FCPT Announces Acquisition of a Six Property Outparcel Portfolio for $14.0 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired six outparcel properties for $14.0 million, as part of a transaction first announced in July 2022. This portfolio includes five single-tenant restaurant properties and one non-restaurant retail property, all located in a prominent Texas retail corridor. The properties feature net-lease structures with strong tenancy, having a weighted average remaining lease term of approximately four years. The acquisition aligns with FCPT's strategy to enhance its portfolio of high-quality, net-leased real estate.

Positive

• Acquisition of six outparcel properties for $14.0 million, enhancing portfolio diversity.
• Properties are located in a strong retail corridor in Texas, indicating potential growth.
• Strong tenancy with credit-worthy operators ensures reliable income streams.
• Individual leases with a weighted average remaining term of approximately four years provide stability.

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 six outparcel properties for $14.0 million from a transaction previously announced in July 2022. The portfolio includes five single tenant restaurant properties and one non-restaurant retail property (AT&T, BJ’s Brewhouse, Hook & Reel, IHOP, Krispy Kreme, and Taco Bell). The properties are located in a strong retail corridor in Texas and share similar qualities with FCPT’s existing outparcel assets. They have contractual rent stream growth, net-lease structures, and strong tenancy with credit-worthy operators. Each property has a separate, individual lease and the leases have a current weighted average remaining term of approximately four years. The transaction was priced at a cap rate in range with previous FCPT transactions. The final outparcel property included in the previous announcement is expected to close in Q4 2022.

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/20220831005827/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 has FCPT acquired in the latest transaction?

FCPT acquired six outparcel properties, including AT&T, BJ’s Brewhouse, Hook & Reel, IHOP, Krispy Kreme, and Taco Bell.

How much did FCPT pay for the acquisition of the six properties?

FCPT acquired the six properties for $14.0 million.

When was the acquisition of these properties announced?

The acquisition was initially announced in July 2022.

Where are the acquired properties located?

The properties are located in a strong retail corridor in Texas.

What is the expected benefit of this acquisition for FCPT?

The acquisition enhances FCPT's portfolio with high-quality net-leased properties and stable income streams.