FCPT Announces Acquisition of a Red Lobster Restaurant Property for $1.9 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Red Lobster restaurant property for $1.9 million. Located in a prime retail area in New York, the property is operated under a long-term, triple net ground lease with 8 years remaining. The acquisition was made at a 6.4% going-in cash capitalization rate, excluding transaction costs. This move aligns with FCPT's strategy to expand its portfolio of net-leased restaurant and retail properties.

Positive

• Acquisition of Red Lobster property strengthens portfolio.
• Location in a strong retail corridor enhances value.
• Long-term lease with 8 years remaining ensures stable cash flow.
• Acquisition priced at a favorable 6.4% cash capitalization rate.

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 $1.9 million. The property is located in a strong retail corridor in New York and is corporate-operated under a long-term, triple net ground lease with 8 years of term remaining. The transaction was priced at a 6.4% 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/20211230005318/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.

How much did FCPT pay for the Red Lobster property?

FCPT paid $1.9 million for the property.

What is the significance of the location of the Red Lobster property?

The property is located in a strong retail corridor in New York, enhancing its investment value.

What is the capitalization rate for the acquisition?

The acquisition was priced at a 6.4% going-in cash capitalization rate.

How long is the lease term for the Red Lobster property?

The lease term has 8 years remaining.