Four Corners Property Trust (FCPT - Free Report) recently shelled out $1.2 million to acquire a Mr. Tire property. The move comes as part of its portfolio-expansion efforts, with real estate leased to strong credit operators.
Located in a highly trafficked corridor in New Jersey, the property is likely to keep witnessing solid demand. It is occupied under a net ground lease with around 10 years of residual term. The transaction was priced at a 6.5% capitalization rate, exclusive of transaction costs.
Four Corners has been on an acquisition spree. Recently, the company shelled out $2.3 million to acquire a Buffalo Wild Wings property in a strong retail corridor in Illinois.
Also, FCPT announced the acquisition of a Capital One property and a ground lease Chuck E. Cheese property for $3.3 million from Pennsylvania Real Estate Investment Trust (PEI), commonly known as “PREIT.” Located in strong retail corridors in Maryland and South Carolina, respectively, and with both the properties occupied under triple net leases and having a current weighted average remaining term of around six years, the acquisition seems a strategic fit for the company.
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. In the second quarter of 2022, FCPT acquired 26 properties for a combined purchase price of $54 million at an initial weighted average cash yield of 6.4%.
Apart from the acquisition of several quality restaurant and retail properties, Four Corners experienced continued high rent collections. As of Jun 3, 2022, FCPT received rent payments representing 99.9% of its portfolio contractual base rent for the second quarter of 2022.
Four Corners currently carries a Zacks Rank #3 (Hold). Shares of FCPT have increased 8.9% over the past three months compared with the industry’s growth of 5.7%. 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 Prologis (PLD - Free Report) and Extra Space Storage Inc. (EXR - Free Report) .
Prologis carries a Zacks Rank of 2 (Buy) at present. Prologis’ long-term growth rate is projected at 9.8%. The Zacks Consensus Estimate for PLD’s 2022 funds from operations (FFO) per share has been revised marginally upward in the past month.
The Zacks Consensus Estimate for Extra Space Storage’s 2022 FFO per share has moved marginally upward in the past month to $8.30. Extra Space Storage’s long-term growth rate is projected at 8.2%. EXR presently carries a Zacks Rank of 2.
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 >>
Four Corners Property Trust (FCPT - Free Report) recently shelled out $1.2 million to acquire a Mr. Tire property. The move comes as part of its portfolio-expansion efforts, with real estate leased to strong credit operators.
Located in a highly trafficked corridor in New Jersey, the property is likely to keep witnessing solid demand. It is occupied under a net ground lease with around 10 years of residual term. The transaction was priced at a 6.5% capitalization rate, exclusive of transaction costs.
Four Corners has been on an acquisition spree. Recently, the company shelled out $2.3 million to acquire a Buffalo Wild Wings property in a strong retail corridor in Illinois.
Also, FCPT announced the acquisition of a Capital One property and a ground lease Chuck E. Cheese property for $3.3 million from Pennsylvania Real Estate Investment Trust (PEI), commonly known as “PREIT.” Located in strong retail corridors in Maryland and South Carolina, respectively, and with both the properties occupied under triple net leases and having a current weighted average remaining term of around six years, the acquisition seems a strategic fit for the company.
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. In the second quarter of 2022, FCPT acquired 26 properties for a combined purchase price of $54 million at an initial weighted average cash yield of 6.4%.
Apart from the acquisition of several quality restaurant and retail properties, Four Corners experienced continued high rent collections. As of Jun 3, 2022, FCPT received rent payments representing 99.9% of its portfolio contractual base rent for the second quarter of 2022.
Four Corners currently carries a Zacks Rank #3 (Hold). Shares of FCPT have increased 8.9% over the past three months compared with the industry’s growth of 5.7%. 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 Prologis (PLD - Free Report) and Extra Space Storage Inc. (EXR - Free Report) .
Prologis carries a Zacks Rank of 2 (Buy) at present. Prologis’ long-term growth rate is projected at 9.8%. The Zacks Consensus Estimate for PLD’s 2022 funds from operations (FFO) per share has been revised marginally upward in the past month.
The Zacks Consensus Estimate for Extra Space Storage’s 2022 FFO per share has moved marginally upward in the past month to $8.30. Extra Space Storage’s long-term growth rate is projected at 8.2%. EXR presently carries a Zacks Rank of 2.
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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