FCPT Announces Acquisition of a Portfolio of Three Properties for $11.5 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has successfully acquired three properties leased to Aspen Dental, Addus Homecare, AT&T, WellNow, and Banfield Pet Hospital for $11.5 million. The properties are located in a strong retail corridor in Illinois and are leased under corporate-operated net leases with an average of five years remaining on the lease terms. The acquisition was achieved at a 6.8% cap rate, exclusive of transaction costs, showcasing strategic growth in FCPT's portfolio in the restaurant and retail sectors.

Positive

• Acquisition of properties valued at $11.5 million strengthens FCPT's portfolio.
• Properties leased to established brands (Aspen Dental, AT&T) indicate stable revenue potential.
• Transaction completed at a favorable 6.8% cap rate.

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 properties leased to Aspen Dental, Addus Homecare, AT&T, WellNow, and Banfield Pet Hospital for $11.5 million. The properties are located in a strong retail corridor in Illinois. The tenants are all corporate-operated under net leases with a weighted average five years of term remaining. The transaction was priced at a 6.8% cap rate on rent as of the closing date, 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/20221229005301/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 properties leased to Aspen Dental, Addus Homecare, AT&T, WellNow, and Banfield Pet Hospital.

How much did FCPT pay for the acquisition?

FCPT paid $11.5 million for the acquisition of the properties.

What is the cap rate of the acquisition by FCPT?

The acquisition was priced at a cap rate of 6.8%.

Where are the acquired properties located?

The properties are located in a strong retail corridor in Illinois.

What is the remaining lease term for the acquired properties?

The properties have a weighted average of five years remaining on their lease terms.