FCPT Announces Acquisition of a NAPA Auto Parts Property for $1.1 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has announced the acquisition of a NAPA Auto Parts property for $1.1 million. This corporate-operated location is situated in a robust retail corridor in Iowa and is secured by a net lease with approximately four years remaining. The lease features 2% annual rent increases and was acquired at a 6.4% cap rate on current rent, excluding transaction costs. This acquisition aligns with FCPT's strategy to enhance its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of NAPA Auto Parts property enhances portfolio diversification.
• Property secured by a long-term net lease with annual rent increases.
• Attractive 6.4% cap rate on current rent strengthens investment value.

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 NAPA Auto Parts property for $1.1 million. The property is located in a strong retail corridor in Iowa and is corporate-operated under a net lease with approximately four years of term remaining and 2% annual rent increases. The transaction was priced at a 6.4% cap rate on rent today, 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/20210921006059/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 NAPA Auto Parts property acquired by FCPT?

Four Corners Property Trust acquired the NAPA Auto Parts property for $1.1 million.

Where is the NAPA Auto Parts property located?

The NAPA Auto Parts property is located in Iowa, in a strong retail corridor.

What lease terms are associated with the acquired property?

The property is corporate-operated under a net lease with approximately four years remaining and includes 2% annual rent increases.

What cap rate was used in the acquisition of the NAPA Auto Parts property?

The transaction was priced at a 6.4% cap rate on rent today, exclusive of transaction costs.

What is the strategic importance of this acquisition for FCPT?

This acquisition aligns with FCPT's strategy to grow its portfolio of high-quality, net-leased restaurant and retail properties.