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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 (FCPT) has announced the acquisition of an Aspen Dental property for $2.3 million. This property is located in a busy retail corridor in Missouri and is leased to the corporate entity on a net lease basis. The acquisition was completed at a cap rate consistent with previous FCPT transactions, highlighting the company's strategy to expand its portfolio of high-quality restaurant and retail properties.
Four Corners Property Trust (FCPT) has acquired a Caliber Collision property in Wisconsin for $1.9 million. The property is situated in a robust retail corridor and is corporate-operated with approximately nine years left on the lease. The acquisition has a going-in cash capitalization rate of 6.3%, indicating a solid return potential. This purchase is part of FCPT's strategy to expand its net-leased restaurant and retail property portfolio. The transaction is expected to strengthen FCPT’s position in the market.
Four Corners Property Trust (NYSE:FCPT) announced the acquisition of a KC Complete Auto property for $1.6 million, located in a busy corridor in
Four Corners Property Trust (NYSE:FCPT) has acquired a NextCare Primary Care property for $1.8 million. Located in a strong retail corridor in Arizona, the property features a corporate-operated net lease with approximately 7 years remaining on the lease term. The acquisition is priced at a 6.4% going-in cash capitalization rate, excluding transaction costs. This strategic acquisition enhances FCPT's portfolio of high-quality, net-leased restaurant and retail properties.
Four Corners Property Trust (FCPT) has received an inaugural Investment Grade rating of Baa3 with a stable outlook from Moody's Investor Service. This rating reflects the company's conservative financial position and high-quality portfolio. CFO Gerry Morgan highlighted that this rating, alongside the existing BBB rating from Fitch, will save the company over $1 million in annual interest expenses by qualifying for lower credit spreads on its Credit Facility. This positions FCPT favorably for future capital offerings.
Four Corners Property Trust (FCPT), a real estate investment trust, has announced the sale of an Outback Steakhouse property in New Mexico for $5.1 million. This sale reflects a 5.0% cap rate on current rent and will yield an immaterial gain for FCPT. The proceeds from the transaction will be utilized for new investments through a 1031-Exchange. However, there is a risk of incurring a corporate tax if suitable replacement properties are not identified and acquired within 45 and 180 days, respectively.
Four Corners Property Trust (FCPT) has acquired two Wells Fargo bank branches for $5.1 million. These properties are located in high-traffic areas of Alabama and Tennessee and are secured by triple net leases with the corporate entity. The acquisition's cap rate aligns with previous transactions by FCPT, indicating a strategic addition to its portfolio of high-quality, net-leased properties.
Four Corners Property Trust (FCPT) reported strong Q1 2022 results, with rental revenue increasing 12.9% year-over-year to $46.9 million and net income rising to $22.3 million, or $0.28 per diluted share. The company's rent collection reached 99.7%. FCPT acquired 18 properties for $42 million, achieving a 6.7% cash yield. It raised $61 million through stock sales and issued $125 million in senior unsecured notes at a 3.10% interest rate. Fitch upgraded FCPT to BBB, enhancing its financial position. The company declared a dividend of $0.3325 per share.
Four Corners Property Trust (FCPT) has announced the acquisition of a Tires Plus property in Illinois for $2.3 million. The property, located in a busy retail corridor, is occupied under a triple net lease with approximately one year remaining on the lease term. The acquisition was made at a capitalization rate of 6.7%, exclusive of transaction costs. This move aligns with FCPT's strategy to expand its portfolio of high-quality net-leased restaurant and retail properties.
Four Corners Property Trust (FCPT) has acquired a Fresenius Medical Care property in North Carolina for $3.4 million. This purchase is secured under a net lease with 5 years remaining on the term and was priced at a 6.2% cash capitalization rate, excluding transaction costs. The acquisition aligns with FCPT's strategy to expand its portfolio of high-quality, net-leased restaurant and retail properties.
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