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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 acquired nine American Family Care properties for $21.2 million. The acquisition includes seven properties in Alabama and two in Tennessee, all situated in prime retail corridors. American Family Care, operating 384 clinics across 33 states, specializes in urgent care, family care, and primary care services. The properties are corporate-operated under long-term, triple net leases with approximately 14 years of remaining term. The transaction's cap rate aligns with FCPT's previous transactions.
Four Corners Property Trust (FCPT) has acquired two Riverview Health outpatient primary care properties in Indiana for $13.5 million through a sale leaseback transaction. The properties, located in high-traffic areas, are under long-term triple net leases with a weighted average of 12 years remaining. The transaction was priced at a 7.3% cap rate on rent at closing, excluding transaction costs. Riverview Health, the tenant, is a non-profit health system owned by Hamilton County (Indiana), operating two hospitals and multiple immediate care, primary care, and specialty care facilities.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a MercyOne outpatient clinic property in Iowa for $2.8 million. The property is situated in a strong retail corridor and operates under a triple net lease with approximately five years remaining on the term. The transaction was completed at a 7.8% cap rate on rent as of the closing date, excluding transaction costs.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a P.F. Chang's property for $4.8 million. The property, located in a high-traffic retail corridor in Illinois, operates under a corporate triple net lease with approximately 5 years remaining on the term. The transaction was completed at a 7.4% cap rate on rent as of the closing date, excluding transaction costs. P.F. Chang's China Bistro is an American-based casual dining restaurant chain with over 200 locations across the United States, specializing in Asian fusion cuisine.
Four Corners Property Trust (NYSE:FCPT) has acquired a City Barbeque property for $2.6 million. The newly constructed property is situated in a high-traffic area in Georgia and is secured by a long-term, triple net corporate lease with approximately 11 years remaining. City Barbeque is a 25-year-old fast casual barbeque chain with around 75 locations, primarily in the Southeast and Midwest. The transaction's cap rate aligns with FCPT's previous acquisitions.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Panera Bread property for $2.0 million. The property is situated in a strong retail corridor in Indiana and is corporate-operated under a triple net lease with approximately four years remaining on the term. The transaction was completed at a 6.8% cap rate on rent as of the closing date, excluding transaction costs.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a NAPA Auto Parts property for $2.0 million. The property is strategically located in a high-traffic area in New York and operates under a corporate, triple net lease with approximately 5 years remaining on the term. The transaction was completed at a 7.2% cap rate on rent as of the closing date, excluding transaction costs.
Four Corners Property Trust (NYSE:FCPT) has acquired five Outback Steakhouse properties for $19.7 million. The properties, purchased from the same seller as the previous Bloomin' Brands 19-property portfolio deal in August 2024, are situated in prime retail locations across Texas (3), Florida (1), and Missouri (1). The properties are corporate-operated under long-term net leases, and the transaction was completed at a cap rate consistent with FCPT's previous transactions.
Four Corners Property Trust (NYSE:FCPT) has acquired three commercial properties for $6.6 million, including a Raising Cane's, a Dollar General, and a Jiffy Lube. The properties are situated in prime retail areas across Texas and Florida, featuring long-term triple net leases with an average remaining term of 8 years. The Raising Cane's and Dollar General locations are corporate-operated, while the Jiffy Lube is franchisee-operated. The transaction was completed at a 7.3% cap rate on rent at closing, excluding transaction costs.
Four Corners Property Trust (NYSE: FCPT) has announced a quarterly cash dividend of $0.3550 per share for the fourth quarter of 2024, equivalent to $1.42 per share annually. This represents a 2.9% increase from the previous quarter. The dividend will be paid on January 15, 2025, to shareholders of record as of December 31, 2024. FCPT is a real estate investment trust focused on owning, acquiring, and leasing restaurant and retail properties.
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