FCPT Announces Acquisition of a Taco Bell Property for $2.2 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) Announces $2.2 Million Acquisition of Taco Bell Property in Oklahoma, Priced at 7.3% Cap Rate

Positive

• Acquisition of high-quality, net-leased property enhances FCPT's real estate portfolio
• Transaction priced at a 7.3% cap rate on rent, indicating favorable investment return
• Property located in a strong retail corridor in Oklahoma, promising potential for steady income

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 Taco Bell property for $2.2 million. The property is located in a strong retail corridor in Oklahoma and is franchisee-operated under a triple net lease to K-MAC Enterprises, LLC with approximately five years of term remaining. The transaction was priced at a 7.3% cap rate on rent as of the closing date and 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/20231108579869/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 ticker symbol of Four Corners Property Trust?

The ticker symbol of Four Corners Property Trust is FCPT.

Where is the newly acquired Taco Bell property located?

The property is located in a strong retail corridor in Oklahoma.

What was the price of the Taco Bell property acquisition?

The acquisition was priced at $2.2 million.

What is the cap rate for the Taco Bell property acquisition?

The transaction was priced at a 7.3% cap rate on rent as of the closing date.