FCPT Announces Acquisition of Two Buffalo Wild Wings Properties for $10.2 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired two Buffalo Wild Wings properties in New Jersey for $10.2 million. The acquisition is part of FCPT's strategy to expand its portfolio of net-leased restaurant and retail properties. The properties are secured under a triple net lease with 20 years remaining and annual rent increases of 2%. This transaction is priced at a 6.4% cap rate based on rent at closing, marking a strategic addition to FCPT's asset base.

Positive

• Acquisition of two Buffalo Wild Wings properties enhances portfolio.
• Properties under a secure triple net lease with 20 years remaining.
• Annual rent increases of 2% provide revenue growth.

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 Buffalo Wild Wings properties for $10.2 million. The properties are located in strong retail corridors in New Jersey and are franchisee-operated. They are occupied under a triple net master lease with 20 years of term remaining and annual rent increases of 2%. The transaction was priced at a 6.4% 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/20220926005729/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What is the value of the acquisition by FCPT?

The acquisition of two Buffalo Wild Wings properties by FCPT is valued at $10.2 million.

What type of lease is associated with the properties acquired by FCPT?

The properties are occupied under a triple net master lease.

What is the cap rate for the FCPT acquisition?

The transaction was priced at a 6.4% cap rate on rent.

Where are the acquired properties located?

The acquired Buffalo Wild Wings properties are located in New Jersey.

What are the expected rent increases for the acquired properties?

The properties have annual rent increases of 2%.