FCPT Announces Acquisition of a Circle K Property and a Firestone Property for $6.5 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a Circle K property and a Firestone property for $6.5 million in Illinois. The properties are situated in a high-traffic area and have long-term, triple net leases with an average remaining term of 5 years. The deal was executed at a 7.0% cap rate, not including transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio of high-quality restaurant and retail properties.

Positive

• Acquisition of Circle K and Firestone properties for $6.5 million enhances portfolio.
• Properties located in a high-traffic area, potentially increasing revenue.
• Long-term, triple net leases with 5 years average remaining term provide stable income.
• Transaction priced at a favorable 7.0% cap rate.

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 Circle K property and a Firestone property for $6.5 million. The properties are located in a highly trafficked corridor in Illinois and are occupied under long-term, triple net leases with a weighted average of 5 years of term remaining. The transaction was priced at a 7.0% 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/20220915006081/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 FCPT acquire recently?

FCPT acquired a Circle K property and a Firestone property.

What was the acquisition cost for the Circle K and Firestone properties?

The acquisition cost was $6.5 million.

What is the cap rate for the recent acquisition by FCPT?

The acquisition was priced at a 7.0% cap rate.

Where are the acquired properties located?

The properties are located in a high-traffic corridor in Illinois.

How long are the leases for the newly acquired properties?

The properties have a weighted average lease term of 5 years remaining.