FCPT Announces Acquisition of a Red Lobster Restaurant Property for $2.4 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a Red Lobster restaurant property in Arizona for $2.4 million. This strategic acquisition is located in a thriving retail corridor and is secured under a triple net lease, which has approximately eight years remaining. The acquisition was executed at a 6.25% capitalization rate, not including transaction costs. FCPT aims to expand its portfolio by acquiring high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of a Red Lobster property enhances FCPT's portfolio.
• Strong retail location could lead to increased tenant stability and revenue.
• The deal's 6.25% capitalization rate indicates a potentially favorable investment.

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 Red Lobster restaurant property for $2.4 million. The property is located in a strong retail corridor in Arizona and is occupied under a triple net lease to the corporate entity with approximately eight years of term remaining. The transaction was priced at a 6.25% 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/20220329006023/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 Red Lobster restaurant property located in Arizona.

What was the acquisition price of the Red Lobster property?

The acquisition price was $2.4 million.

What is the term remaining on the lease for the Red Lobster property?

The lease has approximately eight years remaining.

What capitalization rate was used for the FCPT acquisition?

The acquisition was priced at a 6.25% capitalization rate.

How does this acquisition impact FCPT's business strategy?

This acquisition supports FCPT's strategy of expanding its portfolio with high-quality, net-leased properties.