Four Corners Boosts Portfolio With Acquisition of Multiple Properties

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].