FCPT Announces Acquisition of Two Vet Clinic Properties for $3.9 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired two properties from Pathway Vet Alliance for $3.9 million. This acquisition includes a Thrive Vet Care location and a dual-tenant property featuring Eye Care for Animals. The properties are based in Illinois and Rhode Island, located in strong retail corridors and under net leases with an average remaining term of eight years. The deal was executed at a 6.6% cash capitalization rate, excluding transaction costs.

Positive

• Strategic acquisition of two veterinary properties expands FCPT's portfolio.
• Properties leased with a weighted average term of eight years, enhancing revenue stability.
• Transaction executed at a favorable 6.6% capitalization rate, which could indicate strong future cash flow.

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 Pathway Vet Alliance properties for $3.9 million. The properties consist of a Thrive Vet Care property and a dual-tenant property that is anchored by Eye Care for Animals and includes a space of approximately 2,000 square feet that FCPT will lease to a new retail tenant. The properties are located in strong retail corridors in Illinois and Rhode Island and are occupied under net leases with a weighted average term of eight years remaining. The transaction was priced at a 6.6% 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/20210824005832/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 Four Corners Property Trust acquire?

FCPT acquired two properties from Pathway Vet Alliance, including a Thrive Vet Care facility and a dual-tenant property.

What was the acquisition cost for FCPT?

The acquisition cost was $3.9 million.

Where are the newly acquired properties located?

The properties are located in Illinois and Rhode Island.

What is the average term remaining on the leases for the acquired properties?

The leases have a weighted average remaining term of eight years.

What is the cash capitalization rate for the acquisition?

The acquisition was priced at a 6.6% going-in cash capitalization rate.