Four Corners Property Trust, Inc. - FCPT STOCK NEWS

Four Corners Property Trust (NYSE:FCPT) has acquired a NAPA Auto Parts property in Indiana for $935,000. The property, located in a prime retail area, is under a net lease with about four years remaining. This acquisition reflects a 6.9% cap rate, which is considered favorable for investment. FCPT focuses on high-quality, net-leased restaurant and retail properties, aiming to expand its portfolio within the sector. The transaction is expected to enhance the company's assets and contribute positively to its financial performance.

Four Corners Property Trust (FCPT) has acquired a Heartland Dental property in South Carolina for $2.2 million. This acquisition is significant as it is located in a prime retail corridor and is corporate-operated under a long-term net lease, with approximately seven years remaining. The deal is priced at a 7.0% cap rate on rent at closing, excluding transaction costs. FCPT, based in Mill Valley, CA, focuses on acquiring high-quality, net-leased restaurant and retail properties to expand its portfolio and drive growth.

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of two Caliber Collision properties in Illinois for $3.8 million. These properties, located in high-traffic areas, feature corporate-operated long-term net leases with seven years remaining on the lease terms. The acquisition was completed at a 6.7% cap rate on rent, excluding transaction costs. FCPT continues to focus on expanding its portfolio of net-leased restaurant and retail properties, strengthening its position in the market.

Four Corners Property Trust (NYSE:FCPT) has announced the sale of a Burger King property for $2.4 million, located in Alabama. This transaction, with a 5.7% cap rate, is expected to yield an immaterial gain for the company. FCPT plans to reinvest the proceeds through a 1031-Exchange, allowing for tax deferral if new properties are acquired within specified timeframes. The company must identify suitable replacement properties within 45 days and complete the acquisition within 180 days, or it will incur tax liabilities at the highest corporate rate.

Four Corners Property Trust (FCPT) released its financial results for the fourth quarter and full year 2022, reporting notable performance despite challenging capital markets. In Q4, rental revenue increased by 10.2% to $50.1 million, although net income attributable to shareholders decreased slightly to $22.9 million, or $0.27 per share. The company achieved 5% AFFO per share growth for 2022. FCPT raised over $72 million in equity and $30 million in debt during the quarter. The rent collection rate for Q4 was 99.7%, reflecting strong portfolio performance. FCPT’s real estate portfolio includes 1,023 properties, with 99.9% occupancy.

Four Corners Property Trust (FCPT), a real estate investment trust, has promoted James Brat to Chief Operations Officer. Mr. Brat has been with the company since November 2015, serving as General Counsel and later as Chief Transaction Officer. Under his tenure, FCPT has acquired 624 properties and expanded its workforce while investing significantly in operations at its Mill Valley headquarters. CEO Bill Lenehan acknowledged Brat's integral role in operational development and value creation for shareholders. The company continues to focus on acquiring net-leased restaurant and retail properties.

Four Corners Property Trust (NYSE: FCPT) has announced the tax characterization of its common stock distributions for 2022. The total distribution of $1.33 per share consists of $1.2008 in ordinary taxable dividends and $0.1292 in qualified taxable dividends. Shareholders will receive IRS Form 1099-DIV for reporting purposes. The company emphasizes that federal income tax returns for 2022 have not yet been filed and advises shareholders to consult tax advisors for individual tax implications due to the complexities of state and local taxation. FCPT focuses on acquiring high-quality, net-leased restaurant and retail properties.

Four Corners Property Trust (NYSE:FCPT) has announced the sale of a Red Lobster property in North Dakota for $4.7 million. The transaction was conducted under a triple net lease, with a cap rate comparable to previous sales. Proceeds will be utilized for new investments through a 1031-Exchange, allowing the company to defer taxes. However, FCPT must identify suitable replacement properties within 45 days and complete acquisitions within 180 days to avoid incurring tax liabilities on the sale's gains.

Headquartered in Mill Valley, CA, FCPT specializes in the ownership and leasing of restaurant and retail properties.

Four Corners Property Trust (NYSE: FCPT) will announce its financial results for the year ended December 31, 2022 on February 15, 2023, after market close. A conference call is scheduled for February 16, 2023, at 11:00 a.m. ET. Investors can pre-register for the call to streamline entry and avoid delays. The company aims to expand its portfolio of net-leased restaurant and retail properties. For more details, visit www.fcpt.com.