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FCPT Announces Sale Leaseback of a Portfolio of Automotive Service Properties From a National Operator for $12 Million

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Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a portfolio of automotive service properties through a sale-leaseback transaction valued at $12 million. The properties, acquired from a national operator who requested brand confidentiality, are situated in strong retail corridors across multiple states. The properties are secured under long-term, triple net leases, and the transaction was priced at a cap rate consistent with FCPT's previous transactions.

Four Corners Property Trust (NYSE:FCPT) ha annunciato l'acquisizione di un portafoglio di proprietà di servizi automobilistici tramite una transazione di vendita e leasing del valore di 12 milioni di dollari. Le proprietà, acquisite da un operatore nazionale che ha richiesto riservatezza del marchio, si trovano in forti corridoi commerciali in diversi stati. Le proprietà sono garantite da contratti di locazione triple net a lungo termine, e la transazione è stata valutata con un tasso di capitalizzazione coerente con le precedenti transazioni di FCPT.

Four Corners Property Trust (NYSE:FCPT) ha anunciado la adquisición de un portafolio de propiedades de servicio automotriz a través de una transacción de venta y arrendamiento valorada en 12 millones de dólares. Las propiedades, adquiridas de un operador nacional que solicitó confidencialidad de la marca, se encuentran en fuertes corredores comerciales en múltiples estados. Las propiedades están aseguradas bajo arrendamientos a largo plazo, triple neto, y la transacción se valoró con una tasa de capitalización consistente con las transacciones anteriores de FCPT.

포 코너스 부동산 신탁 (NYSE:FCPT)는 1200만 달러의 가치가 있는 매수-임대 거래를 통해 자동차 서비스 부동산 포트폴리오를 인수했다고 발표했습니다. 브랜드 기밀을 요청한 전국 운영자로부터 인수된 이 부동산은 여러 주의 강력한 소매 통로에 위치해 있습니다. 이 부동산은 장기, 트리플 넷 리스(tiple net leases)로 보장되어 있으며, 거래 가격은 FCPT의 이전 거래와 일관된 캡 레이트로 책정되었습니다.

Four Corners Property Trust (NYSE:FCPT) a annoncé l'acquisition d'un portefeuille de propriétés de services automobiles par le biais d'une transaction de vente-bail d'une valeur de 12 millions de dollars. Les propriétés, acquises auprès d'un opérateur national ayant demandé la confidentialité de la marque, se situent dans de forts corridors de vente au détail à travers plusieurs États. Les propriétés sont sécurisées par des baux triple net à long terme, et la transaction a été évaluée à un taux de capitalisation conforme aux transactions précédentes de FCPT.

Four Corners Property Trust (NYSE:FCPT) hat den Erwerb eines Portfolios von Automobil-Serviceimmobilien durch eine Sale-Leaseback-Transaktion im Wert von 12 Millionen Dollar bekannt gegeben. Die Immobilien wurden von einem nationalen Betreiber erworben, der Markenschutz beantragt hat und befinden sich in starken Einzelhandelskorridoren in mehreren Bundesstaaten. Die Immobilien sind durch langfristige, Triple-Net-Leasingverträge gesichert, und die Transaktion wurde zu einer Kapitalisierungsrate bewertet, die mit früheren Transaktionen von FCPT übereinstimmt.

Positive
  • Acquisition expands property portfolio with $12 million investment
  • Properties secured with long-term, triple net leases
  • Strategic locations in strong retail corridors
  • Cap rate aligned with company's previous transactions
Negative
  • None.

Insights

This $12 million sale-leaseback transaction represents a strategic expansion of FCPT's portfolio into the automotive service sector, diversifying beyond its core restaurant and retail focus. The deal structure features triple net leases, which shifts property expenses to tenants and provides FCPT with stable, predictable cash flows.

While the acquisition size is relatively modest at less than 0.5% of FCPT's market cap, the transaction aligns with their strategy of acquiring high-quality net-leased properties in strong retail locations. The undisclosed cap rate, stated to be consistent with previous deals, likely falls within FCPT's typical range of 6.5% to 7.5%, suggesting an annual NOI contribution of approximately $780,000 to $900,000. The multi-state portfolio diversification helps mitigate geographic risk.

Think of this deal as adding another stable income stream to FCPT's investment portfolio - similar to buying a bond that pays regular interest, but with real estate backing it and potential for appreciation. For a simple comparison, it's like earning rent from multiple auto repair shops across different cities, where the tenants handle all the property expenses and FCPT just collects the monthly checks.

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 a portfolio of automotive service properties for $12 million from a national operator via sale-leaseback. The properties are located in strong retail corridors across multiple states. The sites are under long-term, triple net leases. The transaction was priced at a cap rate in range with previous FCPT transactions. Our tenant has requested confidentiality around disclosure of the brand name.

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.

Category: Acquisition

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Patrick Wernig, 415-965-8038

CFO

Source: Four Corners Property Trust

FAQ

How much did FCPT pay for the automotive service properties portfolio in 2024?

FCPT paid $12 million for the portfolio of automotive service properties through a sale-leaseback transaction.

What type of lease agreements are in place for FCPT's new automotive property acquisitions?

The properties are under long-term, triple net leases with the national operator.

Where are FCPT's newly acquired automotive service properties located?

The properties are located in strong retail corridors across multiple states, though specific locations were not disclosed.

What is the cap rate for FCPT's $12 million automotive properties acquisition?

The specific cap rate wasn't disclosed, but it was stated to be in range with previous FCPT transactions.

Who is the tenant operating the automotive service properties acquired by FCPT?

The tenant is a national operator who requested confidentiality around disclosure of their brand name.

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Four Corners Property Trust, Inc.

NYSE:FCPT

FCPT Rankings

#1750 Ranked by Market Cap
#578 Ranked by Dividends

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FCPT Stock Data

2.67B
95.42M
1.32%
101.54%
3.26%
REIT - Retail
Real Estate Investment Trusts
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United States of America
MILL VALLEY