Four Corners Property Trust Acquires Whataburger Property For $1.2M

Four Corners Property Trust Inc FCPT has acquired a Whataburger property for $1.2 million. The transaction was priced at a 6.3% cap rate, exclusive of transaction costs.
The property is in a highly trafficked corridor in Florida and is corporate-operated under a triple net lease with approximately three years of term remaining.
FCPT, a real estate investment trust, is primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties.
The company held $36.7 million in cash and equivalents as of September 30, 2022.
Price Action: FCPT shares closed higher by 0.48% at $27.05 on Monday.