FCPT Announces Acquisition of a Circle K Property for $1.6 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Circle K property for $1.6 million in South Carolina. This property is situated in a busy retail area and operates under a triple net lease, with about two years remaining on the lease term. The acquisition was valued at a 7.5% going-in cash capitalization rate. This strategic purchase aligns with FCPT's goal to expand its portfolio of high-quality net-leased properties in the restaurant and retail sectors.

Positive

• Acquisition of Circle K property for $1.6 million, expanding property portfolio.
• Location in a high-traffic retail corridor enhances potential revenue.
• Triple net lease structure reduces operational risk for FCPT.

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 Circle K property for $1.6 million. The property is located in a highly trafficked retail corridor in South Carolina and is corporate-operated under a triple net lease with approximately two years of term remaining. The transaction was priced at a 7.5% 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/20201223005580/en/

FAQ

What is the purpose of FCPT's acquisition of the Circle K property?

The acquisition aims to expand FCPT's portfolio of high-quality net-leased properties.

What is the financial value of the Circle K property acquired by FCPT?

The property was acquired for $1.6 million.

What is the expected impact of the Circle K acquisition on FCPT?

The acquisition is expected to enhance FCPT's revenue potential through a strategically located property.

What kind of lease does the Circle K property operate under?

The Circle K property is under a triple net lease.

What is the cash capitalization rate of the acquisition?

The transaction was priced at a 7.5% going-in cash capitalization rate.