FCPT Announces Acquisition of a Firestone Property for $1.7 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a Firestone property in Missouri for $1.7 million. The acquisition is strategically located in a high-traffic area and is corporate-operated under a net lease with about 5 years remaining. The deal was completed at a 6.7% cap rate on rent, excluding transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio of net-leased restaurant and retail properties, enhancing potential rental income and market presence.

Positive

• Acquired Firestone property for $1.7 million.
• Strategically located in a high-traffic area.
• Corporate-operated with 5 years remaining on the lease.
• Transaction completed at a 6.7% cap rate on rent.

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 Firestone property for $1.7 million. The property is located in a highly trafficked corridor in Missouri and is corporate-operated under a net lease with approximately 5 years of term remaining. The transaction was priced at a 6.7% cap rate on rent as of the closing date, 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/20221122005716/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 Firestone property located in Missouri.

What was the acquisition price for the Firestone property?

The acquisition price for the Firestone property was $1.7 million.

What is the cap rate for the Firestone property acquisition?

The acquisition was priced at a 6.7% cap rate on rent.

How long is the lease term remaining on the Firestone property?

The Firestone property has approximately 5 years remaining on its net lease.

In which state is the newly acquired Firestone property located?

The Firestone property is located in Missouri.