FCPT Announces Acquisition of a Six Property Portfolio for $12.0 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a six-property portfolio for $12.0 million. The properties, located in CO, IN, NM, SC, TN, and WI, include popular brands such as 7-Eleven, Advance Auto Parts, Starbucks, and Verizon. Notably, the Starbucks, 7-Eleven, and Advance Auto Parts are corporate-operated, while the Verizon stores are run by franchisees with over 700 locations. The portfolio boasts an approximate six years of weighted average lease term remaining and was acquired at a cap rate consistent with previous FCPT transactions.

Positive

• Acquisition of six high-quality properties strengthens FCPT's portfolio.
• Corporate-operated tenants enhance stability and revenue predictability.
• Properties located in highly trafficked areas likely to generate strong foot traffic.
• Approximate six-year weighted average lease term provides long-term income potential.

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 six property portfolio for $12.0 million. The properties include 7-Eleven, Advance Auto Parts, Starbucks, and Verizon (3) branded properties. They are located in highly trafficked corridors in CO, IN, NM, SC, TN, and WI. The Starbucks, 7-Eleven, and Advance Auto Parts properties are corporate-operated. The Verizon properties are operated by large franchisees with over 700 locations (Cellular Sales of Knoxville and The Cellular Connection). The portfolio has approximately six years of weighted average term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

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/20201230005386/en/

FAQ

What properties did FCPT acquire in the latest press release?

FCPT acquired a six-property portfolio including locations for 7-Eleven, Advance Auto Parts, Starbucks, and Verizon.

How much did FCPT pay for the new properties?

FCPT paid $12.0 million for the acquisition of the six-property portfolio.

What is the expected impact of this acquisition on FCPT?

The acquisition is expected to strengthen FCPT's revenue base through stable, corporate-operated tenants.

Where are the newly acquired properties located?

The properties are located in Colorado, Indiana, New Mexico, South Carolina, Tennessee, and Wisconsin.

What is the average lease term for the properties acquired by FCPT?

The acquired portfolio has an approximate six years of weighted average lease term remaining.