1. FCPT acquired a LongHorn Steakhouse property for $2.5 million. 2. The property is in a high-traffic area in Michigan. 3. It operates under a long-term, triple net lease with seven years remaining. 4. The deal was made at a 6.5% cap rate on the rent. 5. FCPT continues to expand its portfolio of restaurant and retail properties.
The acquisition strengthens FCPT's portfolio, potentially leading to increased revenue. Historically, strategic acquisitions have positively influenced REIT valuations.
The acquisition indicates growth and confidence in FCPT's business model, which is important for investor sentiment.
The long-term lease and strategic location should provide stable income. Similar acquisitions have resulted in sustained returns for REIT investors over time.
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 LongHorn Steakhouse property for $2.5 million. The property is located in a highly trafficked corridor in Michigan and is corporate-operated under a long-term, triple net lease with approximately seven years of term remaining. The transaction was priced at a 6.5% 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