FCPT Announces Acquisition of Sixteen KFC Restaurant Properties for $21.1 million
November 10 2016 - 4:48PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real
estate investment trust engaged in the ownership of high-quality,
net-leased restaurant properties (“FCPT” or the “Company”), is
pleased to announce the acquisition of sixteen KFC properties in
Wisconsin, Indiana and Michigan for $21.1 million. The restaurants
are occupied under new triple-net leases with 20-year terms, of
which seven properties are under a master-lease and nine properties
are under individual leases. The transaction closed at a going-in
cash cap rate of 6.5%, exclusive of transaction costs. The tenant
has a strong track record as a YUM! Brands operator, with over 130
KFC and Taco Bell units, in addition to units with other restaurant
concepts.
FCPT funded the acquisition with proceeds from its revolving
line of credit and from an Internal Revenue Code Section 1031
like-kind exchange (“1031-Exchange”) sale of a Bahama Breeze
property in Florida announced in October 2016.
Bill Lenehan, with FCPT, commented, “We are pleased to announce
our largest sale leaseback to date, in a transaction consistent
with our stated acquisition program. Our newest operating partner
is an experienced franchisee who is a strong credit tenant.”
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate
investment trust primarily engaged in the acquisition and leasing
of restaurant properties. The Company will seek to grow its
portfolio by acquiring additional real estate to lease, on a
triple-net basis, for use in the restaurant and related food
services industry. Additional information about FCPT can be found
on the website at http://www.fourcornerspropertytrust.com/.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161110006590/en/
Four Corners Property TrustBill Lenehan, 415-965-8031CEOGerry
Morgan, 415-965-8032CFO
Four Corners Property (NYSE:FCPT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Four Corners Property (NYSE:FCPT)
Historical Stock Chart
From Apr 2023 to Apr 2024