FCPT Announces Acquisition of a Methodist Le Bonheur Pediatric Clinic for $3.3 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a Methodist Le Bonheur Pediatric Clinic property in Tennessee for $3.3 million. The property is situated in a prominent retail corridor and is leased under a net lease structure with about four years remaining on the lease term. The acquisition is based on a 6.9% cap rate on rent at the time of closing, excluding transaction costs. This strategic purchase aligns with FCPT's portfolio expansion goals in the net-leased restaurant and retail property sectors.

Positive

• Acquisition of a high-quality pediatric clinic property for $3.3 million.
• Strategically located in a strong retail corridor.
• Transaction priced at a favorable 6.9% cap 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 Methodist Le Bonheur Pediatric Clinic property for $3.3 million. The property is located in a strong retail corridor in Tennessee and is occupied under a net lease with approximately four years of term remaining. The transaction was priced at a 6.9% cap rate on rent as of the closing date, 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/20230327005635/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 value of the recent acquisition by FCPT?

FCPT acquired the Methodist Le Bonheur Pediatric Clinic property for $3.3 million.

Where is the new property acquired by FCPT located?

The property is located in Tennessee.

What is the cap rate for FCPT's recent acquisition?

The acquisition was priced at a 6.9% cap rate.

What type of lease does the acquired property have?

The property is occupied under a net lease with approximately four years of term remaining.

How does this acquisition impact FCPT's expansion strategy?

This acquisition supports FCPT's strategy to grow its portfolio of net-leased restaurant and retail properties.