FCPT Announces Acquisition of Two Express Oil Change Properties for $4.6 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of two Express Oil Change properties for $4.6 million. The properties, located in high-traffic areas of Mississippi, are leased to a corporate entity. This transaction was completed at a 6.3% going-in cash capitalization rate, excluding transaction costs. FCPT focuses on acquiring net-leased restaurant and retail properties, aiming to expand its portfolio and increase revenue potential.

Positive

• Acquisition of two Express Oil Change properties enhances property portfolio.
• Strategic location in high-traffic areas supports future revenue growth.
• 6.3% going-in cash capitalization rate indicates a favorable 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 Express Oil Change properties for $4.6 million. The properties are located in highly trafficked corridors in Mississippi and both leases are with the corporate entity. The transaction was priced at a 6.3% 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/20211222005510/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 recent acquisition by FCPT?

FCPT recently acquired two Express Oil Change properties for $4.6 million.

Where are the properties acquired by FCPT located?

The properties are located in high-traffic corridors in Mississippi.

What is the capitalization rate for the FCPT acquisition?

The transaction was priced at a 6.3% going-in cash capitalization rate.

What type of properties does FCPT typically acquire?

FCPT primarily engages in the ownership and acquisition of net-leased restaurant and retail properties.