FCPT Announces Acquisition of Two Wells Fargo Bank Branches for $5.1 Million

Rhea-AI Summary

Four Corners Property Trust (FCPT) has acquired two Wells Fargo bank branches for $5.1 million. These properties are located in high-traffic areas of Alabama and Tennessee and are secured by triple net leases with the corporate entity. The acquisition's cap rate aligns with previous transactions by FCPT, indicating a strategic addition to its portfolio of high-quality, net-leased properties.

Positive

• Acquisition of two Wells Fargo branches expands FCPT's portfolio.
• Properties located in high-traffic areas, enhancing potential revenue.
• Acquisition priced at a cap rate consistent with FCPT's past transactions.

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 Wells Fargo bank branches for $5.1 million. The properties are located in highly trafficked corridors in Alabama and Tennessee and are occupied under triple net leases to the corporate entity. The transaction was priced at a cap rate in range with previous FCPT transactions.

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/20220504005917/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 Wells Fargo branches acquired by FCPT?

The acquisition is valued at $5.1 million.

Which states are the acquired Wells Fargo branches located in?

The branches are located in Alabama and Tennessee.

What type of leases are the Wells Fargo branches under?

The branches are occupied under triple net leases.

How does the acquisition impact FCPT's portfolio?

The acquisition expands FCPT's portfolio of high-quality, net-leased properties.

What is the significance of the cap rate for this acquisition?

The cap rate is in line with previous FCPT transactions, indicating a sound investment.