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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), a real estate investment trust specializing in net-leased restaurant and retail properties, will release its financial results for Q2 2024 on July 31, 2024, after market close. The company will host a conference call and webcast on August 1, 2024, at 11:00 a.m. Eastern Time to discuss the results. Investors can pre-register for the call to receive a personalized dial-in number and PIN. Replay of the call will be available until October 30, 2024. Additional details and registration information are available on the company's website.
Four Corners Property Trust (NYSE: FCPT) has announced a quarterly cash dividend of $0.3450 per share for Q2 2024, equating to $1.38 per share annually. The dividend will be paid on July 15, 2024, to shareholders recorded by June 28, 2024.
FCPT, based in Mill Valley, CA, is a real estate investment trust that focuses on owning, acquiring, and leasing restaurant and retail properties. The company aims to grow its portfolio through additional real estate acquisitions.
Four Corners Property Trust (NYSE: FCPT), a real estate investment trust specializing in high-quality, net-leased restaurant and retail properties, has acquired a MercyOne outpatient clinic property for $3.0 million. MercyOne is part of the Trinity Health network, which operates over 420 healthcare facilities in Iowa and Nebraska.
The newly acquired property is located in a strong retail corridor in Iowa and is leased on a long-term, triple-net basis, with approximately six years remaining on the lease. The acquisition was made at a 7.2% cap rate, exclusive of transaction costs.
Four Corners Property Trust (NYSE: FCPT) has acquired a Mercy Health Clinic property for $3.8 million. The property is located in a strong retail corridor in Missouri and operates under a triple net lease with approximately five years remaining. The acquisition was made at a 7.1% cap rate on rent, excluding transaction costs. Mercy Health is one of the largest health systems in the U.S., in operation since 1871.
Four Corners Property Trust (FCPT) has acquired a Mavis Tire property in Illinois for $2.4 million. This property is situated in a robust retail area and is under a long-term, triple net lease, meaning the tenant is responsible for property expenses. The cap rate for this transaction aligns with previous FCPT deals. FCPT focuses on owning and acquiring high-quality, net-leased restaurant and retail properties.
Four Corners Property Trust (NYSE: FCPT) has acquired a National Veterinary Associates property in Indiana for $2.0 million. The property is under a new long-term, triple net lease with annual rent increases, and the acquisition price aligns with previous FCPT transactions. This enhances FCPT's portfolio of high-quality, net-leased properties, focusing on restaurants and retail spaces.
Four Corners Property Trust (NYSE: FCPT) has acquired a BluePearl Pet Hospital property in Michigan for $1.9 million.
This acquisition aligns with FCPT's strategy of investing in high-quality, net-leased properties.
The property is located in a high-traffic area and is under a net lease with approximately nine years remaining.
The acquisition was made at a 7.9% cap rate, exclusive of transaction costs.
Four Corners Property Trust (NYSE: FCPT), a real estate investment trust, has acquired a National Veterinary Associates property in Florida for $1.8 million. The property is under a new long-term, triple net lease that includes annual rent bumps. The cap rate for this acquisition is aligned with previous FCPT transactions.
Four Corners Property Trust (NYSE: FCPT) has announced the acquisition of eight Mavis Tire-operated properties for $20 million through a sale-leaseback agreement. The properties are situated in Alabama, Georgia, Louisiana, New Jersey, New York, and Tennessee. These assets will be operated under long-term, triple net leases. The transaction was priced at a cap rate consistent with previous FCPT transactions.
Four Corners Property Trust (NYSE: FCPT) announced the acquisition of a Longhorn Steakhouse property for $2.0 million. This property is located in a high-traffic area in Illinois and is under a corporate-operated net lease. The transaction aligns with previous FCPT acquisitions in terms of cap rate.
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