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) has acquired a Firestone property in Missouri for $1.7 million. The acquisition is strategically located in a high-traffic area and is corporate-operated under a net lease with about 5 years remaining. The deal was completed at a 6.7% cap rate on rent, excluding transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio of net-leased restaurant and retail properties, enhancing potential rental income and market presence.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a BarnesCare occupational medicine clinic in Missouri for $1.8 million. The property is strategically located in a busy area and is corporate-operated under a net lease. The acquisition's pricing was aligned with FCPT's previous transactions, indicating a consistent investment strategy.
Four Corners Property Trust (FCPT) announced the acquisition of a Caliber Collision property in Tennessee for $6.1 million. The property, located in a strong retail corridor, operates under a corporate net lease with approximately seven years remaining. The deal was priced at a 6.7% cap rate, including near-term rent increases and credits received at closing. Excluding transaction costs, the cap rate would be 6.5% based on the rent at closing. This acquisition aligns with FCPT's strategy of growing its portfolio in the restaurant and retail sectors.
Four Corners Property Trust (FCPT) has acquired a Caliber Collision property in Kentucky for $1.3 million. The acquisition is located in a strong retail corridor and features a corporate-operated net lease with approximately seven years remaining. This transaction offers a 6.7% cap rate, considering near-term rent increases and closing credits, with a 6.5% cap rate based on rent at closing. FCPT continues to expand its portfolio of high-quality, net-leased restaurant and retail properties.
Four Corners Property Trust (NYSE:FCPT) has acquired a Whataburger property in Florida for $1.2 million. This corporate-operated site is located in a high-traffic area and is secured under a triple net lease with approximately three years remaining. The acquisition was completed at a 6.3% cap rate, excluding transaction costs. FCPT focuses on acquiring high-quality net-leased restaurant and retail properties, aiming to grow its real estate portfolio strategically.
Four Corners Property Trust (NYSE: FCPT) has declared a quarterly cash dividend of $0.34 per share for Q4 2022, marking a 2.3% increase from the previous quarter. The dividend, amounting to $1.36 annually, is scheduled for payment on January 13, 2023 to shareholders recorded by December 30, 2022. FCPT focuses on acquiring and leasing restaurant and retail properties, aiming to expand its real estate portfolio.
Four Corners Property Trust (FCPT) reported strong financial results for Q3 2022, with rental revenue increasing by 11.4% year-over-year to $48.7 million. The company successfully acquired $70 million in properties and raised over $87 million through equity issuances. Net income for the quarter was $24.5 million, or $0.30 per diluted share. FCPT's portfolio boasts a 99.9% occupancy rate and strong liquidity of approximately $358 million. They declared a dividend of $0.3325 per share and have an adjusted EBITDAre leverage ratio of 5.5x.
Four Corners Property Trust (NYSE:FCPT) announced an amendment to its revolving credit and term loan agreement, increasing the facility size from $650 million to $680 million. The amendment repaid $150 million of loans due in 2023 and 2024 and created new term loans of $90 million each, maturing in 2027 and 2028. The facility is now based on SOFR, with interest rates linked to current investment-grade ratings. The adjustments reflect FCPT's robust portfolio and commitment to maintaining a strong financial position.
Four Corners Property Trust (NYSE: FCPT) announced that Eric S. Hirschhorn has resigned from the Board of Directors to focus on other business endeavors. He has been a valuable member for nearly five years, contributing significantly to the Company's growth and navigating challenges such as COVID-19. The Board expressed gratitude for his insights and guidance. The Company, headquartered in Mill Valley, CA, specializes in owning and acquiring net-leased restaurant and retail properties.
Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a NAPA Auto Parts property for $1.4 million. Located in a strong retail corridor in Kansas, the property operates under a triple net lease with approximately two years remaining. The transaction was conducted at a 6.6% cap rate, not including transaction costs. This acquisition aligns with FCPT's strategy to expand its portfolio of high-quality, net-leased restaurant and retail properties.