FCPT Announces Acquisition of a Four Property Verizon Portfolio for $7.2 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired four Verizon properties for $7.2 million, located in Ohio and Pennsylvania. The transaction includes properties leased to Cellular Sales of Knoxville, which operates over 780 locations under net leases with an average remaining term of approximately nine years. The deal was priced at a 7.10% cash capitalization rate, excluding transaction costs, reflecting FCPT's strategy to enhance its portfolio in high-quality net-leased restaurant properties.

Positive

• Acquisition of four Verizon properties strengthens the portfolio.
• Transaction valued at $7.2 million indicates strategic growth.
• Properties leased to an established operator with over 780 locations.
• Average remaining lease term of nine years stabilizes cash flow.
• 7.10% cash capitalization rate offers a solid return on investment.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of four Verizon properties for $7.2 million. The properties are located in OH and PA and are occupied by a Verizon retail operator (Cellular Sales of Knoxville) with over 780 locations under net leases with approximately nine years of weighted average term remaining. The transaction was priced at a 7.10% 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 http://www.fcpt.com/.