Four Corners Property Trust (FCPT - Free Report) recently announced the acquisition of a Red Robin property for $2.4 million from Pennsylvania Real Estate Investment Trust , commonly known as “PREIT.” The move comes as part of its PREIT transaction previously announced in June 2022 for portfolio expansion.
Located in a strong retail corridor in Maryland, the property is likely to keep witnessing solid demand. It is occupied under a triple net lease to the corporate entity, with roughly four years of term remaining. The overall transaction was priced at a 6.5% going-in cash capitalization rate, excluding transaction costs.
Earlier in June, Four Corners announced that it signed a definitive agreement for the purchase of 11 outparcel properties from PREIT for $32.5 million. The retail outparcels are located within highly trafficked and populated corridors in Maryland, Massachusetts, Pennsylvania and South Carolina.
The portfolio comprised eight single-tenant restaurant properties and three non-restaurant retail properties and each property has a separate, individual lease. The leases have a current weighted average residual term of roughly eight years. A large chunk of the portfolio is expected to be acquired in the second and third quarters of 2022.
Primarily engaged in the ownership and acquisition of high-quality, net-leased restaurants and retail properties, Four Corners seeks potential acquisition opportunities to enhance its portfolio with real estate catering to the restaurant and retail industries. Recently, the company shelled out $2.2 million to acquire a DaVita Kidney Care property, which is positioned in a highly trafficked corridor in Kansas and occupied under a net lease to the corporate entity, with around seven years of term remaining.
Four Corners currently carries a Zacks Rank #3 (Hold). Shares of FCPT have declined 3.3% over the past three months compared with the industry’s decline of 16.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Some key picks from the REIT sector include Extra Space Storage Inc. (EXR - Free Report) and OUTFRONT Media (OUT - Free Report) .
The Zacks Consensus Estimate for Extra Space Storage’s 2022 funds from operations (FFO) per share has moved marginally upward in the past month to $8.25. EXR presently carries a Zacks Rank of 2 (Buy).
The Zacks Consensus Estimate for OUTFRONT Media’s ongoing year’s FFO per share has been raised 7.7% over the past two months to $2.09. OUT sports a Zacks Rank #1 currently.
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.
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Four Corners Property Trust (FCPT - Free Report) recently announced the acquisition of a Red Robin property for $2.4 million from Pennsylvania Real Estate Investment Trust , commonly known as “PREIT.” The move comes as part of its PREIT transaction previously announced in June 2022 for portfolio expansion.
Located in a strong retail corridor in Maryland, the property is likely to keep witnessing solid demand. It is occupied under a triple net lease to the corporate entity, with roughly four years of term remaining. The overall transaction was priced at a 6.5% going-in cash capitalization rate, excluding transaction costs.
Earlier in June, Four Corners announced that it signed a definitive agreement for the purchase of 11 outparcel properties from PREIT for $32.5 million. The retail outparcels are located within highly trafficked and populated corridors in Maryland, Massachusetts, Pennsylvania and South Carolina.
The portfolio comprised eight single-tenant restaurant properties and three non-restaurant retail properties and each property has a separate, individual lease. The leases have a current weighted average residual term of roughly eight years. A large chunk of the portfolio is expected to be acquired in the second and third quarters of 2022.
Primarily engaged in the ownership and acquisition of high-quality, net-leased restaurants and retail properties, Four Corners seeks potential acquisition opportunities to enhance its portfolio with real estate catering to the restaurant and retail industries. Recently, the company shelled out $2.2 million to acquire a DaVita Kidney Care property, which is positioned in a highly trafficked corridor in Kansas and occupied under a net lease to the corporate entity, with around seven years of term remaining.
Four Corners currently carries a Zacks Rank #3 (Hold). Shares of FCPT have declined 3.3% over the past three months compared with the industry’s decline of 16.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Some key picks from the REIT sector include Extra Space Storage Inc. (EXR - Free Report) and OUTFRONT Media (OUT - Free Report) .
The Zacks Consensus Estimate for Extra Space Storage’s 2022 funds from operations (FFO) per share has moved marginally upward in the past month to $8.25. EXR presently carries a Zacks Rank of 2 (Buy).
The Zacks Consensus Estimate for OUTFRONT Media’s ongoing year’s FFO per share has been raised 7.7% over the past two months to $2.09. OUT sports a Zacks Rank #1 currently.
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 Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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