FCPT Announces Acquisition of a Popeyes and a Bojangles Property for $4.6 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE: FCPT) announced the acquisition of a Popeyes and a Bojangles property in North Carolina for $4.6 million. Both properties feature long-term, triple net leases with a weighted average of 15 years remaining. This transaction reflects a 6.3% weighted average cap rate on current rent, exclusive of transaction costs. FCPT is focused on expanding its portfolio of high-quality, net-leased restaurant properties.

Positive

• Acquisition of two restaurant properties enhances portfolio.
• Properties are under long-term leases, ensuring stable cash flow.
• Transaction priced at a competitive 6.3% cap 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 Popeyes property and a Bojangles property for $4.6 million. The properties are both located in North Carolina and are occupied under long-term, triple net leases with a weighted average of 15 years of term remaining. The transaction was priced at a 6.3% weighted average 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 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/20210805006140/en/

FAQ

What properties did FCPT acquire?

FCPT acquired a Popeyes and a Bojangles property.

What was the total cost of the acquisition?

The total cost of the acquisition was $4.6 million.

Where are the acquired properties located?

The properties are located in North Carolina.

What is the cap rate for the acquisition?

The acquisition has a weighted average cap rate of 6.3%.

How long is the lease term for the acquired properties?

The leases have a weighted average of 15 years remaining.