FCPT Announces Acquisition of Five Fresenius Medical Care Properties for $9.4 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired five Fresenius Medical Care properties in Louisiana for $9.4 million. These properties are corporate-operated under net leases with an average remaining term of 6 years. The transaction was executed at a 6.5% going-in cash capitalization rate, excluding transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio in the restaurant and retail sector.

Positive

• Acquisition of five properties enhances portfolio diversification.
• Transaction completed at a favorable 6.5% cash capitalization rate.
• Corporate-operated leases provide stability with 6 years remaining term.

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 Fresenius Medical Care properties for $9.4 million. The properties are located in Louisiana and are corporate-operated under net leases with a weighted average of 6 years of term remaining. The transaction was priced at a 6.5% 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/20220331005931/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 Louisiana?

FCPT acquired five Fresenius Medical Care properties located in Louisiana.

What was the purchase price for the Fresenius Medical Care properties?

The acquisition was priced at $9.4 million.

What is the expected cash capitalization rate from this acquisition?

The transaction has a going-in cash capitalization rate of 6.5%.

How long is the lease term remaining for the acquired properties?

The properties have a weighted average lease term of 6 years.

Is this acquisition part of FCPT's growth strategy?

Yes, this acquisition aligns with FCPT's strategy to expand its portfolio in the restaurant and retail sectors.