FCPT Announces Acquisition of a Whataburger Property for $1.2 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired a Whataburger property in Florida for $1.2 million. This corporate-operated site is located in a high-traffic area and is secured under a triple net lease with approximately three years remaining. The acquisition was completed at a 6.3% cap rate, excluding transaction costs. FCPT focuses on acquiring high-quality net-leased restaurant and retail properties, aiming to grow its real estate portfolio strategically.

Positive

• Acquisition of Whataburger property enhances portfolio.
• Property located in a highly trafficked corridor.
• Triple net lease provides stable income with three years left.
• Acquisition priced at a favorable 6.3% 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 Whataburger property for $1.2 million. The property is in a highly trafficked corridor in Florida and is corporate-operated under a triple net lease with approximately three years of term remaining. The transaction was priced at a 6.3% 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/20221114006066/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 recently acquired a Whataburger property for $1.2 million.

What is the cap rate for the Whataburger property acquisition?

The acquisition was priced at a 6.3% cap rate.

Where is the new property located?

The Whataburger property is located in Florida.

What type of lease is associated with the Whataburger property?

The property is secured under a triple net lease.

How long is the lease term remaining for the Whataburger property?

There are approximately three years of lease term remaining.