FCPT Announces Acquisition of a DaVita Kidney Care Property for $2.2 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a DaVita Kidney Care property in Kansas for $2.2 million. The acquisition, which has a remaining lease term of approximately seven years, is positioned in a high-traffic area. The transaction was executed at a 6.3% capitalization rate, excluding transaction costs. FCPT focuses on owning and acquiring high-quality, net-leased restaurant and retail properties, striving for portfolio growth through strategic real estate investments.

Positive

• Acquired a high-quality DaVita Kidney Care property for $2.2 million.
• Property located in a highly trafficked area, potentially enhancing rental income.
• The transaction's capitalization rate of 6.3% indicates a favorable acquisition value.

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 DaVita Kidney Care property for $2.2 million. The property is located in a highly trafficked corridor in Kansas and is occupied under a net lease to the corporate entity with approximately seven years of term remaining. The transaction was priced at a 6.3% capitalization 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/20220623005907/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What property did FCPT acquire?

FCPT acquired a DaVita Kidney Care property in Kansas.

What was the acquisition cost for the FCPT property?

The acquisition cost for the property was $2.2 million.

What is the remaining lease term for the acquired property?

The acquired property has approximately seven years of lease term remaining.

What is the capitalization rate of the transaction?

The transaction was priced at a 6.3% capitalization rate.

Where is the acquired property located?

The property is located in Kansas, in a highly trafficked corridor.