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-lease restaurants and retail properties. (FCPT or the Company is pleased to announce the acquisition of the Burger King property for $1.7 million. The property is located in a strong retail corridor in Virginia and is under a long-term three-way lease to the Company with approx. 13 years remaining The deal is priced at a cap rate of 7.0% on rent as of closing date excluding transaction costs.
Including today's acquisition, FCPT has completed real estate acquisitions of 87 properties in 2024 for a total investment of approximately $265 million, excluding transaction costs.
“We finished 2024 with our busiest four months of the year, including $199 million in real estate acquisitions since late August,” said CEO Bill Linehan. We are excited to continue this momentum into 2025 as we continue to build our company and investment platform.
About FCPT
FCPT, headquartered in Mill Valley, California, 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 properties to lease on a net basis for use in the restaurant and retail sectors. Additional information about FCPT can be found at www.fcpt.com.
Cautionary note regarding forward-looking statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those relating to FCPT's intentions, belief or expectations, including, without limitation, statements regarding: operating and financial performance and expectations regarding the making of distributions and the payment of dividends. Words such as expect (anticipate), expect (anticipate), intend (plan), plan (plan), believe (believe), may, will, might, could, should, seek (seek) and similar expressions, or the negative of these terms aims To limit such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, and except in the normal course of FCPT's public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT's expectations or any change in events. or the circumstances or conditions on which any statement is based. Forward-looking statements are based on management's current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For further discussion of these and other factors that could cause FCPT's future results to differ materially from any forward-looking statements, see the section entitled Risk Factors in FCPT's most recent Annual Report on Form 10-K, and other risks described in documents hereafter provided by FCPT from From time to time to the Securities and Exchange Commission.
Category: Acquisition
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Four Corners Real Estate Company (NYSE:) Trust:
Bill Linehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO
Source: Four Corners Real Estate Corporation
