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Four Corners Property Trust, Inc. (NYSE: FCPT) is a distinguished $2 billion investment-grade rated net lease Real Estate Investment Trust (REIT) that focuses primarily on restaurant real estate. Originating from a spin-off from Darden Restaurants, Inc. in November 2015 with an initial portfolio of 418 properties, FCPT has expanded its reach significantly. Today, the company boasts ownership of over 500 properties across 44 states, housing more than 20 well-known brands.
FCPT's core business revolves around the acquisition, ownership, and leasing of restaurant and retail properties. The company's growth strategy emphasizes portfolio diversification and scaling through strategic acquisitions and sale-leaseback transactions with high-quality credit restaurant operators. This approach ensures a robust real estate foundation and stable revenue streams.
Operating through two main segments, FCPT derives the majority of its revenue from its real estate operations, which include rental revenues generated from leasing properties to tenants in the restaurant and retail sectors. The second segment, restaurant operations, is managed through a taxable REIT subsidiary (TRS) named Kerrow Restaurant Operating Business.
FCPT continually seeks to enhance its portfolio by acquiring additional properties that meet its stringent quality criteria. This strategy not only maximizes returns for shareholders but also strengthens relationships with renowned restaurant operators, ensuring long-term stability and growth.
For more detailed information about Four Corners Property Trust, Inc., visit www.fcpt.com.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of an automotive service property in Ohio for $4.9 million. The property, situated in a highly trafficked corridor, is leased to a national operator under a corporate long-term triple net lease. The transaction was executed at a 6.8% cap rate on rent as of the closing date, excluding transaction costs.
Four Corners Property Trust (FCPT) reported strong financial results for Q4 and full-year 2024. The company achieved $60.7 million in rental revenue for Q4, up 5.3% year-over-year, with a 99.4% rent collection rate. Net income for Q4 was $26.2 million ($0.27 per diluted share), compared to $24.4 million in Q4 2023.
FCPT acquired 45 properties for $132.5 million in Q4 at a 7.0% initial weighted average cash yield. For the full year 2024, they acquired 87 properties for $264.6 million at a 7.1% yield. The company's portfolio now consists of 1,198 properties across 47 states with 99.6% occupancy and a 7.3-year weighted average remaining lease term.
The company increased its quarterly dividend by 2.9% to $0.3550 per share. FCPT maintained strong liquidity with $347 million available, including cash and credit facility capacity. The company's leverage ratio was 5.4x at quarter-end, or 4.9x including outstanding equity under forward sales agreements.
Four Corners Property Trust (FCPT) has announced significant changes to its credit facility. The company has increased its overall facility size from $765 million to $940 million, which includes expanding the revolving credit facility to $350 million and establishing a new $225 million term loan. Both facilities will mature in February 2029, with a one-year extension option.
The Term Loan will partially be used to pay down $150 million of loans maturing in November 2025. FCPT has also secured a one-year extension option for $100 million of term loans maturing in November 2026. The company entered into $75 million of interest rate swaps fixing the reference rate at 3.6% through maturity, resulting in an effective interest rate of 4.6% on the additional Term Loan.
Following this transaction, FCPT will have no debt maturities for nearly 2 years and new capital available for growth. The credit facility restructuring was supported by multiple major financial institutions, including J.P. Morgan Chase Bank and BofA Securities as Joint Bookrunners.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of an automotive service property in Texas for $4.8 million. The property, situated in a highly trafficked corridor, is leased to a national operator under a corporate long-term triple net lease. The transaction's cap rate aligns with FCPT's previous transactions. This acquisition aligns with FCPT's strategy as a real estate investment trust focused on high-quality, net-leased restaurant and retail properties.
Four Corners Property Trust (FCPT) has announced the tax characterization of its 2024 common stock distributions. The company distributed a total of $1.38 per share throughout 2024, paid in four quarterly installments of $0.345 each. Of the total distribution, $1.2696 per share was classified as Ordinary Taxable Dividend and $0.1104 per share as Return of Capital.
Each quarterly payment included $0.3174 in Ordinary Taxable Dividends and $0.0276 in Return of Capital. All Ordinary Taxable Dividends qualify as Section 199A Dividends. The company noted that the $0.3550 per share dividend paid on January 15, 2025, will be applicable to the 2025 tax year.
Four Corners Property Trust (NYSE: FCPT), a REIT focused on restaurant and retail properties, has scheduled its fourth quarter 2024 financial results release for Wednesday, February 12, 2025, after market close. The company will host a conference call and webcast with analysts and investors on Thursday, February 13, 2025, at 11:00 a.m. Eastern Time.
The company is offering pre-registration for the earnings call through a dedicated portal, allowing investors to receive personalized dial-in information. A replay of the conference call will be available through May 14, 2025. FCPT continues its focus on portfolio growth through the acquisition of additional restaurant and retail properties for net leasing.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Burger King property for $1.7 million in Virginia. The property is situated in a strong retail corridor and features a corporate long-term, triple net lease with approximately 13 years remaining, priced at a 7.0% cap rate.
This acquisition marks the completion of FCPT's 2024 real estate acquisitions, totaling 87 properties for a combined investment of $265 million. Notably, $199 million of these acquisitions were completed in the final four months of 2024, demonstrating significant momentum heading into 2025.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a portfolio of automotive service properties through a sale-leaseback transaction valued at $12 million. The properties, acquired from a national operator who requested brand confidentiality, are situated in strong retail corridors across multiple states. The properties are secured under long-term, triple net leases, and the transaction was priced at a cap rate consistent with FCPT's previous transactions.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of six Christian Brothers Automotive properties through a sale-leaseback transaction valued at $24.8 million. The properties are strategically located across Georgia (2), Indiana (2), Florida (1), and Illinois (1), situated in high-traffic retail corridors with favorable demographic profiles. Each property is secured by a long-term lease with corporate guarantees. The transaction's cap rate aligns with FCPT's previous acquisitions, maintaining consistency with their investment strategy.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a National Veterinary Associates property in Connecticut for $3.5 million. The property is corporate-operated and secured by a new long-term, triple net lease featuring annual rent increases. The transaction's cap rate aligns with FCPT's previous acquisitions. This purchase aligns with FCPT's strategy as a REIT focused on high-quality, net-leased restaurant and retail properties.
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