FCPT Announces Acquisition of a Fresenius Medical Care Property for $3.1 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Fresenius Medical Care property for $3.1 million. This strategic buy is located in a high-traffic area of Louisiana and operates under a net lease with approximately six years left. The acquisition was completed at a 6.6% cash capitalization rate, excluding transaction costs, further emphasizing FCPT's commitment to expanding its portfolio in the restaurant and retail property sector.

Positive

• Acquisition of Fresenius Medical Care property for $3.1 million enhances portfolio.
• Located in a highly trafficked area, potentially increasing future rental income.
• Corporate-operated property under a net lease structure ensures steady cash flow.
• Transaction completed at a competitive 6.6% 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 Fresenius Medical Care property for $3.1 million. The property is located in a highly trafficked corridor in Louisiana and is corporate-operated under a net lease with approximately six years of term remaining. The transaction was priced at a 6.6% 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/20210903005458/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 Fresenius Medical Care property located in Louisiana.

What was the purchase price for the Fresenius Medical Care property?

The purchase price for the Fresenius Medical Care property was $3.1 million.

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

The cash capitalization rate for the acquisition is 6.6%, excluding transaction costs.

How long is the lease term for the acquired property?

The lease term for the acquired property has approximately six years remaining.

What is the strategic importance of this acquisition for FCPT?

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