FCPT Announces Acquisition of Four Outparcel Properties for $9.8 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired four outparcel properties for $9.8 million, expanding its portfolio in a strong retail corridor in Alabama. The properties are leased to well-known brands, including Bonefish Grill, Jared, Olive Garden, and Outback Steakhouse, under net leases. This acquisition aligns with FCPT's strategy to grow its holdings in high-quality restaurant and retail properties. The transaction was priced within the range of previous acquisitions, reflecting a stable cap rate.

Positive

• Acquisition of four properties increases portfolio diversification.
• Properties are leased to established brands, enhancing revenue potential.
• Strong retail corridor in Alabama suggests good market positioning.

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 four outparcel properties consisting of four different brands (Bonefish Grill, Jared, Olive Garden, and Outback Steakhouse) for $9.8 million. The properties are located in a strong retail corridor in Alabama and are occupied under net leases. 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/20220330005764/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 Four Corners Property Trust acquire?

FCPT acquired four outparcel properties leased to Bonefish Grill, Jared, Olive Garden, and Outback Steakhouse.

What was the acquisition price for the properties?

The acquisition price for the four properties was $9.8 million.

What is the significance of the location of the acquired properties?

The properties are situated in a strong retail corridor in Alabama, indicating favorable market conditions for FCPT.

How does this acquisition align with FCPT's business strategy?

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