FCPT Announces Acquisition of Two Caliber Collision Properties for $1.0 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired two Caliber Collision properties for $1.0 million, located in high-traffic areas of Ohio. These properties are leased on a corporate-operated net lease with an average remaining term of 8 years. The acquisition was executed at a 6.6% going-in cash capitalization rate, excluding transaction costs. This strategic move aligns with FCPT’s goal to expand its portfolio of high-quality, net-leased restaurant and retail properties.

Positive

• Acquisition of two properties enhances portfolio diversity.
• Properties located in high-traffic corridors, likely to ensure stable occupancy.
• Corporate-operated net leases provide reliable income stream.
• Average lease term of 8 years offers long-term revenue predictability.
• Acquisition priced at a favorable 6.6% going-in cash capitalization rate.

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 Caliber Collision properties for $1.0 million. The properties are located in highly trafficked corridors in Ohio and are corporate-operated under net leases with a weighted average of 8 years of term remaining. The transaction was priced at a 6.6% 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/20211103006166/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust