Welcome to our dedicated page for Four Corners Property Trust news (Ticker: FCPT), a resource for investors and traders seeking the latest updates and insights on Four Corners Property Trust stock.
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 acquired a newly constructed BJ's Restaurant property for $3.8 million through a sale-leaseback transaction. The property, located in Ohio, is under a triple-net lease with a 15-year term and four 5-year extension options. This acquisition marks the second and final purchase from a two-property sale-leaseback deal with BJ's Restaurants announced in September 2020. The transaction cap rate aligns with FCPT's previous acquisitions, supporting its strategy to expand its portfolio of high-quality, net-leased restaurant properties.
Four Corners Property Trust (NYSE:FCPT) has acquired a Wendy’s restaurant property in Virginia for $1.2 million, as part of a larger transaction with Washington Prime Group. The property is leased to Wendy’s corporate for approximately nine years. This acquisition is part of a total of 49 properties purchased from Washington Prime Group, totaling $78.9 million. The capitalization rate aligns with FCPT’s investment criteria, reinforcing the company's commitment to enhancing its portfolio of high-quality net-leased restaurant properties.
Four Corners Property Trust (FCPT) reported robust financial results for Q3 2020, with rental revenue increasing by 10.6% to $38.9 million and a net income of $19.3 million, stable year-on-year. The company maintained a commendable rent collection rate of over 99%. FCPT raised over $62 million through its ATM program and is pursuing a strategic joint venture with Lubert-Adler for acquiring and re-tenanting vacant retail properties, potentially investing $20 million. As of September 30, 2020, FCPT's portfolio included 751 properties, with 99.6% occupancy and a long lease term.
Four Corners Property Trust (FCPT) has acquired a dual-tenant property for $2.6 million in Indiana. This property houses corporate-operated Panera Bread and AT&T, both under separate net leases with approximately nine years of average term remaining. The transaction achieved a 6.8% cash cap rate, post-management expenses. FCPT continues to expand its portfolio focused on high-quality net-leased restaurant properties, reinforcing its position in the real estate investment trust sector.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of an Olive Garden property in South Carolina for $2.9 million. This property is secured under a triple-net lease with Darden Restaurants, featuring six years remaining on the lease term. The transaction reflects a 6.2% cap rate based on current rent, and 6.8% if including a scheduled rent increase in January 2021. The acquisition aligns with FCPT's strategy to expand its portfolio of high-quality, net-leased restaurant properties.
Four Corners Property Trust (NYSE:FCPT) has acquired a Truist Bank property for $2.2 million in Virginia, expanding its portfolio from the Seritage transaction initially announced in October 2019. This acquisition brings the total number of properties acquired from Seritage to 20, with a cumulative investment of $61 million. The newly acquired property features a corporate lease with a remaining term of approximately nine years and is located in a high-traffic area.
Four Corners Property Trust (FCPT) has announced the acquisition of a Verizon property in Florida for $1.1 million. The property, leased to Cellular Sales of Knoxville, features a remaining lease term of approximately four years and was acquired at a 7.15% cash cap rate. This strategic acquisition aligns with FCPT's objective of expanding its portfolio of high-quality, net-leased restaurant and retail properties.
Four Corners Property Trust (NYSE:FCPT) has acquired a corporate-operated Buffalo Wild Wings restaurant in North Carolina for $1.4 million. The property, secured under a triple-net lease, has approximately four years remaining on the term. The acquisition is priced at a 6.4% cash cap rate, exclusive of transaction costs, marking a strategic move to expand FCPT's portfolio in the restaurant sector.
Four Corners Property Trust (NYSE:FCPT) has formed a strategic venture with Lubert-Adler Real Estate Funds to invest up to $150 million in acquiring vacant retail properties. FCPT will contribute up to $20 million, leveraging its restaurant real estate expertise alongside Lubert-Adler's experience in retail repositioning. The venture aims to stabilize retail spaces and re-tenant them with credit-worthy operators. While this initiative does not impact FCPT's core operations or financial standing, there may be a delay in property acquisitions as stabilization takes time.
Four Corners Property Trust (NYSE: FCPT) will announce its financial results for the three and nine months ending September 30, 2020, on October 27, 2020, after market close. A conference call is scheduled for October 28, 2020, at 11:00 AM ET. Notably, the company reported a remarkable rent collection of over 99% of its portfolio's contractual base rent for the third quarter. Investors can pre-register for the call to streamline their access. For detailed inquiries, visit www.fcpt.com.
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