FCPT Announces Acquisition of a Property Occupied by an Arby’s, BP, and Little General for $1.7 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a property in West Virginia for $1.7 million, home to Arby’s, BP, and Little General. The acquisition features a 6.6% cash capitalization rate and includes a triple net lease with five years remaining on the term. This strategic acquisition enhances FCPT's portfolio of high-quality, net-leased restaurant and retail properties, focusing on growth through further acquisitions.

Positive

• Acquisition of property enhances portfolio diversification.
• Strategic location in a high-traffic corridor expected to drive value.
• 6.6% going-in cash capitalization rate indicates favorable investment terms.

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 a property occupied by an Arby’s, BP, and Little General for $1.7 million. The property is located in a highly trafficked corridor in West Virginia and occupied under a triple net lease with 5 years of term remaining. The transaction was priced at a 6.6% 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 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/20211215005900/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What is the value of the property acquired by FCPT?

The property was acquired for $1.7 million.

What type of lease is associated with the acquired property?

The property is occupied under a triple net lease.

What is the expected cash capitalization rate for the FCPT acquisition?

The transaction has a going-in cash capitalization rate of 6.6%.

Where is the acquired property located?

The property is located in West Virginia.

What are the tenants of the acquired property?

The property is occupied by Arby’s, BP, and Little General.