FCPT Announces Acquisition of a Raising Cane’s Restaurant from Washington Prime Group for $2.1 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Raising Cane’s restaurant property in Ohio for $2.1 million. This investment entails a triple-net lease with approximately 15 years remaining on the lease term. The transaction reflects a capitalization rate in line with FCPT's investment standards and past acquisitions. As a REIT focused on net-leased restaurant properties, FCPT continues to expand its portfolio strategically.

Positive

• Acquisition of Raising Cane’s restaurant enhances portfolio diversity.
• Property secured under a long-term triple-net lease of approximately 15 years.
• Acquisition priced at a capitalization rate consistent with FCPT's investment criteria.

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 a Raising Cane’s restaurant for $2.1 million from Washington Prime Group. The property is located in Ohio and is under a triple-net lease to the brand’s corporate entity with a lease term of approximately fifteen years remaining. This acquisition was priced at a capitalization rate consistent with FCPT’s investment thresholds and past transactions.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005985/en/

FAQ

What did FCPT acquire recently?

FCPT recently acquired a Raising Cane’s restaurant property for $2.1 million.

How long is the lease term for the Raising Cane’s property?

The lease term for the Raising Cane’s property is approximately 15 years.

What is the significance of the acquisition for FCPT?

The acquisition enhances FCPT's portfolio and aligns with its investment strategy of high-quality, net-leased properties.

What is the location of the newly acquired Raising Cane’s restaurant?

The Raising Cane’s restaurant is located in Ohio.