FCPT Announces Acquisition of an Oak Street Health Property for $1.8 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired an Oak Street Health property for $1.8 million. This corporate-operated property is located in a high-traffic area of Oklahoma and is secured under a long-term, triple net lease. The transaction reflects a cap rate consistent with FCPT's historical transactions, indicating a strategic expansion in their portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of Oak Street Health property for $1.8 million enhances portfolio.
• Long-term, triple net lease secures stable income.
• Transaction cap rate aligns with previous FCPT deals, indicating sound investment.

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 Oak Street Health property for $1.8 million. The property is located in a highly trafficked corridor in Oklahoma and is corporate-operated under a long-term, triple net lease. The transaction was priced at a cap rate in range with previous FCPT transactions.

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/20211013006115/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What property did FCPT acquire in Oklahoma?

FCPT acquired an Oak Street Health property for $1.8 million.

What is the cap rate for the recent FCPT acquisition?

The cap rate for the acquisition is in line with previous FCPT transactions.

What type of lease is associated with the Oak Street Health property?

The property is under a long-term, triple net lease.

How does the acquisition impact FCPT's portfolio?

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