FCPT Announces Acquisition of a Red Robin Property for $2.4 million from PREIT

Rhea-AI Summary

Four Corners Property Trust (FCPT) has announced the acquisition of a Red Robin property for $2.4 million, as part of a transaction previously disclosed in June 2022. Located in a robust retail area of Maryland, the property is secured under a triple net lease, with about 4 years remaining on the lease term. This acquisition was executed at a 6.5% going-in cash capitalization rate, excluding transaction costs. The deal reflects FCPT's ongoing strategy to expand its portfolio of high-quality, net-leased properties.

Positive

• Acquisition of Red Robin property supports portfolio growth.
• Transaction priced at a favorable 6.5% going-in cash capitalization rate.
• Property located in a strong retail corridor enhances long-term value.

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 Robin property for $2.4 million from the PREIT transaction previously announced in June 2022. The property is located in a strong retail corridor in Maryland and is occupied under a triple net lease to the corporate entity with approximately 4 years of term remaining. The overall transaction was priced at a 6.5% going-in cash capitalization rate, exclusive of transactions 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/20220630005938/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What is the significance of FCPT's recent acquisition of the Red Robin property?

The acquisition supports FCPT's strategy to expand its portfolio of high-quality, net-leased properties, enhancing overall value.

How much did FCPT pay for the Red Robin property?

FCPT acquired the Red Robin property for $2.4 million.

What is the expected cash capitalization rate for the Red Robin property acquisition?

The acquisition has a going-in cash capitalization rate of 6.5%, excluding transaction costs.

Where is the Red Robin property located?

The Red Robin property is located in a strong retail corridor in Maryland.

What type of lease is associated with the Red Robin property?

The property is leased under a triple net lease with approximately 4 years remaining on the lease term.