Chili’s property?

The property is corporate-operated under a triple net lease.

How long is the remaining lease term for the Chili’s property?

The lease has approximately four years remaining.

How does the cap rate of this acquisition compare to FCPT's previous transactions?

The transaction was priced at a cap rate in line with previous FCPT transactions.