FCPT Announces Acquisition of a Wendy’s Property from Washington Prime Group for $1.2 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Wendy’s restaurant property in Virginia for $1.2 million, as part of a larger transaction with Washington Prime Group. The property is leased to Wendy’s corporate for approximately nine years. This acquisition is part of a total of 49 properties purchased from Washington Prime Group, totaling $78.9 million. The capitalization rate aligns with FCPT’s investment criteria, reinforcing the company's commitment to enhancing its portfolio of high-quality net-leased restaurant properties.

Positive

• Acquisition of a Wendy's property for $1.2 million enhances property portfolio.
• Total of 49 properties acquired from Washington Prime Group for $78.9 million indicates significant growth.
• Acquisition under a triple-net lease structure provides stable income with approximately nine years remaining.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)--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 Wendy’s restaurant property for $1.2 million from a previously announced Washington Prime Group transaction. The property is located in Virginia and is under a triple-net lease to the brand’s corporate entity with a lease term of approximately nine years remaining. The Washington Prime portfolio was priced at a capitalization rate consistent with FCPT’s investment thresholds and past transactions.

Inclusive of today’s acquisition, FCPT has acquired a total of 49 properties for $78.9 million from Washington Prime Group.

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.