FCPT Announces Acquisition of a REI Property from Seritage Transaction for $6.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Recreation Equipment, Inc. (REI) property for $6.8 million. This acquisition is part of the ongoing Seritage transaction that started in October 2019 and was expanded in August 2020. The purchased property, located in a prime retail corridor in Virginia, is net-leased with approximately five years remaining on its term. With this latest acquisition, FCPT has acquired a total of 22 properties for $70 million from Seritage, maintaining a cap rate consistent with previous transactions.

Positive

• Acquisition of REI property enhances FCPT's portfolio.
• Total of 22 properties acquired from Seritage, indicating strong growth.
• Property is located in a strong retail corridor, likely fostering future revenue.

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 Recreation Equipment, Inc. (“REI”) property for $6.8 million from the Seritage transaction announced in October 2019 and expanded in August 2020. The property is located in a strong retail corridor in Virginia and is corporate-operated under a net lease with approximately five years of term remaining. The Seritage transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of today’s acquisition, FCPT has acquired a total of 22 properties for $70 million from Seritage.

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/20201230005384/en/

FAQ

What is the value of the recent acquisition by FCPT?

FCPT's recent acquisition of a Recreation Equipment, Inc. property is valued at $6.8 million.

How many properties has FCPT acquired from Seritage?

FCPT has acquired a total of 22 properties from Seritage for $70 million.

What is the lease term remaining for the newly acquired REI property?

The REI property has approximately five years of lease term remaining.

When did FCPT announce the Seritage transaction?

The initial Seritage transaction by FCPT was announced in October 2019.

What type of properties does FCPT focus on acquiring?

FCPT primarily focuses on acquiring high-quality, net-leased restaurant properties.