FCPT Announces Acquisition of a VCA Animal Hospital for $2.5 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a VCA Animal Hospital property for $2.5 million, located in a strong retail corridor in Florida. The asset is corporate-operated under a net lease with approximately eight years remaining. This transaction is priced at a 6.5% cap rate on current rent, excluding transaction costs, showcasing FCPT's strategy to expand its portfolio of high-quality net-leased properties.

Positive

• Acquisition of VCA Animal Hospital aligns with growth strategy.
• Transaction priced at 6.5% cap rate, indicating strong investment return.
• Property located in a robust retail corridor enhances future value.

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 VCA Animal Hospital property for $2.5 million. The property is located in a strong retail corridor in Florida and is corporate-operated under a net lease with approximately eight years of term remaining. The transaction was priced at a 6.5% 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 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/20210902005757/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What did Four Corners Property Trust acquire?

FCPT acquired a VCA Animal Hospital property for $2.5 million.

What is the location of the acquired property by FCPT?

The property is located in a strong retail corridor in Florida.

What is the cap rate for the VCA Animal Hospital acquisition?

The acquisition was priced at a 6.5% cap rate on current rent.

How long is the lease term remaining for the VCA Animal Hospital?

The net lease has approximately eight years remaining.