1. FCPT acquires a Jiffy Lube property for $2.7 million in Colorado. 2. The property is newly constructed and in a strong retail location. 3. It has a long-term triple net lease with 12 years remaining. 4. The acquisition was priced at a 7.0% cap rate on rent.
FAQ
Why Bullish?
The acquisition diversifies FCPT's portfolio, potentially increasing revenue and stability. Previous successful acquisitions have positively affected FCPT’s stock price.
How important is it?
The acquisition is strategic for portfolio growth and signals management's commitment to expansion.
Why Long Term?
Long-term leases support consistent revenue, enhancing future cash flow and dividends. Past acquisitions have shown extended positive effects over several quarters.
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 Jiffy Lube property for $2.7 million. The property is newly constructed and located in a strong retail corridor in Colorado. The property is under a long term, triple net lease guaranteed by the corporate entity with approximately 12 years of term remaining. The transaction was priced at a 7.0% 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