FCPT Announces Acquisition of a PNC Bank for $1.6 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a PNC Bank property for $1.6 million. The property is situated in a busy retail area in Ohio and is leased under a triple net agreement with approximately seven years remaining. This acquisition was made at a 6.7% going-in cash capitalization rate, excluding transaction costs, showcasing FCPT’s strategy to grow its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of PNC Bank property valued at $1.6 million.
• Located in a high-traffic retail corridor in Ohio.
• Corporate-operated under a triple net lease with seven years remaining.
• Transaction priced at a 6.7% going-in cash capitalization rate.

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 PNC Bank property for $1.6 million. The property is located in a highly trafficked retail corridor in Ohio and is corporate-operated under a triple net lease with approximately seven years of term remaining. The transaction was priced at a 6.7% 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/20201222005643/en/

FAQ

What is the acquisition cost of the PNC Bank property by FCPT?

The acquisition cost of the PNC Bank property by FCPT is $1.6 million.

Where is the newly acquired PNC Bank property located?

The newly acquired PNC Bank property is located in a highly trafficked retail corridor in Ohio.

What type of lease is associated with the PNC Bank property acquisition?

The PNC Bank property is leased under a triple net lease.

What is the remaining lease term for the PNC Bank property?

The remaining lease term for the PNC Bank property is approximately seven years.

What is the cash capitalization rate for the PNC Bank property acquisition?

The acquisition of the PNC Bank property was priced at a 6.7% going-in cash capitalization rate.