Four Corners Property Trust, Inc. - FCPT STOCK NEWS

Four Corners Property Trust (NYSE:FCPT) has acquired 19 Bloomin' Brands restaurant properties for $66.4 million. The acquisition includes 10 Outback Steakhouse and 10 Carrabba's Italian Grill restaurants across 10 states. The properties are under two long-term master leases to corporate Bloomin' Brands entities. This transaction makes Bloomin' Brands FCPT's third-largest tenant, representing about 3.3% of the company's cash rent. The deal also reduces Darden Restaurants' share of FCPT's cash rent to below 50%, furthering FCPT's diversification efforts while maintaining portfolio strength.

Four Corners Property Trust (FCPT) reported strong Q2 2024 financial results. Rental revenue increased 10.8% to $58.5 million, with net income attributable to common shareholders at $24.7 million ($0.27 per diluted share). NAREIT-defined FFO per diluted share was $0.41, up $0.01 from Q2 2023. AFFO per diluted share reached $0.43, also a $0.01 increase. The company acquired 17 properties for $45.5 million at an initial weighted average cash yield of 7.2%. FCPT's portfolio now consists of 1,154 properties across 47 states, with 99.6% occupancy and a 7.4-year weighted average remaining lease term. The company maintained strong rent collection at 99.8% of contractual base rent for Q2 2024.

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust specializing in high-quality, net-leased restaurant and retail properties, has acquired a Taco Bell property for $1.7 million. The property is situated in a prime retail area in Illinois and is operated by K-MAC Enterprises, Inc., one of the largest Taco Bell franchisees in the United States. Key details of the acquisition include:

• Triple net lease with approximately five years remaining
• Transaction priced at a 7.5% cap rate on rent as of the closing date
• K-MAC operates over 340 Taco Bell restaurants across 10 states

This acquisition aligns with FCPT's strategy of expanding its portfolio of high-quality, net-leased properties in strong retail locations.

Four Corners Property Trust (FCPT) has announced the acquisition of a Buffalo Wild Wings property for $2.5 million. The property is situated in a high-traffic area in Texas and is corporate-operated under a net lease. This transaction aligns with FCPT's strategy of acquiring high-quality, net-leased restaurant and retail properties. The deal was priced at a cap rate consistent with previous FCPT transactions, indicating a potential for steady returns. As a real estate investment trust (REIT), FCPT's focus on prime locations and established brands like Buffalo Wild Wings could contribute to its portfolio growth and income generation.

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.