FCPT Announces Acquisition of a Dual-Tenant DaVita Kidney Care and Nephrology Associates Property for $4.5 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a dual-tenant property in Florida for $4.5 million. The property is leased to DaVita Kidney Care and Nephrology Associates, featuring a total remaining lease term of six years and an annual rent increase of 2.5%. The transaction reflects a going-in cash capitalization rate of 6.75%. This acquisition aligns with FCPT's strategy to expand its portfolio of net-leased restaurant and retail properties.

Positive

• Acquisition of a dual-tenant property enhances portfolio diversification.
• Secured long-term leases with a remaining term of six years.
• Annual rent increase of 2.5% offers income growth potential.
• Transaction priced at a competitive 6.75% going-in cash capitalization rate.

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 dual-tenant DaVita Kidney Care and Nephrology Associates property for $4.5 million. The property is located in a strong retail corridor in Florida and is occupied under net leases with a weighted average six years of term remaining. The DaVita Kidney Care lease calls for annual rent increases of 2.5%. The transaction was priced at a 6.75% 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 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/20211230005319/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What is the acquisition value of the property acquired by FCPT?

The acquisition value of the property is $4.5 million.

Who are the tenants of the newly acquired property by FCPT?

The tenants are DaVita Kidney Care and Nephrology Associates.

What is the expected impact of the acquisition on FCPT's portfolio?

The acquisition is expected to enhance portfolio diversification and provide income growth through annual rent increases.

What is the capitalization rate for FCPT's recent acquisition?

The acquisition was priced at a 6.75% going-in cash capitalization rate.

Where is the newly acquired property located?

The property is located in Florida.