FCPT Announces Acquisition of an Express Oil Change Property for $1.5 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired an Express Oil Change property in Mississippi for $1.5 million, under a long-term triple net lease with approximately 11 years remaining. The acquisition was made at a 6.3% capitalization rate, indicating a solid return on investment. This acquisition aligns with FCPT's strategy to expand its high-quality, net-leased restaurant and retail property portfolio. The location is in a high-traffic area, which is expected to enhance the value and performance of the investment.

Positive

• Acquisition of a strategic property for $1.5 million.
• Property under a long-term lease with 11 years remaining.
• Acquisition priced at a solid 6.3% capitalization 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 an Express Oil Change property for $1.5 million. The property is located in a highly trafficked corridor in Mississippi and is occupied under a triple net lease to the corporate entity with approximately eleven years of term remaining. 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/20220330005734/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 purpose of FCPT's recent acquisition?

The acquisition aims to expand FCPT's portfolio of high-quality, net-leased restaurant and retail properties.

Where is the newly acquired property located?

The property is located in a highly trafficked area in Mississippi.

What is the value of the Express Oil Change property acquired by FCPT?

The property was acquired for $1.5 million.

What is the remaining lease term for the property acquired by FCPT?

The property has approximately 11 years of lease term remaining.

What capitalization rate did FCPT achieve on this acquisition?

The acquisition was priced at a 6.3% capitalization rate.