FCPT Announces Acquisition of Three Bank Properties for $5.4 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired three investment-grade bank properties for $5.4 million. Located in Illinois, these properties are corporate-operated under triple net leases with 9 years remaining and a 1.5% annual rent increase. The transaction achieves a weighted average going-in capitalization rate of 6.5%. This acquisition strengthens FCPT's portfolio of high-quality, net-leased restaurant and retail properties, aligning with its strategy for growth.

Positive

• Acquisition of three investment-grade bank properties for $5.4 million.
• Properties have 9 years remaining under triple net leases with 1.5% annual rent increases.
• Transaction priced at a favorable weighted average going-in capitalization rate of 6.5%.

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 three publicly-traded, investment grade bank properties for $5.4 million. The properties are located in highly trafficked corridors in Illinois and are corporate-operated under triple net leases with 9 years of term remaining and annual rent increases of 1.5%. The transaction was priced at a weighted average 6.5% going-in 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/20211220005943/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 Illinois?

FCPT acquired three publicly-traded, investment-grade bank properties located in highly trafficked corridors in Illinois.

How much did FCPT spend on the recent acquisition?

FCPT spent $5.4 million on the acquisition of the three bank properties.

What is the duration of the leases for the acquired properties?

The acquired properties have 9 years remaining under their triple net leases.

What is the expected annual rent increase for the new properties?

The expected annual rent increase for the new properties is 1.5%.

What is the capitalization rate for the recent acquisition by FCPT?

The acquisition was priced at a weighted average going-in capitalization rate of 6.5%.