Core Viewpoint - Four Corners Property Trust (FCPT) is actively expanding its portfolio through strategic acquisitions of properties in strong retail corridors, enhancing its long-term lease agreements with reputable tenants [1][2][5]. Group 1: Recent Acquisitions - FCPT recently acquired properties from Raising Cane's, Dollar General, and Jiffy Lube for a total of $6.6 million, executed at a capitalization rate of 7.3% on net rents [1][2]. - The properties are located in Texas and Florida, secured under long-term, triple-net leases with an average remaining term of eight years [2]. - Earlier in November, FCPT acquired a Miller's Ale House property in Georgia for $3.8 million, also under a long-term net lease with approximately 11 years remaining [3]. Group 2: Portfolio Overview - As of October 30, 2024, FCPT has acquired 42 properties worth $132 million in 2024, with a capitalization rate of 7.2% on rents [4]. - The company's rental portfolio consists of 1,176 properties across 47 states, achieving a 99.6% occupancy rate under long-term net leases with a weighted average remaining lease term of around 7.3 years [4]. Group 3: Financial Performance and Shareholder Value - FCPT has a disciplined capital distribution strategy, having increased its dividend six times in the past five years [6]. - The company announced a fourth-quarter dividend of 35.5 cents, reflecting a 2.9% increase over the previous quarter, to be paid on January 15, 2025 [6]. - Over the past six months, FCPT's shares have risen by 17.1%, outperforming the industry growth of 11.6% [7].

Four Corners Property Trust (FCPT) came out with quarterly funds from operations (FFO) of $0.43 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.42 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.43 per share when it actually produced FFO of $0.43, delivering no surprise. Over the last four quarters, the company has surpassed consensus FFO estimates two times. ...

FCPT Announces Third Quarter 2024 Financial and Operating Results MILL VALLEY, CA – October 30, 2024 / Business Wire – Four Corners Property Trust, Inc. ("FCPT" or the "Company", NYSE: FCPT) today announced financial results for the three and nine months ended September 30, 2024. Management Comments "FCPT returned to accretively growing the portfolio in the third quarter and is continuing to add to the pipeline with vigor. While we slowed acquisitions in late 2023, we remained prepared to enter the market w ...

Four Corners Property Trust (FCPT) came out with quarterly funds from operations (FFO) of $0.43 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.42 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.42 per share when it actually produced FFO of $0.43, delivering a surprise of 2.38%. Over the last four quarters, the company has surpassed consensus FFO estimates two ...

Henrik Sorensen I am still unhappy with the share of Four Corners Property Trust's (NYSE:FCPT) largest tenant in its ABR. However, I appreciate the Company's efforts to diversify its tenant structure, especially given the positive investment spreads. I am a long-term investor with a buy-and-hold approach (unless material adverse change occurs), so I don't feel comfortable allocating my resources to FCPT - I prefer some of its competitors. Yes, FCPT has strong business metrics regarding occupancy rate, WALT, ...

Core Viewpoint - Firm Capital Property Trust ("FCPT") has announced its intention to initiate a normal course issuer bid (NCIB) for its outstanding trust units, aiming to purchase up to 3,281,995 units over a 12-month period, which represents 10% of the public float as of July 5, 2024 [3][4][5]. Company Information - As of July 15, 2024, there are 36,925,682 trust units of FCPT outstanding, with a public float of 32,819,951 trust units [1]. - The average daily trading volume on the TSX from January 1, 2024, to June 30, 2024, was 16,228 trust units, with daily purchases under the NCIB limited to 4,057 trust units, excluding block purchases [4]. Investment Strategy - FCPT believes that its trust units may trade at a price that does not reflect their true value relative to the business and future prospects, making them an attractive investment opportunity [5]. - The Trust aims to create long-term value for unitholders through capital preservation and disciplined investing, focusing on a diversified property portfolio that includes multi-residential, flex industrial, net lease convenience retail, and professional service spaces [11].

