FCPT Announces Acquisition of a Circle K Property for $2.3 million

Rhea-AI Summary

Four Corners Property Trust (FCPT), a real estate investment trust, has acquired a Circle K property in Illinois for $2.3 million. This acquisition is part of FCPT's strategy to grow its portfolio by adding high-quality net-leased restaurant properties. The property is situated in a busy retail area and is backed by a triple net lease with the corporate operator, which has around four years remaining on the lease. The transaction boasts a 6.9% going-in cash capitalization rate, excluding transaction costs.

Positive

• Acquisition of a strategic property for $2.3 million
• Property located in a highly trafficked retail corridor
• Triple net lease with corporate operator enhances revenue stability
• 4 years remaining on the lease provides a secure cash flow
• 6.9% going-in cash capitalization rate indicates potential for healthy returns

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 $2.3 million. The property is located in a highly trafficked retail corridor in Illinois and is occupied under a triple net lease with the corporate operator. The lease has approximately four years of term remaining. The transaction was priced at a 6.9% 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/20210629006023/en/

FAQ

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

The Circle K property was acquired for $2.3 million.

Where is the Circle K property located?

The property is located in a highly trafficked retail corridor in Illinois.

What type of lease is associated with the Circle K property?

The property is under a triple net lease with the corporate operator.

What is the remaining lease term for the Circle K property?

The lease has approximately four years remaining.

What is the capitalization rate for this acquisition?

The transaction was priced at a 6.9% going-in cash capitalization rate.