1. FCPT acquires three automotive properties for $9.6 million. 2. The properties are located in Alabama, Colorado, and Louisiana. 3. They are leased under long-term, triple net leases averaging 12 years. 4. Transaction priced at a cap rate consistent with past FCPT deals. 5. Christian Brothers Automotive has over 250 locations across 30 states.
FAQ
Why Bullish?
The acquisition strengthens FCPT's portfolio, potentially increasing future cash flows.
How important is it?
Acquisitions can substantially impact growth prospects and stock valuation.
Why Long Term?
Long-term leases mean stable revenue, enhancing FCPT's financial stability over time.
FCPT Announces Acquisition of Three Christian Brothers Automotive Properties for $9.6 Million
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 three Christian Brothers Automotive properties for $9.6 million. Christian Brothers Automotive is an auto repair business with over 250 locations across 30 states, known for its customer-first approach and commitment to high-quality service. The properties are located in strong retail corridors in Alabama, Colorado, and Louisiana and are occupied under long term, triple net leases with a weighted average 12 years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.
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
Contacts
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO