FCPT Announces Acquisition of a Texas Roadhouse Property for $3.1 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Texas Roadhouse property in Illinois for $3.1 million. The location is part of a robust retail corridor and operates under a triple net lease with approximately 10 years remaining on the lease term. The acquisition was completed at a 6.4% going-in cash capitalization rate, excluding transaction costs. FCPT aims to grow its portfolio by investing in high-quality restaurant properties.

Positive

• Acquisition of Texas Roadhouse property enhances property portfolio.
• Strong retail location may boost future property value.
• Triple net lease structure provides stable cash flow with 10 years remaining.

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 Texas Roadhouse property for $3.1 million. The property is located in a strong retail corridor in Illinois and is occupied under a triple net lease with the corporate operator with approximately 10 years of term remaining. The transaction was priced at a 6.4% going-in cash capitalization rate, exclusive of transaction costs.

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/20210225006283/en/

FAQ

What is the acquisition made by FCPT?

FCPT acquired a Texas Roadhouse property for $3.1 million.

What is the expected impact of the acquisition on FCPT?

The acquisition is expected to enhance FCPT's property portfolio and provide stable income.

What is the lease term for the acquired Texas Roadhouse property?

The property has approximately 10 years remaining on its triple net lease.

What was the capitalization rate for the acquisition?

The acquisition was priced at a 6.4% going-in cash capitalization rate.

Where is the acquired property located?

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