FCPT Announces Acquisition of a Tires Plus Portfolio for $12.9 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of eight Tires Plus properties for $12.9 million, located in strong retail corridors in Georgia. The properties are subject to corporate-operated net leases and the acquisition aligns with reoccurring cap rates seen in earlier transactions by FCPT. This purchase marks a significant milestone as FCPT has now invested over $1 billion in high-quality net-leased real estate since its first acquisition in July 2016.

Positive

• Acquisition of eight Tires Plus properties for $12.9 million enhances portfolio.
• Total investments exceed $1 billion, showcasing growth in net-leased real estate.

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 eight Tires Plus properties for $12.9 million. The properties are located in strong retail corridors in Georgia and are corporate-operated under net leases. The transaction was priced at a cap rate in range with previous FCPT transactions.

Inclusive of this transaction, FCPT has now invested over $1 billion in high-quality net-leased real estate, diversifying and growing the portfolio since the firm’s first property acquisition in July 2016.

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/20210825005833/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?

FCPT acquired eight Tires Plus properties located in Georgia.

What was the total investment amount for the Tires Plus acquisition?

The acquisition was valued at $12.9 million.

How much has FCPT invested in total since July 2016?

FCPT has invested over $1 billion in high-quality net-leased real estate.

What is the significance of this acquisition for FCPT?

This acquisition enhances FCPT's portfolio and demonstrates ongoing growth in diversified net-leased properties.