FCPT Announces Acquisition of a Jack in the Box Property for $1.2 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Jack in the Box restaurant property for $1.2 million in Arizona. The property, situated in a high-traffic area, is occupied by a franchisee under a triple net lease with about five years left on the term. This transaction was executed at a 6.8% going-in cash capitalization rate, not including transaction costs. This acquisition aligns with FCPT's strategy of expanding its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of Jack in the Box property for $1.2 million demonstrates strategic growth.
• Property's location in a high-traffic area is expected to enhance revenue potential.
• Triple net lease structure provides stable cash flow with reduced operational responsibility.

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 Jack in the Box restaurant property for $1.2 million. The property is located in a highly trafficked corridor in Arizona and is occupied by a franchisee under a triple net lease with approximately five years of term remaining. The transaction was priced at a 6.8% 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/20211222005504/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What is the acquisition made by FCPT?

FCPT has acquired a Jack in the Box restaurant property for $1.2 million.

What is the significance of the location of the acquired property?

The property is in a highly trafficked area in Arizona, which may improve its revenue potential.

What type of lease is associated with the acquired property?

The property is leased under a triple net lease with approximately five years remaining.

What is the cash capitalization rate for the acquisition?

The transaction was priced at a 6.8% going-in cash capitalization rate, excluding transaction costs.