FCPT Announces Acquisition of a Smokey Bones Restaurant Property for $4.4 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Smokey Bones restaurant property in Illinois for $4.4 million. This acquisition, expected to enhance FCPT's portfolio, features a triple net lease with the corporate entity, providing around 12 years of lease term remaining. The deal reflects a 6.3% capitalization rate, excluding transaction costs, positioning FCPT for sustained growth in the restaurant and retail real estate sector.

Positive

• Acquisition of a Smokey Bones restaurant property for $4.4 million.
• Property under a triple net lease with approximately 12 years remaining.
• Transaction priced at a 6.3% 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 Smokey Bones restaurant property for $4.4 million. The property is located in a strong retail corridor in Illinois and is occupied under a triple net lease to the corporate entity with approximately twelve years of term remaining. The transaction was priced at a 6.3% 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/20220321005757/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What did Four Corners Property Trust acquire?

Four Corners Property Trust acquired a Smokey Bones restaurant property in Illinois for $4.4 million.

What is the lease term for the acquired Smokey Bones property?

The Smokey Bones property is under a triple net lease with approximately 12 years remaining.

What is the capitalization rate of the acquisition?

The acquisition was priced at a 6.3% capitalization rate, excluding transaction costs.

Where is the Smokey Bones property located?

The Smokey Bones restaurant property is located in Illinois.