1. FCPT acquired a veterinary clinic portfolio for $13.8 million. 2. The acquisition includes five properties in strong retail corridors. 3. Transaction reflects a 7.3% cap rate, enhancing FCPT's returns. 4. Properties have an average remaining lease term of nine years. 5. The growth strategy focuses on net-leased restaurant and retail properties.
The acquisition of properties at a favorable cap rate could enhance FCPT's revenue. Similar past acquisitions have historically led to price appreciation.
The acquisition strengthens FCPT's position and revenue potential in a growing market, relevant for investors.
The leases provide stable, long-term income, supporting sustainable growth for FCPT. Historically, assets with long lease durations positively impact REITs' valuations over time.
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 five property veterinary clinic portfolio for $13.8 million. The portfolio consists of two National Veterinary Associates properties, two Banfield Pet Hospital properties, and one Mission Pet Health property. The properties are located in strong retail corridors across California (2), Florida (1), North Carolina (1), and Texas (1) and are corporate-operated under net leases with a weighted average nine years of term remaining. The transaction was priced at a 7.3% cap rate on rent as of the closing date and 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.
Category: Acquisition
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Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO