FCPT Announces Acquisition of a US Bank Property from Brookfield Properties for $3.9 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a US Bank property for $3.9 million as part of a previous Brookfield Properties transaction. This property is situated in a prime retail area in Colorado and is leased on a triple net basis with approximately 11 years remaining. This acquisition adds to FCPT's portfolio, bringing the total number of properties acquired from Brookfield to 18, amounting to $33 million since the initial announcement in October 2019. The deal aligns with FCPT's strategy of expanding its high-quality, net-leased restaurant properties.

Positive

• Acquired US Bank property in Colorado for $3.9 million.
• Total of 18 properties acquired from Brookfield for $33 million.
• Property has approximately 11 years remaining on triple net lease.
• Acquisition aligns with FCPT's strategy for growth.

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 US Bank property for $3.9 million from a previously announced Brookfield Properties transaction. The property is located in a highly trafficked retail corridor in Colorado and is corporate-operated under a triple net lease with approximately eleven years of term remaining. The Brookfield Properties portfolio was priced at a capitalization rate consistent with previous FCPT transactions.

Inclusive of today’s acquisition, FCPT has acquired a total of 18 properties for $33 million related to the Brookfield portfolio announced in October 2019.

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/20210430005553/en/

FAQ

What did Four Corners Property Trust acquire recently?

FCPT recently acquired a US Bank property for $3.9 million.

How many properties has FCPT acquired from Brookfield?

FCPT has acquired a total of 18 properties from Brookfield.

What is the value of the recent acquisition by FCPT?

The recent acquisition by FCPT is valued at $3.9 million.

What type of lease is the US Bank property under?

The US Bank property is leased under a triple net lease.

What is the significance of the acquisition for FCPT?

The acquisition supports FCPT's strategy of expanding its net-leased restaurant property portfolio.