1. FCPT acquires two properties for $5.4 million in Alabama and Kentucky. 2. Acquisitions include United Rentals and Buffalo Wild Wings locations. 3. Both properties have long-term leases averaging nine years. 4. Transaction priced at a 6.9% cap rate, enhancing portfolio. 5. These strategic acquisitions support FCPT's growth in retail sector.
FAQ
Why Bullish?
The acquisitions enhance FCPT's asset base and income stability, similar to past growth actions in their portfolio management.
How important is it?
The acquisitions add valuable assets to FCPT’s portfolio, improving their growth trajectory and investor confidence.
Why Long Term?
These property acquisitions will contribute positively to revenue over the long term, as net leases provide steady income.
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 United Rentals property and a Buffalo Wild Wings property for $5.4 million. The properties are located in highly trafficked corridors in Alabama and Kentucky, respectively, and corporate-operated under long term, net leases with a weighted average of nine 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