FCPT Announces Acquisition of Dual-Tenant Panera Bread / AT&T Property for $2.6 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired a dual-tenant property for $2.6 million in Indiana. This property houses corporate-operated Panera Bread and AT&T, both under separate net leases with approximately nine years of average term remaining. The transaction achieved a 6.8% cash cap rate, post-management expenses. FCPT continues to expand its portfolio focused on high-quality net-leased restaurant properties, reinforcing its position in the real estate investment trust sector.

Positive

• Acquisition of dual-tenant property enhances FCPT's portfolio.
• Attractive pricing with a 6.8% going-in cash cap rate.
• Long-term leases (approximately nine years) secure stable income.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a dual-tenant property for $2.6 million. The property is occupied by a corporate-operated Panera Bread and a corporate-operated AT&T (NYSE: T). Each tenant is subject to a separate net lease with approximately nine years of weighted average term remaining. The property is located in Indiana. The transaction was priced at a 6.8% going-in cash cap rate, after property management expenses and exclusive of transaction costs.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant 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 http://www.fcpt.com/.