FCPT Announces Acquisition of Chili’s and Verizon Outparcel Properties for $5.5 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has completed the acquisition of two outparcel properties leased to Chili’s and Verizon for $5.5 million. Located in a robust retail corridor in Colorado, these properties are corporate-operated under net leases with an average term of 7 years. The acquisition's cap rate aligns with previous transactions by FCPT, indicating a strategic investment to enhance its portfolio of high-quality net-leased properties.

Positive

• Acquisition of two outparcel properties enhances portfolio.
• Properties leased to well-known tenants: Chili's and Verizon.
• Transaction priced at a cap rate consistent with previous deals.

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 two outparcel properties leased to Chili’s and Verizon for $5.5 million. The properties are both located in a strong retail corridor in Colorado and are corporate-operated under net leases with a weighted average of 7 years of term remaining. 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/20220225005476/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What properties did FCPT acquire in this transaction?

FCPT acquired two outparcel properties leased to Chili's and Verizon.

What was the acquisition cost for the properties?

The total acquisition cost was $5.5 million.

Where are the acquired properties located?

The properties are located in a strong retail corridor in Colorado.

What is the average lease term for the acquired properties?

The properties have a weighted average lease term of 7 years.

How does this acquisition impact FCPT’s portfolio?

This acquisition enhances FCPT’s portfolio by adding high-quality, net-leased properties.