FCPT Announces Acquisition of a Red Lobster Property and a Smokey Bones Property for $6.9 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a Red Lobster and a Smokey Bones property for $6.9 million. Located in a high-traffic area of New York, both properties are corporate-operated under triple net leases, with an average remaining term of 2.5 years. The acquisition was executed at a 6.5% cap rate, excluding transaction costs. FCPT aims to bolster its portfolio through strategic acquisitions in the restaurant and retail sectors.

Positive

• Acquisition of two properties valued at $6.9 million enhances portfolio.
• Properties are located in a high-traffic area, increasing potential revenue.
• Corporate-operated properties under triple net leases provide stable cash flow.

Negative

• Weighted average lease term of 2.5 years may require future lease renewals.

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 Red Lobster property and a Smokey Bones property for $6.9 million. The properties are located in a highly trafficked corridor in New York and are corporate-operated under triple net leases with a weighted average of 2.5 years of term remaining. The transaction was priced at a 6.5% cap 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/20221228005421/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 a Red Lobster and a Smokey Bones property.

What was the acquisition cost for the FCPT properties?

The acquisition cost was $6.9 million.

What is the cap rate for the FCPT acquisition?

The acquisition was priced at a 6.5% cap rate.

In which location are the FCPT properties situated?

The properties are located in a high-traffic area in New York.

What type of leases are associated with the FCPT properties?

The properties are under triple net leases.

What is the remaining lease term for the FCPT properties?

The weighted average remaining lease term is 2.5 years.