FCPT Announces Acquisition of Two KC Complete Auto Properties for $4.2 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has successfully acquired two KC Complete Auto properties in Missouri for $4.2 million. These properties, located in high-traffic areas, are leased under triple net agreements with about eight years remaining on the lease. The acquisition was undertaken at a 6.9% capitalization rate exclusive of transaction costs. This strategic move aims to enhance FCPT's portfolio in the restaurant and retail sectors, further solidifying its position in the market.

Positive

• Acquisition of two KC Complete Auto properties for $4.2 million, enhancing portfolio diversification.
• The properties are located in high-traffic areas, increasing potential foot traffic and revenue.
• Triple net leases with approximately eight years remaining ensure stable cash flow.
• Acquisition priced at a favorable 6.9% capitalization rate, indicating a strong 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 KC Complete Auto properties for $4.2 million. The properties are located in highly trafficked corridors in Missouri and are occupied under triple net leases to the corporate entity with approximately eight years of term remaining. The transaction was priced at a 6.9% 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/20220414005778/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 recent FCPT acquisition?

Four Corners Property Trust recently acquired two KC Complete Auto properties for $4.2 million.

Where are the acquired properties located?

The acquired KC Complete Auto properties are located in Missouri, in highly trafficked corridors.

What type of leases are associated with the acquired properties?

The properties are under triple net leases with approximately eight years of lease term remaining.

What is the capitalization rate for the acquisition?

The acquisition was priced at a 6.9% capitalization rate, exclusive of transaction costs.

How does this acquisition impact FCPT's business?

This acquisition enhances FCPT's real estate portfolio and provides stable cash flow from long-term leases.