FCPT Announces Acquisition of a Midwest Orthopedic Network property for $4.3 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Midwest Orthopedic Network property for $4.3 million. This property, situated in a prominent medical corridor in Wisconsin, is corporate-operated under a net lease, with approximately four years remaining and an annual rent escalation of 2.5%. The acquisition was priced at an 8.1% cap rate, excluding transaction costs, reflecting FCPT's strategy to expand its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of a property in a strong medical corridor, enhancing portfolio quality.
• Annual rent increases of 2.5% provide a reliable revenue stream.
• Transaction priced at an attractive 8.1% cap rate, suggesting strong investment potential.

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 Midwest Orthopedic Network property for $4.3 million. The property is in a strong medical corridor in Wisconsin and is corporate-operated under a net lease with approximately four years of term remaining and annual rent increases of 2.5%. The transaction was priced at a 8.1% cap 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/20230410005407/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 FCPT acquire?

FCPT acquired a Midwest Orthopedic Network property.

How much did FCPT pay for the acquisition?

FCPT paid $4.3 million for the acquisition.

What is the location of the acquired property?

The acquired property is located in a strong medical corridor in Wisconsin.

What are the terms of the lease for the acquired property?

The property is corporate-operated under a net lease with approximately four years remaining and annual rent increases of 2.5%.

What is the cap rate for the recent acquisition by FCPT?

The transaction was priced at an 8.1% cap rate, excluding transaction costs.