FCPT Announces Acquisition of a Goodyear Tire Property for $3.5 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Goodyear Tire property for $3.5 million. The site, located in Ohio's robust retail corridor, operates under a triple net lease with roughly ten years remaining on the lease term. The acquisition was secured at a 6.6% going-in cash capitalization rate, excluding transaction costs, reinforcing FCPT's strategy to expand its portfolio of high-quality, net-leased properties.

Positive

• Acquisition of high-quality Goodyear Tire property enhances portfolio.
• Located in a strong retail corridor, indicating potential for future growth.
• Triple net lease structure provides stable cash flow with ten years remaining.
• 6.6% going-in cash capitalization rate is favorable for investment.

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 Goodyear Tire property for $3.5 million. The property is located in a strong retail corridor in Ohio and is corporate-operated under a triple net lease with approximately ten 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 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/20210128006044/en/

FAQ

What property did FCPT acquire recently?

FCPT acquired a Goodyear Tire property located in Ohio.

How much did FCPT pay for the Goodyear Tire property?

The acquisition price was $3.5 million.

What is the structure of the lease for the Goodyear Tire property?

The property operates under a triple net lease with approximately ten years remaining.

What is the cash capitalization rate for the recent acquisition?

The going-in cash capitalization rate for the acquisition is 6.6%.

How does this acquisition impact FCPT's portfolio?

This acquisition enhances FCPT's portfolio of high-quality, net-leased properties.