FCPT Announces Acquisition of Two National Tire & Battery Properties for $2.8 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired two National Tire and Battery properties for $2.8 million. Located in prime retail corridors in North Carolina, the properties are corporate-operated under triple net leases with an average remaining term of seven years. The acquisition was executed at a 6.1% cap rate on actual rent, demonstrating a strategic move to enhance FCPT's portfolio in the retail sector. The company aims to expand its presence through similar acquisitions in the restaurant and retail industries.

Positive

• Acquisition of two properties enhances portfolio and market presence.
• Properties are under triple net leases with CPI-adjusted annual rent increases.
• 6.1% cap rate on the acquisition indicates favorable financial terms.

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 National Tire and Battery properties for $2.8 million. The properties are located in strong retail corridors in North Carolina and are corporate-operated under triple net leases with a weighted average seven years of term remaining and annual CPI-adjusted rent increases. The transaction was priced at a 6.1% cap rate on actual 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/20220830005839/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?

FCPT acquired two National Tire and Battery properties located in North Carolina.

What is the acquisition cost of the properties?

The acquisition cost of the properties is $2.8 million.

What is the cap rate for the new acquisition?

The acquisition was priced at a 6.1% cap rate on actual rent.

What type of leases are associated with the acquired properties?

The properties are leased under triple net leases with CPI-adjusted rent increases.

How long is the lease term for the acquired properties?

The properties have a weighted average lease term of seven years remaining.