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

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired National Tire and Battery (NTB) and Goodyear Tire properties in Louisiana for $2.7 million. The acquisition involves corporate-operated properties under net leases with approximately four and ten years of term remaining, respectively. The transaction reflects a 6.7% cap rate on current rent, indicating a strategic move to expand FCPT's portfolio in strong retail corridors. This acquisition aligns with FCPT's goal of enhancing its holdings in the restaurant and retail sectors.

Positive

• Acquisition of NTB and Goodyear Tire properties enhances portfolio.
• Properties are located in strong retail corridors.
• Transaction completed at a favorable 6.7% cap 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 National Tire and Battery (NTB) property and a Goodyear Tire property for $2.7 million. The properties are located in strong retail corridors in Louisiana and are corporate-operated. Both the NTB and the Goodyear properties are occupied under net leases, with approximately four and ten years of term remaining, respectively. The transaction was priced at a 6.7% cap rate on rent today, 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.

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FAQ

What is the recent acquisition by FCPT?

FCPT acquired NTB and Goodyear Tire properties for $2.7 million.

What is the cap rate for the acquisition made by FCPT?

The transaction was priced at a 6.7% cap rate on current rent.

Where are the acquired properties located?

The properties are located in strong retail corridors in Louisiana.

How many years are left on the leases for the acquired properties?

The NTB property has approximately four years remaining and the Goodyear property has about ten years left on its lease.