FCPT Announces Acquisition of a WellNow Urgent Care Center for $2.2 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) announces the acquisition of a WellNow Urgent Care center for $2.2 million. The property is situated in a prime retail area in Indiana and is operated by a corporate entity. This acquisition aligns with FCPT's strategy of expanding its portfolio of high-quality, net-leased properties. The transaction's cap rate is consistent with prior acquisitions by FCPT, indicating stable investment metrics. This move enhances FCPT's position in the healthcare segment, which may support future growth.

Positive

• Acquisition of WellNow Urgent Care center for $2.2 million strengthens property portfolio.
• Located in a strong retail corridor, enhancing market presence.
• Transaction priced at a cap rate in line with previous FCPT deals.

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 WellNow Urgent Care center for $2.2 million. The property is located in a strong retail corridor in Indiana and is corporate-operated. The transaction was priced at a cap rate in range with previous FCPT transactions.

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/20230320005604/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 WellNow Urgent Care center for $2.2 million.

Where is the WellNow Urgent Care center located?

The center is located in Indiana.

What was the cap rate for the FCPT acquisition?

The transaction was priced at a cap rate consistent with previous FCPT transactions.

How does this acquisition impact FCPT's business strategy?

This acquisition strengthens FCPT's portfolio and expands its footprint in the healthcare segment.