FCPT Announces Acquisition of a RadNet Imaging Property for $2.2 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) announces the acquisition of a RadNet Imaging property for $2.2 million. Located in a prominent retail corridor in Florida, the property operates under a net lease with about 6 years remaining. The deal is priced at a 7.0% cash capitalization rate, not including transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio by acquiring high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of RadNet Imaging property enhances portfolio.
• Strategic location in a strong retail corridor.
• 7.0% cash capitalization rate indicates potential for solid returns.

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 RadNet Imaging property for $2.2 million. The property is located in a strong retail corridor in Florida and is corporate-operated under a net lease with approximately 6 years of term remaining. The transaction was priced at a 7.0% 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/20211203005577/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What property did FCPT acquire?

FCPT acquired a RadNet Imaging property for $2.2 million.

What is the significance of the cash capitalization rate in the acquisition?

The acquisition has a 7.0% cash capitalization rate, reflecting strong investment potential.

How long is the lease term on the acquired property?

The lease has approximately 6 years remaining.

Where is the RadNet Imaging property located?

The property is located in Florida, in a strong retail corridor.

How does this acquisition align with FCPT's strategy?

This acquisition supports FCPT's goal of expanding its portfolio in high-quality, net-leased restaurant and retail properties.