FCPT Announces Acquisition of a Tires Plus Property for $2.1 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Tires Plus property in Ohio for $2.1 million. The purchase is located in a strong retail area and is leased under a triple net lease with about 5 years remaining. The agreement features annual rent increases of 2%. The transaction reflects a 6.5% cap rate, excluding transaction costs. This acquisition aligns with FCPT's strategy to grow its portfolio in high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of Tires Plus property contributes to portfolio growth.
• Located in strong retail corridor, enhancing potential revenue.
• Triple net lease minimizes operational expenses.

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 Tires Plus property for $2.1 million. The property is located in a strong retail corridor in Ohio and is corporate-operated under a triple net lease with approximately 5 years of term remaining and annual rent increases of 2%. The transaction was priced at a 6.5%, 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/20221019005985/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 value of the Tires Plus property acquired by FCPT?

The Tires Plus property was acquired for $2.1 million.

What type of lease is associated with the Tires Plus property?

The property is leased under a triple net lease.

How long is the lease term remaining for the Tires Plus property?

There are approximately 5 years of lease term remaining.

What is the expected annual rent increase from the acquisition?

The lease includes annual rent increases of 2%.

What is the cap rate for the Tires Plus acquisition?

The transaction was priced at a 6.5% cap rate, excluding transaction costs.