FCPT Announces Acquisition of Two Service Kings for $6.2 Million

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has acquired two Service King properties for $6.2 million. These properties, located in high-traffic areas of Texas, operate under triple net leases with twenty years remaining. The acquisition was executed at a 6.2% capitalization rate, excluding transaction costs. This strategic move aims to enhance FCPT's portfolio in the net-leased restaurant sector, reflecting the company's focus on growth through quality real estate acquisitions.

Positive

• Acquisition of two high-quality Service King properties for $6.2 million.
• Properties operate under triple net leases with twenty years of term remaining.
• Acquisition at a favorable 6.2% capitalization rate enhances portfolio quality.

Negative

• None.

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of two Service King properties for $6.2 million. The properties are located in highly trafficked corridors in Texas and are both corporate-operated under triple net leases with twenty years of term remaining. The transaction was priced at a 6.2% capitalization rate, exclusive of transaction costs.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant 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.

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