FCPT Announces Acquisition of Three WellNow Urgent Care Properties for $8.7 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has announced the acquisition of three WellNow Urgent Care properties for $8.7 million, enhancing its portfolio in the restaurant and retail sectors. These newly constructed properties are situated in prime retail locations in Ohio and are leased for 10 years at a cap rate of 6.2%. This strategic acquisition reflects FCPT's ongoing efforts to expand its holdings in high-quality, net-leased operations, supporting its growth trajectory.

Positive

• Acquisition of three WellNow Urgent Care properties for $8.7 million expands portfolio.
• Properties are newly constructed and located in strong retail corridors.
• Corporate-operated under net leases with 10 years remaining, ensuring rental income stability.
• Transaction priced at a competitive 6.2% cap rate on rent.

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 WellNow Urgent Care properties for $8.7 million from ComptonAddy. The properties are newly constructed and located in strong retail corridors in Ohio. They are corporate-operated under net leases with 10 years of term remaining. The transaction was priced at a 6.2% cap rate on rent as of the closing date, 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/20221004006079/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 has FCPT acquired recently?

FCPT has acquired three WellNow Urgent Care properties for $8.7 million.

What is the location of the newly acquired properties by FCPT?

The properties are located in strong retail corridors in Ohio.

What is the cap rate for the acquisition of WellNow Urgent Care properties?

The transaction was priced at a cap rate of 6.2% on rent.

How long is the lease term for the acquired properties?

The properties have a remaining lease term of 10 years.