FCPT Announces Sale Leaseback of Five Jiffy Lube Properties for $7.9 million

Rhea-AI Summary

Four Corners Property Trust (FCPT) announced the acquisition of five Jiffy Lube properties for $7.9 million. These properties are situated in high-traffic areas of Indiana, leased under long-term triple net agreements with 15 years remaining on the lease term. The deal features a 10% rent increase every five years and was executed at a 6.5% cap rate on rent, excluding transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio in the restaurant and retail sectors.

Positive

• Acquisition of five Jiffy Lube properties enhances portfolio.
• Properties located in high-traffic areas increase potential revenue.
• Long-term leases of 15 years provide stable income.
• 10% rent increases every five years enhance future cash flows.
• Acquired at a 6.5% cap rate, indicating a favorable investment.

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 five Jiffy Lube properties for $7.9 million. The properties are located in highly trafficked corridors in Indiana and are occupied under long-term triple net leases with 15 years of term remaining, and 10% rent increases every five years. The transaction was priced at a 6.5% cap rate on 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/20221220005778/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust