FCPT Announces Acquisition of an Arby’s Property for $1.2 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) announced the acquisition of an Arby’s property in Kentucky for $1.2 million. This acquisition is located in a high-traffic area and is backed by a corporate-operated triple net lease with approximately five years remaining. The deal was executed at a 6.7% cap rate, which provides insights into the property’s potential returns. FCPT focuses on acquiring high-quality net-leased restaurant and retail properties, aiming to expand its portfolio strategically.

Positive

• Acquisition of an Arby’s property for $1.2 million enhances portfolio.
• Property located in a high-traffic area, likely improving tenant performance.
• Corporate-operated lease with five years remaining ensures stable income.
• Transaction priced at a 6.7% cap rate indicates solid investment potential.

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 Arby’s property for $1.2 million. The property is located in a highly trafficked corridor in Kentucky and is corporate-operated under a triple net lease with approximately five years of term remaining. The transaction was priced at a 6.7% 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/20230426005917/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What recent acquisition did FCPT announce?

FCPT announced the acquisition of an Arby’s property in Kentucky for $1.2 million.

What is the cap rate for FCPT's recent property acquisition?

The cap rate for the recent acquisition is 6.7%.

How does the new acquisition benefit FCPT?

The acquisition improves FCPT's portfolio by adding a high-quality, corporate-operated property with a stable lease.

How long is the lease term on the acquired Arby’s property?

The lease on the Arby’s property has approximately five years remaining.

Where is the acquired Arby’s property located?

The Arby’s property is located in a highly trafficked corridor in Kentucky.