FCPT Announces Acquisition of a City Barbeque Property for $2.6 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a City Barbeque property for $2.6 million. The newly constructed property is situated in a high-traffic area in Georgia and is secured by a long-term, triple net corporate lease with approximately 11 years remaining. City Barbeque is a 25-year-old fast casual barbeque chain with around 75 locations, primarily in the Southeast and Midwest. The transaction's cap rate aligns with FCPT's previous acquisitions.

Positive

• Strategic acquisition of a newly constructed property in a high-traffic location
• Long-term triple net lease with 11 years remaining provides stable income
• Property leased to established restaurant chain with 25-year operating history

Negative

• None.

Insights

Real Estate Investment Analyst

This $2.6 million acquisition aligns with FCPT's strategic focus on high-quality net-leased restaurant properties. The newly constructed City Barbeque location in Georgia represents a solid addition to their portfolio, featuring attractive characteristics: a corporate-backed triple-net lease structure, approximately 11 years of remaining term and positioning in a high-traffic area. The cap rate alignment with previous transactions suggests disciplined pricing and consistent yield expectations. City Barbeque's 25-year operating history and regional presence in the Southeast and Midwest provides stability, while the triple-net lease structure minimizes FCPT's operational responsibilities and expenses. While modest in size relative to FCPT's $2.7 billion market cap, this acquisition contributes to their portfolio diversification and steady income stream strategy.

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 City Barbeque property for $2.6 million. City Barbeque is a 25-year-old fast casual barbeque concept with approximately 75 units primarily serving the Southeast and Midwest. The property is newly constructed and located in a highly trafficked corridor in Georgia. The property is under a long-term, triple net corporate lease with approximately 11 years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

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.

Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20241217191706/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Patrick Wernig, 415-965-8038

CFO

Source: Four Corners Property Trust

FAQ

How much did FCPT pay for the City Barbeque property acquisition in Georgia?

FCPT acquired the City Barbeque property for $2.6 million.

What is the remaining lease term on FCPT's newly acquired City Barbeque property?

The property has approximately 11 years remaining on its long-term, triple net corporate lease.

Where is FCPT's newly acquired City Barbeque property located?

The newly constructed property is located in a highly trafficked corridor in Georgia.

How many locations does City Barbeque operate as of the FCPT acquisition?

City Barbeque operates approximately 75 units, primarily serving the Southeast and Midwest regions.

What type of lease agreement does FCPT have for the City Barbeque property?

The property is under a long-term, triple net corporate lease.