FCPT Announces Acquisition of a Portfolio of 3 Caliber Collision Properties for $5.4 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired three Caliber Collision properties in Indiana for $5.4 million. The properties are located in high-traffic areas and are corporate-operated under net leases with a weighted average term of approximately five years remaining. This acquisition was executed at a 7.0% cap rate, excluding transaction costs. FCPT, based in Mill Valley, CA, focuses on acquiring and leasing restaurant and retail properties to expand its portfolio.

Positive

• Acquisition of three properties boosts portfolio.
• Strategically located in high-traffic areas.
• Net leases with an average remaining term of five years.

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 three Caliber Collision properties for $5.4 million. The properties are located in highly trafficked corridors in Indiana and are corporate-operated under net leases with a weighted average of approximately five years of term remaining. The transaction was priced at a 7.0% cap 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/20221129005982/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What properties did FCPT acquire?

FCPT acquired three Caliber Collision properties located in Indiana.

What was the total acquisition cost for the properties?

The total acquisition cost was $5.4 million.

What is the cap rate for this acquisition?

The acquisition was priced at a cap rate of 7.0%.

How much lease term remains on the acquired properties?

The net leases on the properties have an average remaining term of approximately five years.