FCPT Announces Acquisition of a Panera Bread Property for $2.1 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Panera Bread property located in a busy retail area of Georgia for $2.1 million. The property features a triple net lease and is corporate-operated, with approximately eight years remaining on the lease term. The acquisition was completed at a 6.4% going-in cash capitalization rate, excluding transaction costs, underscoring the strategic nature of the investment aimed at expanding FCPT's portfolio of high-quality net-leased restaurant properties.

Positive

• Acquisition of a Panera Bread property for $2.1 million enhances portfolio.
• Property located in a high-traffic retail corridor, improving visibility and footfall.
• Triple net lease structure provides stable income with reduced operational responsibilities.
• 6.4% going-in cash capitalization rate indicates a potentially attractive investment.

Negative

• None.

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Panera Bread property for $2.1 million. The property is located in a highly trafficked retail corridor in Georgia and is corporate-operated under a triple net lease with approximately eight 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 acquisition and leasing of restaurant 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/20201223005541/en/

FAQ

What is the significance of the Panera Bread property acquisition by FCPT?

The acquisition enhances FCPT's portfolio and provides stable income through a triple net lease.

How much did FCPT pay for the Panera Bread property?

FCPT acquired the Panera Bread property for $2.1 million.

What is the remaining lease term for the Panera Bread property acquired by FCPT?

The property has approximately eight years remaining on its lease.

What is the expected cash capitalization rate for the new acquisition?

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

Where is the Panera Bread property located?

The property is located in a highly trafficked retail corridor in Georgia.