FCPT Announces Acquisition of a Chili’s Restaurant Property for $2.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) announces the acquisition of a Chili’s property for $2.8 million. Located in a strong retail corridor in Texas, this corporate-operated property features a triple net lease with approximately nine years remaining. The transaction reflects a 6.2% going-in cash capitalization rate, excluding transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio in the restaurant sector, aiming for long-term growth through net-leased properties.

Positive

• Acquisition of valuable Chili’s property enhances portfolio.
• Property located in a strong retail corridor supports potential revenue growth.
• Triple net lease structure offers stable income with nine years remaining.

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 property for $2.8 million. The property is located in a strong retail corridor in Texas and is corporate-operated under a triple net lease with approximately nine years of term remaining. The transaction was priced at a 6.2% 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/20210616005935/en/

FAQ

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

The Chili’s property was acquired for $2.8 million.

What is the expected cash capitalization rate for the acquisition?

The acquisition reflects a going-in cash capitalization rate of 6.2%.

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

The Chili’s property has approximately nine years remaining on the lease.

Why is the acquisition of the Chili’s property significant for FCPT?

The acquisition enhances FCPT's portfolio and provides stable income through a triple net lease.

Where is the acquired Chili’s property located?

The property is located in a strong retail corridor in Texas.