FCPT Announces Acquisition of a HCA Emergency Room property for $4.6 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired an HCA Emergency Room property for $4.6 million. Located in Texas's robust retail corridor, this property is secured by a long-term, net lease with approximately nine years remaining. The acquisition was made at a 6.8% cap rate, excluding transaction costs. FCPT focuses on acquiring high-quality, net-leased restaurant and retail properties to expand its portfolio, aiming for steady growth. This strategic acquisition aligns with its goal of enhancing revenue through quality investments in the real estate sector.

Positive

• Acquisition of HCA Emergency Room property for $4.6 million indicates strategic investment.
• Property secured under a long-term net lease with approximately nine years remaining provides stability.
• Acquisition priced at a 6.8% cap rate suggests potential for healthy returns.

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 HCA Emergency Room property for $4.6 million. The property is located in a strong retail corridor in Texas and is occupied under a long-term, net lease with approximately nine years of term remaining. The transaction was priced at a 6.8% cap 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/20230420005907/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust