newsfilter
← Latest News
Business Wire·

FCPT Announces Acquisition of a Drilling Tools International Property for $4.7 Million

  • Four Corners Property Trust (NYSE: FCPT) acquired a Drilling Tools International (NASDAQ: DTI) property for $4.7 million.
  • The property is a drilling equipment manufacturing & rental facility located in an industrial corridor in Louisiana.
  • The asset is corporate-operated under a long-term triple net lease with approximately 11 years of term remaining.
  • The transaction was priced at a 7.1% cap rate, including rent credits received at closing & exclusive of transaction costs.
  • Drilling Tools International is a publicly traded oilfield services company that manufactures & rents downhole drilling tools for horizontal & directional drilling.
  • Four Corners Property Trust is a REIT headquartered in Mill Valley, CA, focused on owning & leasing restaurant & retail properties.