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FCPT Announces Acquisition of a Panera Bread Property for $2.0 Million

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Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Panera Bread property for $2.0 million. The property is situated in a strong retail corridor in Indiana and is corporate-operated under a triple net lease with approximately four years remaining on the term. The transaction was completed at a 6.8% cap rate on rent as of the closing date, excluding transaction costs.

Four Corners Property Trust (NYSE:FCPT) ha annunciato l'acquisizione di un immobile Panera Bread per 2,0 milioni di dollari. L'immobile si trova in un forte corridoio retail in Indiana ed è gestito a livello aziendale tramite un contratto di locazione triple net, con circa quattro anni rimanenti sul termine. La transazione è stata completata con un tasso di capitalizzazione del 6,8% sugli affitti alla data di chiusura, escluse le spese di transazione.

Four Corners Property Trust (NYSE:FCPT) ha anunciado la adquisición de una propiedad de Panera Bread por 2,0 millones de dólares. La propiedad está situada en un fuerte corredor comercial en Indiana y es operada de manera corporativa bajo un contrato de arrendamiento triple neto, con aproximadamente cuatro años restantes en el plazo. La transacción se completó con un tasa de capitalización del 6,8% sobre la renta a la fecha de cierre, excluyendo los costos de transacción.

포 코너스 부동산 신탁 (NYSE:FCPT)는 파네라 브레드 부동산을 200만 달러에 인수했다고 발표했습니다. 이 부동산은 인디애나의 강력한 소매 중심지에 위치하고 있으며, 잔여 기간이 약 4년인 트리플 넷 리스를 통해 기업 운영되고 있습니다. 거래는 마감일 기준으로 임대료에 대해 6.8%의 수익률로 완료되었으며, 거래 비용은 제외됩니다.

Four Corners Property Trust (NYSE:FCPT) a annoncé l'acquisition d'un bien Panera Bread pour 2,0 millions de dollars. La propriété est située dans un fort corridor commercial dans l'Indiana et est gérée par l'entreprise sous un bail triple net avec environ quatre ans restants dans le terme. La transaction a été réalisée avec un taux de capitalisation de 6,8% sur le loyer à la date de clôture, hors frais de transaction.

Four Corners Property Trust (NYSE:FCPT) hat den Erwerb einer Panera Bread-Immobilie für 2,0 Millionen Dollar bekannt gegeben. Die Immobilie befindet sich in einem starken Einzelhandelsbereich in Indiana und wird unter einem Triple-Net-Lease mit einer verbleibenden Laufzeit von etwa vier Jahren betrieben. Die Transaktion wurde zum 6,8% Kapitalisierungsrate basierend auf der Miete zum Zeitpunkt des Abschlusses abgeschlossen, ohne Berücksichtigung der Transaktionskosten.

Positive
  • Strategic acquisition in strong retail corridor
  • Corporate-operated tenant with triple net lease structure
  • 6.8% cap rate providing immediate yield
Negative
  • Relatively short remaining lease term of only 4 years
  • Small transaction size of $2.0M limiting impact on portfolio growth

Insights

This $2.0 million acquisition of a Panera Bread property demonstrates FCPT's continued focus on expanding its net-lease restaurant portfolio. The 6.8% cap rate is relatively attractive in the current market environment, offering immediate yield accretion. However, the short remaining lease term of approximately 4 years presents some risk and may require near-term lease renewal negotiations. The property's location in a strong retail corridor in Indiana suggests good underlying real estate fundamentals, while the corporate-operated tenant provides stability. The triple net lease structure ensures FCPT isn't responsible for property expenses, maintaining their efficient operating model.

While this single-property acquisition is relatively small compared to FCPT's $2.8 billion market cap, it aligns with their strategic focus on high-quality restaurant properties. The corporate-operated Panera Bread location adds tenant diversity to FCPT's portfolio, though the short remaining lease term warrants monitoring. The 6.8% cap rate provides decent cash flow yield in today's market, particularly given Panera's strong brand presence and the property's prime retail location. This transaction reflects FCPT's disciplined approach to growing their portfolio through selective acquisitions in strong retail markets.

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 Panera Bread property for $2.0 million. The property is located in a strong retail corridor in Indiana and corporate-operated under a triple net lease with approximately four years of term remaining. The transaction was priced at a 6.8% cap rate on rent as of the closing date and 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.

Category: Acquisition

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Patrick Wernig, 415-965-8038

CFO

Source: Four Corners Property Trust

FAQ

What is the value of FCPT's recent Panera Bread property acquisition?

FCPT acquired the Panera Bread property for $2.0 million.

What is the cap rate for FCPT's Panera Bread property acquisition?

The transaction was priced at a 6.8% cap rate on rent as of the closing date, exclusive of transaction costs.

Where is FCPT's newly acquired Panera Bread property located?

The property is located in a strong retail corridor in Indiana.

What is the remaining lease term on FCPT's new Panera Bread property?

The property has approximately four years of term remaining on its triple net lease.

What type of lease agreement does FCPT have for the Panera Bread property?

The property is under a corporate-operated triple net lease.

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Four Corners Property Trust, Inc.

NYSE:FCPT

FCPT Rankings

#1766 Ranked by Market Cap
#564 Ranked by Dividends

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FCPT Stock Data

2.59B
95.42M
1.32%
101.54%
3.26%
REIT - Retail
Real Estate Investment Trusts
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United States of America
MILL VALLEY