FCPT Announces Acquisition of a National Veterinary Associates Property for $637,000

Rhea-AI Summary

Four Corners Property Trust acquires National Veterinary Associates property in Alaska for $637,000 with a tenant allowance of up to $421,000. The property is under a new triple net lease to NVA with 15 years of term and annual rent increases of 2%.

Positive

• Four Corners Property Trust acquires high-quality property in Alaska for $637,000 with a tenant allowance of up to $421,000. The property is under a long-term lease with NVA, providing stability and potential rental income growth.

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• None.

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 a National Veterinary Associates (“NVA”) property for $637,000. FCPT will also be contributing a tenant allowance of up to $421,000 to NVA for their work on the property, the actual amount of which will be determined based on final remodeling costs. The property is located in Alaska and is corporate-operated under a new triple net lease to NVA with 15 years of term and three, five-year options and annual rent increases of 2%. The transaction was priced at a 7.3% entry cap rate, exclusive of transaction costs, of FCPT’s total basis in the property, with any funded tenant allowance to increase rent on a proportionate basis.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230515005795/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

What is the acquisition price of the NVA property in Alaska?

The acquisition price of the NVA property in Alaska is $637,000.

What is the tenant allowance provided by FCPT to NVA?

FCPT is providing a tenant allowance of up to $421,000 to NVA for their work on the property.

What are the terms of the lease with NVA?

The lease with NVA has a term of 15 years and includes three, five-year options. It also has annual rent increases of 2%.