FCPT Announces Acquisition of a VCA Animal Hospital Property for $1.3 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a VCA Animal Hospital property for $1.3 million. Located in a busy Minnesota corridor, the property is corporate-operated under a net lease with about seven years remaining. The acquisition was made at a 6.5% capitalization rate, excluding transaction costs, and highlights FCPT's strategy to expand its portfolio in high-quality, net-leased properties.

Positive

• Acquisition of VCA Animal Hospital for $1.3 million expands FCPT's portfolio.
• Property operates under a corporate net lease with seven years remaining.
• Transaction priced at a 6.5% capitalization rate signals a strategic investment.

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 VCA Animal Hospital property for $1.3 million. The property is located in a highly trafficked corridor in Minnesota and is corporate-operated under a net lease with approximately seven years of term remaining. The transaction was priced at a 6.5% capitalization rate, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210610005909/en/

FAQ

What was the acquisition value of the VCA Animal Hospital by FCPT?

The acquisition value of the VCA Animal Hospital by FCPT was $1.3 million.

What is the significance of the 6.5% capitalization rate for FCPT?

The 6.5% capitalization rate indicates a favorable investment return for FCPT on the acquisition.

Where is the VCA Animal Hospital located?

The VCA Animal Hospital is located in a highly trafficked corridor in Minnesota.

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

The lease term for the VCA Animal Hospital property has approximately seven years remaining.