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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 successfully acquired a Gerber Collision property in Wisconsin for $1.7 million. The acquisition features a net lease with approximately nine years remaining, located in a high-traffic area. Priced at a 7.0% capitalization rate (excluding transaction costs), this deal enhances FCPT's portfolio of high-quality, net-leased restaurant properties, aligning with its strategy to expand in the restaurant and retail sectors.
Four Corners Property Trust (NYSE:FCPT) has acquired National Tire and Battery (NTB) and Goodyear Tire properties in Louisiana for $2.7 million. The acquisition involves corporate-operated properties under net leases with approximately four and ten years of term remaining, respectively. The transaction reflects a 6.7% cap rate on current rent, indicating a strategic move to expand FCPT's portfolio in strong retail corridors. This acquisition aligns with FCPT's goal of enhancing its holdings in the restaurant and retail sectors.
Four Corners Property Trust (NYSE: FCPT) announced the acquisition of a Popeyes and a Bojangles property in North Carolina for $4.6 million. Both properties feature long-term, triple net leases with a weighted average of 15 years remaining. This transaction reflects a 6.3% weighted average cap rate on current rent, exclusive of transaction costs. FCPT is focused on expanding its portfolio of high-quality, net-leased restaurant properties.
Four Corners Property Trust (NYSE:FCPT) has acquired a BP / 7-Eleven branded gas station and convenience store in Ohio for $3.7 million. This property, situated in a robust retail corridor, is under a triple net lease with GPM Empire, featuring approximately 14 years remaining on the lease term. The acquisition is valued at a 6.35% going-in cash capitalization rate, exclusive of transaction costs. FCPT focuses on expanding its portfolio by acquiring high-quality, net-leased properties primarily in the restaurant and retail sectors.
Four Corners Property Trust (FCPT) reported strong financial results for Q2 and the first half of 2021. Rental revenue rose 11% year-over-year to $42.2 million, with net income of $20.1 million, maintaining $0.26 per diluted share. Funds from Operations (FFO) increased by $0.01 per share to $0.37, while Adjusted Funds from Operations (AFFO) grew by $0.04 to $0.38 per share. The company achieved a rent collection rate of 99.8% and expanded its portfolio with 23 acquisitions totaling $45.6 million. FCPT also improved its credit facility, enhancing liquidity and lowering borrowing costs.
Four Corners Property Trust (NYSE:FCPT) has acquired two Service King properties for $6.2 million. These properties, located in high-traffic areas of Texas, operate under triple net leases with twenty years remaining. The acquisition was executed at a 6.2% capitalization rate, excluding transaction costs. This strategic move aims to enhance FCPT's portfolio in the net-leased restaurant sector, reflecting the company's focus on growth through quality real estate acquisitions.
Four Corners Property Trust (NYSE:FCPT) has acquired eight Sonic Drive-In properties for $10.6 million through a sale-leaseback transaction. These properties are located in Kentucky and are leased to Soar QSR, a franchisee subsidiary of CMG Companies, under a triple net lease. The agreement includes a 20-year term with 1.5% annual rent increases and a going-in cash capitalization rate of 6.2%, not including transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio in the restaurant and retail sectors.
Four Corners Property Trust (NYSE:FCPT) has acquired a dual-tenant property leased to Aspen Dental and Starbucks for $3.4 million. The acquisition is located in a prime retail corridor in Illinois, featuring long-term net leases with both corporate tenants. The transaction boasts a 6.5% going-in cash capitalization rate, excluding transaction costs, highlighting its strategic value to FCPT's portfolio as it focuses on expanding its net-leased restaurant property holdings.
Four Corners Property Trust (NYSE: FCPT) has acquired an Outback Steakhouse property located in a prime retail area of Florida for $2.3 million. This asset features a corporate-operated net lease with approximately eight years remaining. The acquisition's cap rate aligns with previous transactions by FCPT, indicating a consistent investment strategy. This move enhances FCPT's portfolio, focused on high-quality net-leased restaurant properties, and demonstrates its commitment to growth in the restaurant and retail sectors.
Four Corners Property Trust (FCPT) announced it will release its financial results for the second quarter of 2021 on August 4, 2021, after market close. A conference call will take place the following day, August 5, at 1:00 p.m. ET, for analysts and investors to discuss the results. Investors can pre-register for expedited access to the call. Founded in Mill Valley, CA, FCPT focuses on acquiring and leasing high-quality net-leased restaurant properties, aiming for growth in the restaurant and retail sectors.
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