Four Corners (FCPT) Buys Mercy Health Clinic Property for $3.8M

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].