FCPT Announces Acquisition of a Five Property Veterinary Clinic Portfolio for $13.8 Million

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 five property veterinary clinic portfolio for $13.8 million. The portfolio consists of two National Veterinary Associates properties, two Banfield Pet Hospital properties, and one Mission Pet Health property. The properties are located in strong retail corridors across California (2), Florida (1), North Carolina (1), and Texas (1) and are corporate-operated under net leases with a weighted average nine years of term remaining. The transaction was priced at a 7.3% 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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