Four Corners Property Trust (FCPT) recently announced the acquisition of MercyOne outpatient clinic property located in a strong retail corridor in lowa for $3 million. The move aligns with FCPT's portfolio expansion efforts, with real estate leased to strong credit operators. Of late, this real estate investment trust (REIT), mainly engaged in the ownership and acquisition of highquality, net-leased restaurant and retail properties, has been on an acquisition spree. Moreover, in the same month, Four Corner ...

Core Viewpoint - Four Corners Property Trust (FCPT) is actively expanding its portfolio through strategic acquisitions of properties under long-term, triple net leases, which are expected to generate steady revenues and enhance portfolio diversification [1][3][9]. Group 1: Recent Acquisitions - In May, FCPT purchased eight Mavis Tire properties for $20 million, located across multiple states including Alabama, Georgia, and New York, all under long-term, triple net leases [2]. - FCPT acquired a Mercy Health Clinic property in Missouri for $3.8 million, aligning with its strategy to lease to strong credit operators [8]. - Additionally, a Longhorn Steakhouse property was acquired for $2 million, situated in a high-traffic area in Illinois, also under a net lease [10]. - In the first quarter, FCPT acquired four properties for a total of $15.9 million, with an initial weighted average cash yield of 6.9% and a remaining lease term of 9.9 years [11]. Group 2: Portfolio Overview - As of March 31, 2024, FCPT's rental portfolio consists of 1,115 properties across 47 states, with a 99.6% occupancy rate under long-term net leases and a weighted average remaining lease term of approximately 7.6 years [4]. - The company is focused on enhancing portfolio quality and growth through strategic acquisitions, particularly in the restaurant and retail sectors [9]. Group 3: Market Performance - Over the past six months, FCPT's shares have increased by 0.2%, contrasting with a 1.6% decline in the broader industry [5].

Investment Thesis - Four Corners Property Trust (FCPT) is considered overvalued compared to its competitors, despite having some strengths that are either comparable or more evident within the peer group [2][33] - There are more attractive investment opportunities available in the market, even within the same property sector [3][34] Company Overview - FCPT is a relatively small, triple-net lease REIT that focuses on service-oriented properties [4] - The company was established in 2015 following a spin-off from Darden Restaurants (DRI) and has since expanded its portfolio from 418 properties to 1,115 properties, reducing its exposure to DRI from 100% to 51% as of March 2024 [5] Strengths - **Occupancy Rate**: FCPT maintains a high occupancy rate of 99.6%, significantly above the historical S&P 500 REIT median of 94.8% [8][10] - **Lease Agreements**: The company utilizes triple-net lease agreements, with a weighted average lease term (WALT) of 7.6 years. Although this is the lowest in the reference group, it is still considered solid given the types of properties targeted [9][10] - **Investment Strategy**: FCPT targets service-oriented properties, particularly in the restaurant, auto-services, and medical sectors, which are less susceptible to economic downturns [12][13] - **Balance Sheet**: FCPT has a strong balance sheet with a BBB credit rating, a fixed-rate debt share of approximately 95%, and no debt maturities until November 2025 [14][15] Weaknesses - **High Tenant Concentration**: The company has a highly concentrated tenant structure, with approximately 51% of its annual base rent (ABR) coming from Darden Restaurants, which poses risks if DRI faces financial difficulties [17][20] - **Relatively Low Cap Rates**: FCPT's average cap rate is lower than its competitors, indicating less favorable investment conditions [22][27] - **Valuation Concerns**: The P/FFO multiple for FCPT stands at 14.7x, which is considered high compared to its peers, suggesting that the stock may be overvalued [28][31] Conclusion - FCPT is viewed as overvalued relative to its competitors, with strengths that are either comparable or stronger in the reference group, while also facing unique weaknesses [33][34]

Four Corners Property Trust (FCPT) has announced the purchase of eight Mavis Tire and affiliated operated properties for $20 million, continuing its spree of strategic acquisitions. This move, which was made as a sale- leaseback transaction, not only diversifies and strengthens FCPT's portfolio but also provides a steady income stream for the company, benefiting both the business and stockholders. Located across Alabama, Georgia, Louisiana, New Jersey, New York and Tennessee, each of these properties is ope ...