Four Corners Boosts Portfolio With Acquisition of Multiple Properties

Four Corners Property Trust FCPT recently announced the buyout of a Raising Cane's property, a Dollar General property and a Jiffy Lube property for $6.6 million. The move aligns with FCPT’s portfolio expansion efforts.The sites are situated in strong retail corridors in Texas and Florida. The properties are secured under long-term, triple-net leases with a weighted average term of eight years remaining. The Raising Cane’s and Dollar General properties are operated by corporates, while Jiffy Lube is a franchisee-operated property. The transaction was executed at a capitalization rate of 7.3% on rent net of transaction costs.FCPT’s Past AcquisitionsOf late, this real estate investment trust (REIT), mainly engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, has been on an acquisition spree.Early in November, Four Corners announced the acquisition of Miller's Ale House property in a strong retail corridor in Georgia for $3.8 million. The property is corporate-operated under a long-term, net lease with around 11 years of term remaining.Image Source: FCPT Investor Presentation Oct. '24As per the company’s latest investor presentation, from the beginning of 2024 through Oct. 30, Four Corners acquired 42 properties worth $132 million at a capitalization rate of 7.2% on rents.As of Oct. 30, 2024, Four Corners’ rental portfolio comprised 1,176 properties in 47 states. The properties are 99.6% occupied under long-term, net leases with a weighted average remaining lease term of around 7.3 years.These strategic moves not only broaden FCPT's footprint in various states but also ensure portfolio diversification. Such efforts benefit the company and its investors as they gain exposure to growing industries and establish long-term lease agreements with strong tenants.Moreover, FCPT has a disciplined capital distribution strategy and remains committed to increasing shareholder value through regular dividend hikes. The company has increased its dividend six times in the past five years. In effect to this, the company, on Nov. 11, announced its fourth-quarter dividend of 35.5 cents, an increase of 2.9% over the prior quarter. The dividend will be paid out on Jan. 15, 2025, to shareholders on record as of Dec. 31, 2024.Over the past six months, shares of this Zacks Rank #3 (Hold) company have risen 17.1% compared with the industry's growth of 11.6%.Image Source: Zacks Investment ResearchStocks to ConsiderSome better-ranked stocks from the broader REIT sector are Iron Mountain IRM and Cousins Properties CUZ, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The Zacks Consensus Estimate for Iron Mountain’s current-year FFO per share has been raised marginally over the past month to $4.49.The Zacks Consensus Estimate for Cousins Properties’ 2024 FFO per share has moved marginally northward over the past week to $2.68.Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Iron Mountain Incorporated (IRM): Free Stock Analysis Report Cousins Properties Incorporated (CUZ): Free Stock Analysis Report Four Corners Property Trust, Inc. (FCPT): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks