FCPT Announces Acquisition of a Portfolio of National Tire and Battery Properties for $11.6 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired six NTB branded properties for $11.6 million. Situated in high-traffic retail areas of Mississippi and Ohio, these properties are corporate-operated under triple net leases with an average remaining term of about three years. This acquisition is priced at a 7.6% capitalization rate, not including transaction costs. FCPT focuses on expanding its portfolio in the restaurant and retail property sectors.

Positive

• Acquisition of six NTB properties enhances FCPT's portfolio.
• Properties located in high-traffic retail corridors may increase foot traffic and revenue.
• Corporate-operated with triple net leases ensures stable income.

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 six NTB (National Tire and Battery) branded properties for $11.6 million. The properties are located in highly trafficked retail corridors in Mississippi and Ohio and are corporate-operated under triple net leases with approximately three years of weighted average term remaining. The portfolio was priced at a 7.6% 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.

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FAQ

What properties did FCPT acquire?

FCPT acquired six NTB (National Tire and Battery) branded properties.

How much did FCPT pay for the acquisition?

The acquisition cost was $11.6 million.

What is the location of the acquired properties?

The properties are located in Mississippi and Ohio.

What is the capitalization rate for the new acquisition?

The portfolio was priced at a 7.6% capitalization rate.

What type of leases are involved in the acquisition?

The properties are corporate-operated under triple net leases with approximately three years of remaining term.