FCPT Announces Acquisition of a Firestone Property for $3.8 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Firestone property in Illinois for $3.8 million. The property is situated in a strong retail corridor and is currently under a net lease with approximately three years remaining. The acquisition was executed at a 7.6% going-in cash capitalization rate, exclusive of transaction costs. This strategic acquisition aims to enhance FCPT's portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of a Firestone property for $3.8 million in a strong retail corridor.
• Property under a net lease with approximately three years remaining.
• Transaction priced at a 7.6% 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 Firestone property for $3.8 million. The property is located in a strong retail corridor in Illinois and is occupied under a net lease with approximately three years of term remaining. The transaction was priced at a 7.6% 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/20210907005829/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What did Four Corners Property Trust acquire recently?

Four Corners Property Trust recently acquired a Firestone property in Illinois for $3.8 million.

What is the significance of the 7.6% capitalization rate for FCPT's recent acquisition?

The 7.6% capitalization rate indicates the expected return on investment for FCPT from the property, which is favorable for the company.

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

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

Where is the acquired Firestone property located?

The Firestone property is located in a strong retail corridor in Illinois.

How does this acquisition fit into FCPT's overall strategy?

This acquisition aligns with FCPT's strategy to expand its portfolio of high-quality, net-leased restaurant and retail properties.