FCPT Announces Acquisition of a Mavis Tire Property for $2.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Mavis Tire property in Illinois for $2.8 million. The site is in a busy area and is leased under a triple net agreement, with about 5 years remaining on the lease term. The acquisition was made at a 6.8% going-in cash capitalization rate, not including transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of Mavis Tire property enhances portfolio.
• Property located in a high-traffic area, likely increasing future revenue.
• Triple net lease structure provides stable income stream.

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 Mavis Tire property for $2.8 million. The property is located in a highly trafficked corridor in Illinois and is corporate-operated under a triple net lease with approximately 5 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/20220411005867/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What did Four Corners Property Trust acquire?

Four Corners Property Trust acquired a Mavis Tire property for $2.8 million in Illinois.

What is the capitalization rate for the Mavis Tire acquisition?

The acquisition was priced at a 6.8% going-in cash capitalization rate.

How long is the lease term on the Mavis Tire property?

The Mavis Tire property has approximately 5 years remaining on its lease term.

What is the strategic importance of the acquisition for FCPT?

The acquisition expands FCPT's portfolio and is expected to provide a stable income through its triple net lease.