Four Corners Property Trust reports news centered on its REIT portfolio of net-leased restaurant and retail properties. Company updates frequently cover acquisitions of corporate-operated properties leased to restaurant, automotive service, veterinary, tire retail and other retail tenants, with details on lease structure, remaining term and acquisition capitalization rates.
FCPT news also includes quarterly financial and operating results, rent collection and occupancy commentary, investor presentations, and balance-sheet activity such as senior unsecured term loan facilities used to support its property acquisition pipeline and general corporate purposes.
Four Corners Property Trust (FCPT) released its financial results for the fourth quarter and full year 2022, reporting notable performance despite challenging capital markets. In Q4, rental revenue increased by 10.2% to $50.1 million, although net income attributable to shareholders decreased slightly to $22.9 million, or $0.27 per share. The company achieved 5% AFFO per share growth for 2022. FCPT raised over $72 million in equity and $30 million in debt during the quarter. The rent collection rate for Q4 was 99.7%, reflecting strong portfolio performance. FCPT’s real estate portfolio includes 1,023 properties, with 99.9% occupancy.
Four Corners Property Trust (FCPT), a real estate investment trust, has promoted James Brat to Chief Operations Officer. Mr. Brat has been with the company since November 2015, serving as General Counsel and later as Chief Transaction Officer. Under his tenure, FCPT has acquired 624 properties and expanded its workforce while investing significantly in operations at its Mill Valley headquarters. CEO Bill Lenehan acknowledged Brat's integral role in operational development and value creation for shareholders. The company continues to focus on acquiring net-leased restaurant and retail properties.
Four Corners Property Trust (NYSE: FCPT) has announced the tax characterization of its common stock distributions for 2022. The total distribution of $1.33 per share consists of $1.2008 in ordinary taxable dividends and $0.1292 in qualified taxable dividends. Shareholders will receive IRS Form 1099-DIV for reporting purposes. The company emphasizes that federal income tax returns for 2022 have not yet been filed and advises shareholders to consult tax advisors for individual tax implications due to the complexities of state and local taxation. FCPT focuses on acquiring high-quality, net-leased restaurant and retail properties.
Four Corners Property Trust (NYSE:FCPT) has announced the sale of a Red Lobster property in North Dakota for $4.7 million. The transaction was conducted under a triple net lease, with a cap rate comparable to previous sales. Proceeds will be utilized for new investments through a 1031-Exchange, allowing the company to defer taxes. However, FCPT must identify suitable replacement properties within 45 days and complete acquisitions within 180 days to avoid incurring tax liabilities on the sale's gains.
Headquartered in Mill Valley, CA, FCPT specializes in the ownership and leasing of restaurant and retail properties.
Four Corners Property Trust (NYSE: FCPT) will announce its financial results for the year ended December 31, 2022 on February 15, 2023, after market close. A conference call is scheduled for February 16, 2023, at 11:00 a.m. ET. Investors can pre-register for the call to streamline entry and avoid delays. The company aims to expand its portfolio of net-leased restaurant and retail properties. For more details, visit www.fcpt.com.
Four Corners Property Trust (NYSE:FCPT) has announced the sale of a Red Lobster property in Pennsylvania for $5.1 million. This corporate-operated property was sold under a triple net lease, aligning with previous FCPT transactions. The company intends to use the proceeds in new investments through a 1031-Exchange, though it faces potential tax liabilities if it fails to acquire new properties within set timeframes. FCPT continues to focus on expanding its portfolio in the restaurant and retail sectors.
Four Corners Property Trust (FCPT) has successfully acquired three properties leased to Aspen Dental, Addus Homecare, AT&T, WellNow, and Banfield Pet Hospital for $11.5 million. The properties are located in a strong retail corridor in Illinois and are leased under corporate-operated net leases with an average of five years remaining on the lease terms. The acquisition was achieved at a 6.8% cap rate, exclusive of transaction costs, showcasing strategic growth in FCPT's portfolio in the restaurant and retail sectors.
Four Corners Property Trust (FCPT) has acquired a Red Lobster and a Smokey Bones property for $6.9 million. Located in a high-traffic area of New York, both properties are corporate-operated under triple net leases, with an average remaining term of 2.5 years. The acquisition was executed at a 6.5% cap rate, excluding transaction costs. FCPT aims to bolster its portfolio through strategic acquisitions in the restaurant and retail sectors.
Four Corners Property Trust (NYSE:FCPT) announced the acquisition of four Buffalo Wild Wings properties for $14.3 million. These properties are situated in prime retail areas in Illinois and come with individual long-term triple net leases, each having approximately nine years remaining. The acquisition was executed at a 7.3% cap rate on rent, excluding transaction costs. This strategic purchase aligns with FCPT's objective to expand its net-leased restaurant and retail property portfolio.
Four Corners Property Trust (FCPT) has acquired a WellNow Urgent Care property in Michigan for $2.4 million. This newly constructed facility operates under a net lease with 10 years remaining. The acquisition is significant, being priced at a 6.3% cap rate on rent at closing. FCPT focuses on high-quality net-leased restaurant and retail properties, aiming to expand its portfolio in the sector.