FCPT Bolsters Portfolio with $2.0M Panera Bread Acquisition

Four Corners Property Trust (FCPT) has announced the acquisition of a Panera Bread property for $2.0 million, further expanding its portfolio of high-quality, net-leased restaurant and retail properties. This strategic move aligns with FCPT's focus on growing its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.

The acquired property is located in a strong retail corridor in Indiana and is corporate-operated under a triple net lease with approximately four years of term remaining. The transaction was priced at a 6.8% cap rate on rent as of the closing date and exclusive of transaction costs. This acquisition is in line with FCPT's recent investment strategy, as it has previously acquired Panera Bread properties at similar cap rates.

FCPT's acquisition of the Panera Bread property is a strategic fit for its existing portfolio, which consists of 147 properties, with 75% in the restaurant sector and 25% in retail. The property's location in a strong retail corridor and corporate operation under a triple-net lease with four years of term remaining aligns with FCPT's focus on acquiring properties with long-term lease agreements and strong tenants.

This acquisition also enhances FCPT's portfolio diversification and risk management. As of 2024, FCPT's portfolio consists of 42 properties worth $132 million, with a capitalization rate of 7.2% on rents. The acquisition of the Panera Bread property further expands FCPT's footprint in various states and industries, mitigating risks associated with tenant defaults and vacancy.

FCPT's acquisition of the Panera Bread property is a testament to its disciplined investment strategy and commitment to creating value for its shareholders. The company remains confident in its ability to capitalize on compelling opportunities as it continues to invest in high-growth markets.

In conclusion, FCPT's acquisition of the Panera Bread property for $2.0 million is a strategic move that aligns with its focus on growing its portfolio of high-quality, net-leased restaurant and retail properties. This acquisition enhances FCPT's portfolio diversification, risk management, and long-term growth prospects. As FCPT continues to expand its portfolio, investors can expect the company to maintain its disciplined investment strategy and commitment to creating value for its shareholders.