FCPT Announces Acquisition of a Raising Cane’s Property from Washington Prime Group for $2.2 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a newly constructed Raising Cane’s restaurant property for $2.2 million. Located in a prime retail corridor in Illinois, this property is leased to the corporate operator under a triple net lease with 15 years remaining. The transaction aligns with FCPT's strategy of owning and acquiring high-quality net-leased properties and was priced at a cap rate consistent with previous FCPT transactions.

Positive

• Acquisition of a newly constructed property enhances portfolio quality.
• Long-term lease with 15 years remaining provides stable cash flow.
• Strategically located in a strong retail corridor, indicating potential for rental growth.

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 Raising Cane’s restaurant property for $2.2 million from Washington Prime Group. The property is newly constructed and located in a strong retail corridor in Illinois and is leased to the corporate operator under a triple net lease with fifteen years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

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/20211019006118/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 Four Corners Property Trust acquire?

FCPT acquired a newly constructed Raising Cane’s restaurant property for $2.2 million.

What is the significance of the triple net lease in this acquisition?

The triple net lease ensures that the tenant is responsible for property expenses, providing FCPT with stable income.

How does this acquisition impact FCPT's portfolio?

This acquisition enhances FCPT's portfolio by adding a high-quality net-leased property with a long-term lease.

Where is the newly acquired Raising Cane’s property located?

The property is located in a strong retail corridor in Illinois.

What was the price and cap rate of the acquisition?

The acquisition was priced at $2.2 million, with the cap rate consistent with previous FCPT transactions.