FCPT Announces Acquisition of a Three Property Portfolio from Washington Prime Group for $5.1 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired three properties, including Buffalo Wild Wings, Wells Fargo, and Texas Roadhouse, for $5.1 million from Washington Prime Group. These properties are located in strong retail areas of Florida and Pennsylvania and are leased under triple net agreements with an average remaining term of five years. The acquisition price aligns with FCPT's historical cap rates. This strategic acquisition enhances FCPT's portfolio in the restaurant and retail sectors.

Positive

• Acquisition of high-quality properties increases portfolio diversity.
• Strategic locations in strong retail corridors expected to boost revenue.
• Triple net leases provide stable income with minimal landlord responsibilities.

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 Buffalo Wild Wings property, a Wells Fargo property, and a Texas Roadhouse property for $5.1 million from Washington Prime Group. The properties are located in strong retail corridors in Florida and Pennsylvania and are corporate-operated under triple net leases with a weighted average of five years of 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 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/20210924005556/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 did FCPT acquire in the recent transaction?

FCPT acquired Buffalo Wild Wings, Wells Fargo, and Texas Roadhouse properties.

What is the total value of the acquisition by FCPT?

The total acquisition value is $5.1 million.

Where are the properties acquired by FCPT located?

The properties are located in Florida and Pennsylvania.

What type of leases are the acquired properties under?

The properties are under triple net leases with an average remaining term of five years.

How does this acquisition impact FCPT's portfolio?

The acquisition enhances portfolio diversity and is expected to increase revenue through stable, long-term leases.