Acquisition and Investment Strategy - In Q4 2024, FCPT acquired 45 properties for $133 million at a 7.0% cap rate, marking one of the busiest investment quarters in the company's history[13] - The company has maintained a selective acquisition strategy, focusing on properties with low rent and strong credit profiles[60] - FCPT has avoided sectors with zero ABR exposure, including pharmacies, entertainment, and gyms, ensuring a focused investment approach[63] - FCPT targets auto service centers and has made select investments in gas stations and convenience stores, focusing on properties that remain relevant with higher electric vehicle utilization[77] Financial Performance - Net income for Q4 2024 was $26,207,000, an increase from $24,459,000 in Q4 2023, representing a growth of 7.1%[127] - Total rental revenue for Q4 2024 reached $60,734,000, up from $57,614,000 in Q4 2023, indicating a year-over-year increase of 3.7%[128] - Funds From Operations (FFO) for Q4 2024 was $40,267,000, compared to $37,455,000 in Q4 2023, reflecting a growth of 4.8%[130] - Adjusted Funds From Operations (AFFO) for Q4 2024 amounted to $42,752,000, an increase from $38,915,000 in Q4 2023, showing a rise of 9.5%[130] - Annualized Adjusted EBITDAre for 2024 was $211,118,000, compared to $199,938,000 in 2023, marking an increase of 5.6%[127] - The company reported a total rental revenue of $237,134,000 for the full year 2024, compared to $219,881,000 in 2023, reflecting an increase of 7.8%[128] Portfolio Composition and Tenant Quality - FCPT's portfolio consists of 1,220 leases across 163 brands, achieving a 99.6% occupancy rate and a 4.9x tenant EBITDAR coverage[14] - The average annual escalator for leases is 1.4%, with a 7.3-year average lease term[14] - The company has diversified its portfolio, reducing Darden concentration to 48% from 100% at inception, with Olive Garden and LongHorn representing 34% and 10% of the portfolio, respectively[13] - 56% of the portfolio is investment grade by Annual Base Rent (ABR)[41] - Olive Garden represents 34.2% of the total ABR, with 314 locations contributing to a significant portion of revenue[42] - Darden Restaurants account for approximately 48% of the rent roll by ABR, showcasing strong tenant credit with $11 billion in revenue[51] - The median brand sales volume of the top 25 brands in the portfolio is $2.9 billion, indicating robust performance across the board[45] - FCPT's restaurant exposure is concentrated in large brands, with a focus on sustainable tenant rents and superior EBITDAR/rent coverage[66] Financial Stability and Liquidity - FCPT's total liquidity exceeds $345 million, with 100% of assets unencumbered[14] - The company has maintained a conservative leverage ratio of 4.9x net debt to adjusted EBITDAre, inclusive of undrawn equity forwards[14] - 93% of FCPT's debt is fixed rate, minimizing floating rate exposure and enhancing financial stability[98] - The company has a significant liquidity profile, including a $350 million revolver availability and a conservative dividend payout ratio of approximately 80% of AFFO[100] - FCPT's leverage target is between 5.5x and 6.0x, with historical leverage consistently below this range, demonstrating disciplined financial management[101] Rent Collection and Performance Metrics - Rent collections have consistently remained high, with Q4 2024 at 99.8%[35] - Tenant EBITDAR coverage ratio is calculated by dividing the most recently reported EBITDAR by annual in-place cash base rent, providing insight into tenant performance[121] - The occupancy rate is based on portfolio square footage, indicating a historically tight leasing market keeping vacancy low[142] - The company achieved a 92% rent collection rate in Q2 2020, with 4% abated and 3% deferred, leading to a total collection of 98.8% including deferred rent[144] Strategic Focus and Sector Avoidance - FCPT has avoided problem net lease subsectors, including theaters and pharmacies, focusing on e-commerce resistant tenants[13] - The company does not pursue high-acuity care facilities such as hospitals or skilled nursing facilities, maintaining a focus on lower-cost, retail-centric care centers[89] - FCPT focuses on mature, national brands with significant scale, avoiding high-yield dining concepts that do not match its core portfolio[69] - The company has 168 leases, accounting for 11% of annual base rent, primarily in casual dining and quick service sectors[74] - FCPT's medical retail exposure is concentrated on outpatient services, which are e-commerce and recession resistant, with a focus on urgent care and primary care[86]

