FCPT Announces Acquisition of a NextCare Primary Care Property for $1.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a NextCare Primary Care property for $1.8 million. Located in a strong retail corridor in Arizona, the property features a corporate-operated net lease with approximately 7 years remaining on the lease term. The acquisition is priced at a 6.4% going-in cash capitalization rate, excluding transaction costs. This strategic acquisition enhances FCPT's portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of NextCare Primary Care property strengthens asset portfolio.
• Location in a strong retail corridor increases potential foot traffic and revenue.
• 6.4% going-in cash capitalization rate indicates a solid investment return.

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 NextCare Primary Care property for $1.8 million. The property is located in a strong retail corridor in Arizona and is corporate-operated under a net lease with approximately 7 years of term remaining. The transaction was priced at a 6.4% 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/20220517006179/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 recent acquisition by FCPT?

FCPT acquired a NextCare Primary Care property for $1.8 million.

Where is the newly acquired property located?

The property is located in Arizona.

What is the lease term remaining for the NextCare property?

The property has approximately 7 years remaining on the lease term.

What is the going-in cash capitalization rate for this acquisition?

The acquisition is priced at a 6.4% going-in cash capitalization rate.

How does this acquisition impact FCPT's portfolio?

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