1. FCPT acquired a Tires Plus property for $1.6 million. 2. The property has a 6.9% cap rate on rent. 3. Located in a strong retail corridor in Illinois. 4. Corporate-operated with four years left on the lease. 5. FCPT focuses on high-quality, net-leased restaurant and retail properties.
The acquisition aligns with FCPT's growth strategy and enhances its portfolio. Similar deals in the past have positively influenced stock performance.
This acquisition is strategic for enhancing revenue streams and portfolio diversity, indicating serious growth potential.
The acquisition strengthens FCPT's asset base, yielding consistent long-term revenue growth. Previous acquisitions have shown sustained positive effects over years.
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 Tires Plus property for $1.6 million. The property is located in a strong retail corridor in Illinois 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 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