FCPT Announces Acquisition of a VCA Animal Hospital Property for $1.0 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a VCA Animal Hospital property in Indiana for $1.0 million. This property is situated in a strong retail corridor and is corporate-operated under a net lease with approximately 5 years remaining. The transaction was completed at a 7.3% cash capitalization rate, excluding transaction costs. This strategic purchase aligns with FCPT's goal of expanding its high-quality, net-leased restaurant and retail portfolio.

Positive

• Acquisition of a VCA Animal Hospital property enhances portfolio.
• Transaction priced at a favorable 7.3% cash capitalization rate.
• Property located in a strong retail corridor ensures stability.

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 $1.0 million. The property is located in a strong retail corridor in Indiana and is corporate-operated under a net lease with approximately 5 years of term remaining. The transaction was priced at a 7.3% going-in cash capitalization rate, 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/20220727005933/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What was the recent acquisition by Four Corners Property Trust?

FCPT recently acquired a VCA Animal Hospital property for $1.0 million.

Where is the acquired property located?

The property is located in Indiana.

What is the cash capitalization rate for the acquisition?

The acquisition was priced at a 7.3% cash capitalization rate.

How many years of lease term are remaining on the acquired property?

There are approximately 5 years of lease term remaining on the property.