Four Corners Property Trust, Inc. - FCPT STOCK NEWS

Four Corners Property Trust (FCPT) announced the issuance of $100 million in senior unsecured notes. The offering includes $50 million notes with an eight-year term at a 2.74% fixed interest rate and $50 million notes with a ten-year term at a 2.99%. Both are set to fund on April 27, 2021. The company will use net proceeds to reduce outstanding amounts under its unsecured credit facility and for general corporate purposes. After terminating interest rate swaps, the all-in interest rate expense is reduced to 2.70% over the notes' lifespan.

Four Corners Property Trust (FCPT) has announced the acquisition of a Firestone property in Missouri for $3.5 million. This property, located in a robust retail corridor, is corporate-operated under a triple net lease with around six years remaining. The acquisition was priced at a 6.8% cash capitalization rate, excluding transaction costs. This move aligns with FCPT's strategy to expand its portfolio of high-quality, net-leased restaurant properties.

Four Corners Property Trust (FCPT) reported strong financial results for Q4 and FY 2020, highlighting a rental revenue increase of 11.8% to $40.1 million in Q4. Net income for Q4 was $20.3 million, with FFO per diluted share at $0.38, up from 2019. The company completed over $100 million in property acquisitions and raised over $87 million in equity capital. Rent collection levels remained high at over 99.6% for Q4. FCPT declared a quarterly dividend of $0.3175, a 4.1% increase from the previous quarter. The portfolio consists of 799 properties, with 99.6% occupancy.

Four Corners Property Trust (NYSE:FCPT) has announced the sale of a Bob Evans property in Virginia for $1.4 million. This unsolicited offer will result in an immaterial gain for the company, which plans to reinvest the proceeds into new opportunities. FCPT intends to utilize an Internal Revenue Code Section 1031 like-kind exchange for reinvestment, holding net cash proceeds in escrow until potential acquisitions are made. However, failure to identify suitable replacement properties within set timeframes may lead to tax liabilities on the sale's gain.

Four Corners Property Trust (NYSE:FCPT) has sold a Burger King property in Tennessee for $2.1 million, with a cap rate of 5.75%. The property is under a triple net lease with Carrols Corporation, having approximately 16 years remaining on the lease. The proceeds from the sale will be redeployed through a 1031-Exchange, although there is a risk of tax liabilities if equivalent properties are not acquired within specific timeframes. This transaction reflects FCPT's strategy of optimizing its portfolio through asset sales and reinvestments.

Four Corners Property Trust (NYSE:FCPT) has acquired a Chili's restaurant property for $1.0 million. This property, located in a prime retail area in Georgia, features a new triple net lease with a franchisee operator, offering 20 years of term remaining along with four 5-year options and annual rent increases of 1.5%. The transaction was made at a 7.50% cash capitalization rate before transaction costs. FCPT plans to invest additional funds for remodeling, expecting a corresponding return.

Four Corners Property Trust (NYSE:FCPT) has acquired a Goodyear Tire property for $3.5 million. The site, located in Ohio's robust retail corridor, operates under a triple net lease with roughly ten years remaining on the lease term. The acquisition was secured at a 6.6% going-in cash capitalization rate, excluding transaction costs, reinforcing FCPT's strategy to expand its portfolio of high-quality, net-leased properties.

Four Corners Property Trust (NYSE:FCPT) has acquired a Raising Cane’s restaurant property in Ohio for $2.1 million. This investment entails a triple-net lease with approximately 15 years remaining on the lease term. The transaction reflects a capitalization rate in line with FCPT's investment standards and past acquisitions. As a REIT focused on net-leased restaurant properties, FCPT continues to expand its portfolio strategically.

Four Corners Property Trust (FCPT) will release its financial results for Q4 and the year ending December 31, 2020, on February 17, 2021. The results will be discussed in a conference call on February 18 at 11:00 a.m. ET. Investors can pre-register for the call to ensure expedited entry. FCPT focuses on acquiring and leasing high-quality, net-leased restaurant properties and aims to expand its holdings within the restaurant and retail sectors. Detailed information for the call and the company's background can be found on their website.