FCPT Announces Acquisition of a VCA Animal Hospital Property for $1.2 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a VCA Animal Hospital property for $1.2 million, located in Virginia. The deal features a net lease with approximately three years remaining and a capitalization rate of 7.6%. This transaction reflects FCPT's ongoing strategy to enhance its portfolio of high-quality, net-leased restaurant and retail properties. As a real estate investment trust, FCPT focuses on acquiring and leasing properties to drive growth in the restaurant and retail sectors.

Positive

• Acquisition of a high-quality property for $1.2 million.
• Transaction priced at a 7.6% cap rate, indicating solid investment return.
• Supports FCPT's growth strategy in the restaurant and retail sectors.

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 $1.2 million. The property is located in Virginia and is corporate-operated under a net lease with approximately three years of term remaining. The transaction was priced at a 7.6% cap 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/20230406005700/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What property did FCPT acquire recently?

FCPT acquired a VCA Animal Hospital property for $1.2 million.

What is the location of the recently acquired property by FCPT?

The property is located in Virginia.

What is the cap rate for the recent FCPT acquisition?

The transaction was priced at a 7.6% cap rate.

How many years of lease term are remaining for the new FCPT property?

There are approximately three years of lease term remaining.

What is the significance of FCPT's acquisition strategy?

The acquisition aligns with FCPT's strategy to grow its portfolio of net-leased properties in the restaurant and retail sectors.