FCPT Announces Acquisition of Red Robin and AT&T Outparcel Properties for $2.8 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has announced the acquisition of two outparcel properties for $2.8 million, leased to Red Robin and AT&T. These properties, located in strong retail corridors in Idaho and Missouri, are corporate-operated under net leases with an average term of 3 years remaining. The transaction aligns with FCPT's strategy of expanding its portfolio of high-quality, net-leased restaurant and retail properties, priced at a capitalization rate consistent with previous transactions.

Positive

• Acquisition of two properties enhances portfolio diversity.
• Properties are leased to reputable tenants, Red Robin and AT&T.
• Transaction aligns with company strategy for growth in restaurant and retail sectors.

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 Red Robin and AT&T for $2.8 million. The properties are located in strong retail corridors in Idaho and Missouri and are corporate-operated under net leases with an average term of 3 years remaining. The transaction was priced at a capitalization 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/20211229005393/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 the recent announcement?

FCPT acquired two outparcel properties leased to Red Robin and AT&T.

What was the total value of the properties acquired by FCPT?

The total value of the properties acquired is $2.8 million.

Where are the newly acquired properties located?

The properties are located in Idaho and Missouri.

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

The average lease term remaining is 3 years.

What type of properties does FCPT focus on acquiring?

FCPT focuses on high-quality, net-leased restaurant and retail properties.