FCPT Announces Acquisition of Two Caliber Collision Properties for $3.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of two Caliber Collision properties in Illinois for $3.8 million. These properties, located in high-traffic areas, feature corporate-operated long-term net leases with seven years remaining on the lease terms. The acquisition was completed at a 6.7% cap rate on rent, excluding transaction costs. FCPT continues to focus on expanding its portfolio of net-leased restaurant and retail properties, strengthening its position in the market.

Positive

• Acquisition of two Caliber Collision properties for $3.8 million enhances portfolio.
• Properties located in high-traffic areas improve visibility and potential rental income.
• Long-term net leases with seven years remaining provide stability and predictable revenue.
• Acquisition priced at a 6.7% cap rate indicates a reasonable return on 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 two Caliber Collision properties for $3.8 million. The properties are located in highly trafficked corridors in Illinois and are corporate-operated under long-term net leases with seven years of term remaining. The transaction was priced at a 6.7% 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/20230215005871/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 Illinois?

FCPT acquired two Caliber Collision properties located in high-traffic areas in Illinois.

What was the total value of the acquisition by FCPT?

The total value of the acquisition by FCPT was $3.8 million.

What is the cap rate on the acquired properties?

The acquisition was priced at a 6.7% cap rate on rent.

How long are the leases on the acquired properties?

The leases on the acquired properties have seven years remaining.

What is the strategic importance of this acquisition for FCPT?

The acquisition enhances FCPT's portfolio, providing stability and potential revenue growth from established properties.