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FCPT Announces Sale-Leaseback of a Tire Discounters Property for $1.8 Million

12/29/2023

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 Tire Discounters property for $1.8 million via sale-leaseback transaction. Tire Discounters is the country’s largest family-owned and operated automotive service provider, with its brands currently operating over 200 locations and growing. The property is located in Kentucky, and is corporate-operated under a long-term, triple net lease. The transaction was priced at a cap rate in range with previous FCPT transactions.

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.

About Tire Discounters

Tire Discounters was founded by Chip Wood in 1976 in Cincinnati, Ohio and is still 100% family-owned and operated. Chip remains the sole owner and company Chairman, but over the past several years has been smoothly transitioning to the second generation of leadership. President Jamie Ward, a valued employee for more than 25 years, is now the driving force in the company day-to-day, working closely with Chip’s children, Anna, Steven, and Evan Wood, to help them learn the business from the ground up.

Tire Discounters is the nation’s largest, 100% family-owned and operated independent tire provider and is growing rapidly. The Cincinnati-based company leads the way in providing unique and innovative customer benefits designed to make tires last longer and maximize the overall performance of a vehicle. Tire Discounters’ ASE-certified technicians provide routine automotive repair and factory scheduled maintenance. Tire Discounters brands currently employ more than 2,000 people in over 200 locations in Ohio, Kentucky, Indiana, Tennessee, Georgia, Alabama, North Carolina, and Virginia.

Tire Discounters also operates four distribution centers, located in Sharonville, Ohio; Mt. Juliet, Tennessee; Atlanta, Georgia; and Monroe, Georgia. The Tire Discounters family of businesses includes Chip's Auto Glass and Carriage House Car Wash. The company’s headquarters are in downtown Cincinnati, Ohio. https://www.tirediscounters.com.

Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO

Gerry Morgan, 415-965-8032
CFO

Source: Four Corners Property Trust