FCPT Announces Acquisition of a KC Complete Auto Property for $1.6 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a KC Complete Auto property for $1.6 million, located in a busy corridor in Missouri. This property is secured under a triple net lease with approximately eight years remaining on the term. The acquisition was executed at a 6.9% capitalization rate, excluding transaction costs. FCPT continues to expand its portfolio focused on high-quality restaurant and retail properties, reinforcing its strategy in the net-lease sector.

Positive

• Acquisition of a property in a high-traffic area enhances portfolio value.
• Transaction executed at a 6.9% capitalization rate, indicating a favorable investment.
• Long-term lease of approximately eight years provides revenue stability.

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 KC Complete Auto property for $1.6 million. The property is located in a highly trafficked corridor in Missouri 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 6.9% 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/20220519005892/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 Four Corners Property Trust acquire?

FCPT acquired a KC Complete Auto property located in Missouri for $1.6 million.

What is the capitalization rate for the acquisition by FCPT?

The acquisition was priced at a 6.9% capitalization rate, exclusive of transaction costs.

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

The property has approximately eight years remaining on the lease.

What is the strategic importance of this acquisition for FCPT?

This acquisition enhances FCPT’s portfolio of high-quality net-leased restaurant and retail properties.