FCPT Announces Acquisition of a Gerber Collision & Glass Property for $2.8 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) announces the acquisition of a Gerber Collision & Glass property in Texas for $2.8 million. The property, located in a prime retail area, is corporate-operated under a net lease with approximately four years remaining. This transaction was valued at a 7.3% cap rate, indicating a solid investment opportunity for the company. FCPT focuses on expanding its portfolio by acquiring high-quality, net-leased restaurant and retail properties to enhance its revenue stream.

Positive

• Acquired Gerber Collision property for $2.8 million in Texas.
• Transaction valued at a 7.3% cap rate, indicating a strong investment return.
• Corporate-operated property under a net lease with four years remaining, ensuring steady cash flow.

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 Gerber Collision & Glass property for $2.8 million. The property is located in a strong retail corridor in Texas and is corporate-operated under a net lease with approximately four years of term remaining. The transaction was priced at a 7.3% cap 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/20221220005652/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 in Texas?

FCPT acquired a Gerber Collision & Glass property for $2.8 million.

What is the cap rate for the recent acquisition by FCPT?

The acquisition was priced at a 7.3% cap rate.

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

The property has approximately four years of lease term remaining.

What is the strategic importance of this acquisition for FCPT?

The acquisition enhances FCPT's portfolio of high-quality, net-leased properties, contributing to steady revenue.