FCPT Announces Acquisition of a Truist Bank Outparcel Property for $1.1 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) announced the acquisition of an outparcel property leased to Truist Bank for $1.1 million. Located in North Carolina's strong retail corridor, the property operates under a triple net lease with 6 years remaining on the lease term. The transaction aligns with previous acquisitions in terms of cap rate, underscoring FCPT's strategy to enhance its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of a strong retail property leased to Truist Bank for $1.1 million.
• Property has a triple net lease with 6 years remaining, ensuring stable income.
• Transaction priced at a cap rate consistent with previous FCPT acquisitions.

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 an outparcel property leased to Truist Bank for $1.1 million. The property is located in a strong retail corridor in North Carolina and is corporate-operated under a triple net lease with 6 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/20220131005835/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 recent acquisition by FCPT?

FCPT recently acquired an outparcel property leased to Truist Bank for $1.1 million.

Where is the acquired property located?

The property is located in a strong retail corridor in North Carolina.

What type of lease does the Truist Bank property have?

The property operates under a triple net lease with 6 years remaining.

What was the purchase price of the acquisition?

The acquisition was priced at $1.1 million.

How does this acquisition align with FCPT's strategy?

The acquisition aligns with FCPT's strategy to grow its portfolio of high-quality, net-leased properties.