FCPT Announces Acquisition of Five Caliber Collision Properties for $4.1 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired five Caliber Collision properties located in Ohio for $4.1 million. These properties feature net leases with a weighted average remaining term of 9 years. The acquisition is priced at a 6.6% cash capitalization rate, excluding transaction costs, reflecting the Company’s strategy to enhance its portfolio of high-quality, net-leased restaurant and retail properties.

FCPT aims to grow through strategic acquisitions in the restaurant and retail sectors, contributing to its focus on sustainable cash flow and property value appreciation.

Positive

• Acquisition of five Caliber Collision properties enhances portfolio diversification.
• Transaction priced at 6.6% cash capitalization rate indicates solid investment yield.
• Properties secured with 9 years of net lease remaining, ensuring stable cash flow.

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 five Caliber Collision properties for $4.1 million. The properties are located in strong retail corridors in Ohio and are corporate-operated under net leases with a weighted average of 9 years of term remaining. The transaction was priced at a 6.6% weighted average going-in cash 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/20210920005966/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What did FCPT acquire?

FCPT acquired five Caliber Collision properties for $4.1 million.

Where are the acquired properties located?

The properties are located in Ohio.

What is the impact of this acquisition on FCPT?

The acquisition is expected to enhance portfolio diversification and provide stable cash flow.

What is the cash capitalization rate for this transaction?

The transaction is priced at a 6.6% weighted average cash capitalization rate.

How long are the leases for the acquired properties?

The leases have a weighted average remaining term of 9 years.