FCPT Announces Acquisition of a Chili’s Restaurant Property for $2.0 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Chili’s restaurant property for $2.0 million. This property, located in a robust retail corridor in Virginia, is under a triple net lease with a franchisee operator, maintaining approximately seven years of lease term. The acquisition is priced at a 6.6% going-in cash capitalization rate, excluding transaction costs. This strategic move aligns with FCPT's goal to expand its portfolio in the restaurant sector.

Positive

• Acquisition of a Chili’s property for $2.0 million will expand FCPT's portfolio.
• Tenant operates under a triple net lease, offering stable cash flow.
• Property located in a strong retail corridor, enhancing potential value.

Negative

• None.

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Chili’s restaurant property for $2.0 million. The property is located in a strong retail corridor in Virginia and is occupied under a triple net lease by a franchisee operator with approximately seven years of term remaining. The transaction was priced at a 6.6% going-in cash capitalization rate, exclusive of transaction costs.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant 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/20210326005445/en/

FAQ

What is the value of the Chili's restaurant property acquired by FCPT?

The Chili's restaurant property acquired by FCPT is valued at $2.0 million.

What is the going-in cash capitalization rate for the Chili's acquisition?

The acquisition of the Chili's restaurant property is priced at a 6.6% going-in cash capitalization rate.

How long is the lease term for the acquired Chili's property?

The lease term remaining for the acquired Chili's property is approximately seven years.

Where is the acquired Chili's restaurant property located?

The acquired Chili's restaurant property is located in Virginia, in a strong retail corridor.