FCPT Announces Acquisition of a Firestone Property for $3.5 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has announced the acquisition of a Firestone property in Missouri for $3.5 million. This property, located in a robust retail corridor, is corporate-operated under a triple net lease with around six years remaining. The acquisition was priced at a 6.8% cash capitalization rate, excluding transaction costs. This move aligns with FCPT's strategy to expand its portfolio of high-quality, net-leased restaurant properties.

Positive

• Acquisition of a Firestone property enhances FCPT's portfolio.
• Strategically located in a strong retail corridor.
• Triple net lease structure provides stable cash flow with six years remaining.
• Transaction priced at a favorable 6.8% cash capitalization rate.

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 Firestone property for $3.5 million. The property is located in a strong retail corridor in Missouri and is corporate-operated under a triple net lease with approximately six years of term remaining. The transaction was priced at a 6.8% 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/20210223005995/en/

FAQ

What property did FCPT acquire?

FCPT acquired a Firestone property in Missouri.

How much did FCPT pay for the Firestone property?

FCPT paid $3.5 million for the Firestone property.

What is the capitalization rate for the acquisition?

The acquisition was priced at a 6.8% cash capitalization rate.

What type of lease is associated with the acquired property?

The property is corporate-operated under a triple net lease.

How long is the lease term remaining for the acquired property?

The lease term remaining is approximately six years.