FCPT Announces Acquisition of a DaVita Kidney Care Property for $1.1 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a corporate DaVita Kidney Care property for $1.1 million. The property, situated in a high-traffic area of Wisconsin, is leased under a net agreement with approximately four years remaining on the term. The acquisition was executed at a 6.9% cash capitalization rate, exclusive of transaction costs. This strategic purchase aligns with FCPT's goal to expand its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of a DaVita Kidney Care property enhances FCPT's portfolio.
• Transaction executed at a favorable 6.9% cash capitalization rate.
• Property located in a high-traffic area, likely ensuring stable occupancy.

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 corporate DaVita Kidney Care property for $1.1 million. The property is located in a high traffic corridor in Wisconsin and is occupied under a net lease with 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/20210610005919/en/

FAQ

What is the acquisition made by FCPT?

FCPT acquired a corporate DaVita Kidney Care property for $1.1 million.

What is the significance of the 6.9% cash capitalization rate for FCPT?

The 6.9% cash capitalization rate indicates a favorable pricing for the property, enhancing return potential.

Where is the newly acquired property located?

The property is located in a high-traffic corridor in Wisconsin.

How long is the lease term for the DaVita property?

The lease has approximately four years remaining on the term.