1. FCPT acquires Heartland Dental property for $3.3 million. 2. The property is in a high-traffic area in Oklahoma. 3. It's under a triple net lease with a 6.9% cap rate. 4. Near-term rent increase is expected. 5. FCPT aims to expand its restaurant and retail portfolio.
The acquisition will enhance FCPT's earnings potential through stable rental income. Previous similar acquisitions have positively influenced REIT valuations.
The strategic acquisition shows FCPT's commitment to growth in a stable sector, ensuring sustainable revenue streams.
The real estate acquisition strengthens FCPT’s long-term growth strategy, benefiting from sustained rental revenue.
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 Heartland Dental property for $3.3 million. The property is located in a highly trafficked corridor in Oklahoma and is corporate operated under a triple net lease with approximately four years of term remaining. The transaction was priced at a 6.9% cap rate including a near-term rent increase 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