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FCPT Announces Acquisition of a Heartland Dental Property for $3.0 Million

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Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Heartland Dental property for $3.0 million. Located in a highly trafficked corridor in Kansas, this property is secured by a triple net lease with approximately eight years remaining. The transaction reflects a 6.1% capitalization rate, not including transaction costs. This acquisition aligns with FCPT's strategy to grow its portfolio through high-quality, net-leased restaurant and retail properties.

Positive
  • Acquisition of Heartland Dental property for $3.0 million enhances portfolio.
  • Property located in a highly trafficked area, potentially increasing value.
  • Secured by a triple net lease with eight years term remaining.
  • Transaction priced at a favorable 6.1% 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 Heartland Dental property for $3.0 million. The property is located in a highly trafficked corridor in Kansas and is occupied under a triple net lease to the corporate entity with approximately eight years of term remaining. The transaction was priced at a 6.1% 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.

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What was the acquisition amount for the Heartland Dental property by FCPT?

The acquisition amount was $3.0 million.

Where is the Heartland Dental property located?

The property is located in a highly trafficked corridor in Kansas.

What type of lease is the Heartland Dental property under?

The property is under a triple net lease.

What is the capitalization rate for the Heartland Dental property acquisition?

The transaction was priced at a 6.1% capitalization rate.

How long is the lease term remaining for the Heartland Dental property?

There are approximately eight years remaining on the lease term.

Four Corners Property Trust, Inc.

NYSE:FCPT

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REIT - Retail
Real Estate Investment Trusts
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United States of America
MILL VALLEY