FCPT Announces Acquisition of Three Sun Auto Tire & Service Properties for $9.1 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired three Sun Auto Tire & Service properties for $9.1 million. Located in prime retail areas of Missouri, these corporate-operated properties are secured under long-term, triple net leases. The transaction reflects a cap rate consistent with prior FCPT acquisitions, signaling a strategic expansion into vital retail sectors. This move aligns with FCPT's ongoing strategy to enhance its portfolio through acquiring high-quality net-leased properties, vital for boosting long-term revenue.

Positive

• Acquisition of three properties strengthens FCPT's portfolio.
• Properties are located in strong retail corridors, potentially increasing foot traffic and revenue.
• Long-term, triple net leases provide stable income and lower operational risk.
• Transaction cap rate aligns with previous acquisitions, indicating market consistency.

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 Sun Auto Tire & Service properties for $9.1 million. The properties are located in strong retail corridors in Missouri and are corporate-operated under long-term, triple 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/20221212005782/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 Missouri?

FCPT acquired three Sun Auto Tire & Service properties for $9.1 million.

What is the significance of the long-term leases in the acquisition?

The long-term, triple net leases provide stable income and minimize operational responsibilities for FCPT.

What is the expected impact of the acquisition on FCPT's portfolio?

The acquisition is expected to strengthen FCPT's portfolio and potentially increase revenue from high-quality retail properties.

What was the cap rate for FCPT's recent acquisition?

The transaction was priced at a cap rate consistent with previous FCPT transactions.