1. FCPT acquired two properties for $5.4 million. 2. Properties are situated in high-traffic Alabama and Kentucky corridors. 3. Transaction features long-term leases averaging nine years. 4. Cap rate for the acquisition is 6.9% on rent.
The acquisition at a competitive cap rate enhances FCPT's asset portfolio, similar to past successful acquisitions driving stock gains.
The acquisition is a strategic move that strengthens FCPT's positioning in the restaurant sector, likely to attract investor interest.
The long-term leases indicate stable revenue streams, positively affecting growth over the coming 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 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