FCPT Announces Acquisition of Three Mr. Tire Properties for $2.5 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired three Mr. Tire properties in Maryland for $2.5 million. This acquisition is supported by a master lease to a corporate entity with approximately 8 years remaining on the lease term. The properties were priced with a 6.5% going-in cash capitalization rate, not including transaction costs. FCPT focuses on owning and acquiring high-quality, net-leased restaurant and retail properties to expand its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of three Mr. Tire properties valued at $2.5 million.
• Properties located in dense corridors of Maryland, enhancing strategic positioning.
• Transaction priced at a 6.5% going-in cash capitalization rate, which is favorable for investment.

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 Mr. Tire properties for $2.5 million. The properties are located in dense corridors in Maryland and are under a master lease to the corporate entity with approximately 8 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/20211229005406/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What are the details of the recent FCPT acquisition?

FCPT acquired three Mr. Tire properties for $2.5 million in Maryland, under a master lease with approximately 8 years remaining.

What is the expected impact of FCPT's acquisition of Mr. Tire properties?

The acquisition is expected to strengthen FCPT's portfolio in the restaurant and retail sectors.

What is the significance of the 6.5% capitalization rate for FCPT?

The 6.5% going-in cash capitalization rate indicates a favorable purchase price relative to income-generating potential.

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

The acquisition aligns with FCPT's strategy to expand its portfolio by acquiring high-quality, net-leased restaurant and retail properties.