Core Viewpoint - Four Corners Property Trust (FCPT) continues its acquisition strategy, purchasing an automotive service property for $4.8 million, reflecting its efforts to diversify its portfolio and mitigate industry-specific risks [1][2]. Group 1: Recent Acquisitions - The newly acquired property is situated in a high-traffic area in Texas and is leased to a national operator under long-term, triple-net leases [2]. - FCPT has been actively acquiring properties, with a total of 87 acquisitions in 2024, amounting to approximately $265 million in investments [4]. - The company previously acquired a Burger King property in Virginia for $1.7 million, marking a successful year for its acquisition strategy [4]. Group 2: Financial Performance and Market Position - FCPT's shares have increased by 0.8% over the past six months, contrasting with a 2.7% decline in the broader industry [6]. - The Zacks Consensus Estimate for FCPT's 2024 funds from operations (FFO) per share has been revised down by 1.7% to $1.69 [6]. - In comparison, other REITs like Welltower and Terreno Realty have seen positive adjustments in their 2024 FFO estimates, indicating a more favorable outlook for those companies [7][8]. Group 3: Strategic Vision - FCPT aims to create a diversified portfolio that ensures a consistent revenue stream, although it may face challenges due to high-interest rates affecting borrowing costs [5].

Four Corners Property Trust (FCPT) recently expanded its portfolio with the acquisition of a Burger King property in Virginia for $1.7 million. Located in a strong retail corridor, this property is secured under a corporate long-term, triple net lease with roughly 13 years of term remaining, offering a capitalization rate of 7.0% on rent as of the closing date, exclusive of transaction costs.This acquisition marks the culmination of a robust year for FCPT, bringing its total real estate acquisitions in 2024 ...

Core Viewpoint - Four Corners Property Trust (FCPT) is diversifying its portfolio through the acquisition of six Christian Brothers Automotive properties for $24.8 million, aiming for steady revenues and future growth [1]. Group 1: Recent Acquisitions - FCPT has acquired six properties located in Georgia (two), Indiana (two), Florida (one), and Illinois (one) through sale-leaseback, benefiting from advantageous locations and favorable demographics [6]. - The company also purchased a corporate-operated triple-net leased National Veterinary Associates property in Connecticut for $3.5 million, which includes provisions for annual rental increments [10]. - In December, FCPT announced the acquisition of nine American Family Care properties for $21.2 million, two Riverview Health properties for $13.5 million, a MercyOne outpatient clinic property in Iowa for $2.8 million, and a P.F. Chang's bistro property in Illinois for $4.8 million [11]. Group 2: Financial Performance and Market Position - Over the past six months, FCPT's shares have increased by 11.8%, outperforming the industry growth of 3.9% [8]. - The Zacks Consensus Estimate for FCPT's 2024 funds from operations (FFO) per share has been lowered marginally to $1.72 over the past two months, indicating a bearish outlook from analysts [8].

Four Corners Property Trust (FCPT) announced the acquisition of nine American Family Care properties for $21.2 million. This is in addition to the buyout of a series of properties announced by FCPT in the current month. It amplifies its vision of structuring a diversified portfolio, which will help it generate steady revenues over the long run.American Family Care is a quality-driven healthcare provider that offers a bouquet of services, such as urgent care, family care and primary care, across its portfoli ...

Four Corners Property Trust (FCPT) has announced the purchase of five Outback Steakhouse properties for $19.7 million, continuing its spree of strategic acquisitions. This move strengthens FCPT's portfolio and provides a steady income stream, benefiting the business and stockholders.Located in strong retail corridors across Texas, Florida and Missouri, the properties are operated under long-term net leases. Priced at a cap rate in range with prior FCPT transactions, the properties add a reliable stream of i ...

Extrapolation is a dangerous tendency in the stock market, and Four Corners (NYSE:FCPT) seems to be priced with extrapolation in mind. The restaurant REIT has put together a strong track record of steady, medium-paced growth and with a 16X forward multiple, it seems the market is extrapolating its history. S&P Global Market Intelligence While we believe FCPT is a reasonably well-managed company, it has been operating in an easy-mode environment for most of its history. An inflection point is coming to the ...

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 ...