FCPT Announces Acquisition of a Two Property Portfolio for $2.7 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Chili's restaurant and a Monro Auto Service and Tire Center in New York for $2.7 million. Both properties are corporate-operated under triple net ground leases and have a remaining weighted average lease term of approximately four years. The acquisition is valued at a 7.0% capitalization rate, exclusive of transaction costs, indicating the company's strategy to enhance its portfolio of high-quality, net-leased properties.

Positive

• Acquisition of two properties strengthens FCPT's portfolio.
• Properties are located in a strong retail corridor.
• Corporate-operated under triple net ground leases, reducing management burden.
• Acquisition priced at an attractive 7.0% capitalization rate.

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 Chili’s restaurant property and a Monro Auto Service and Tire Center property for $2.7 million. The properties are located in a strong retail corridor in New York and are both corporate-operated under triple net ground leases with approximately four years of weighted average term remaining. The transaction was priced at a 7.0% 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/20210610005955/en/

FAQ

What properties did FCPT acquire?

FCPT acquired a Chili's restaurant and a Monro Auto Service and Tire Center.

What was the value of the acquisition by FCPT?

The total value of the acquisition was $2.7 million.

Where are the acquired properties located?

The properties are located in a strong retail corridor in New York.

What is the capitalization rate for this acquisition?

The acquisition was priced at a 7.0% capitalization rate.

How long is the remaining lease term for the acquired properties?

The properties have approximately four years of weighted average lease term remaining.