FCPT Announces Acquisition of a VillageMD Property for $2.6 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a VillageMD property in Illinois for $2.6 million. This property operates under a net lease with around five years remaining on the lease term. The acquisition was completed at a 6.8% cap rate on rent, excluding transaction costs. This move aligns with FCPT's strategy to expand its portfolio by acquiring high-quality, net-leased restaurant and retail properties. The location is strategically situated in a high-traffic area, potentially enhancing the value of the investment.

Positive

• Acquisition of VillageMD property for $2.6 million enhances FCPT's portfolio.
• Property located in a highly trafficked area in Illinois.
• Corporate-operated property with approximately five years remaining on the lease term.
• Transaction completed at a favorable 6.8% cap rate.

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 VillageMD property for $2.6 million. The property is located in a highly trafficked corridor in Illinois and is corporate-operated under a net lease with approximately five years of term remaining. The transaction was priced at a 6.8% cap rate on rent as of the closing date, 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/20230421005367/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What is the recent acquisition by FCPT?

FCPT acquired a VillageMD property in Illinois for $2.6 million.

What is the cap rate for FCPT's new property?

The new property was acquired with a cap rate of 6.8%.

How long is the lease term for FCPT's recently acquired property?

The lease term for the acquired property has approximately five years remaining.

Where is the VillageMD property located?

The VillageMD property is located in a high-traffic corridor in Illinois.