FCPT Announces Acquisition of an Advance Auto Parts Property for $2.3 million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired an Advance Auto Parts property for $2.3 million in Illinois. The property is strategically located in a high-traffic area and is corporate-operated under a net lease agreement. The acquisition was secured at a 6.3% capitalization rate, excluding transaction costs, reinforcing FCPT's commitment to expanding its portfolio of quality restaurant and retail properties.

Positive

• Acquisition of Advance Auto Parts property for $2.3 million enhances portfolio.
• Strategically located in a high-traffic area, which may drive future revenue.
• Corporate-operated under a net lease, providing stable income potential.
• Acquisition at a 6.3% capitalization rate is favorable for investment returns.

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 an Advance Auto Parts property for $2.3 million. The property is located in a highly trafficked corridor in Illinois and is corporate-operated under a net lease. The transaction was priced at a 6.3% capitalization 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/20220712006088/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 made by Four Corners Property Trust (FCPT)?

FCPT recently acquired an Advance Auto Parts property for $2.3 million.

Where is the new property acquired by FCPT located?

The new property is located in a highly trafficked corridor in Illinois.

What is the capitalization rate for the property acquired by FCPT?

The acquisition was priced at a 6.3% capitalization rate, exclusive of transaction costs.

How does the acquisition affect FCPT's portfolio?

The acquisition enhances FCPT's portfolio of high-quality, net-leased restaurant and retail properties, potentially increasing revenue.