Four Corners Property Trust (FCPT - Free Report) shelled out $2.5 million to acquire a WellNow Urgent Care property in a strong retail corridor in Indiana. The move came as part of its portfolio-expansion efforts, with real estate leased to strong credit operators.
The property is corporate-operated under a long-term, net lease, and the transaction was priced at a cap rate in the range of previous FCPT transactions. The portfolio is likely to generate steady revenues over the long term, making Four Corners’ latest buyout a strategic fit.
Of 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.
Recently, FCPT announced the acquisition of a Methodist Le Bonheur Pediatric Clinic property located in a strong retail corridor in Tennessee for $3.3 million. The transaction was priced at a 6.9% cap rate on rent as of the closing date and excluding transaction costs.
Moreover, FCPT shelled out $2.2 million to acquire a WellNow Urgent Care center in a strong retail corridor in Indiana. Also, FCPT acquired a WellNow Urgent Care property in a strong retail corridor in New York for $2.1 million.
Apart from the abovementioned acquisition, recently, FCPT acquired an Aspen Dental property located in a strong retail corridor in New Mexico for $1.9 million and a NAPA Auto Parts property in a strong retail corridor in Indiana for $935,000.
These acquisitions seem a strategic fit for Four Corners and are likely to generate a stable stream of revenues over the long term. However, increasing interest rates and macroeconomic uncertainty are raising concerns.
Four Corners currently carries a Zacks Rank #3 (Hold). Shares of FCPT have increased 0.7% in the past three months against the industry’s decline of 1.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Some better-ranked stocks from the REIT sector are Alexandria Real Estate Equities, Inc. (ARE - Free Report) and Terreno Realty Corporation (TRNO - Free Report) , each carrying a Zacks Rank #2 (Buy) at present.
The Zacks Consensus Estimate for Alexandria Real Estate Equities’ 2023 FFO per share has moved a cent north to $8.95 over the past month.
The Zacks Consensus Estimate for Terreno Realty Corporation’s ongoing year’s FFO per share has been raised two cents over the past two months to $2.17.
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.
Free Report: Must-See Energy Stocks for 2023
Record profits at oil companies can mean big gains for you. With soaring demand and elevated prices, oil stocks could be top performers by far in 2023. Zacks has released a special report revealing the 4 oil stocks experts believe will deliver the biggest gains. (You’ll never guess Stock #2!)
Download Oil Market on Fire today, absolutely free.
Four Corners Property Trust (FCPT - Free Report) shelled out $2.5 million to acquire a WellNow Urgent Care property in a strong retail corridor in Indiana. The move came as part of its portfolio-expansion efforts, with real estate leased to strong credit operators.
The property is corporate-operated under a long-term, net lease, and the transaction was priced at a cap rate in the range of previous FCPT transactions. The portfolio is likely to generate steady revenues over the long term, making Four Corners’ latest buyout a strategic fit.
Of 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.
Recently, FCPT announced the acquisition of a Methodist Le Bonheur Pediatric Clinic property located in a strong retail corridor in Tennessee for $3.3 million. The transaction was priced at a 6.9% cap rate on rent as of the closing date and excluding transaction costs.
Moreover, FCPT shelled out $2.2 million to acquire a WellNow Urgent Care center in a strong retail corridor in Indiana. Also, FCPT acquired a WellNow Urgent Care property in a strong retail corridor in New York for $2.1 million.
Apart from the abovementioned acquisition, recently, FCPT acquired an Aspen Dental property located in a strong retail corridor in New Mexico for $1.9 million and a NAPA Auto Parts property in a strong retail corridor in Indiana for $935,000.
These acquisitions seem a strategic fit for Four Corners and are likely to generate a stable stream of revenues over the long term. However, increasing interest rates and macroeconomic uncertainty are raising concerns.
Four Corners currently carries a Zacks Rank #3 (Hold). Shares of FCPT have increased 0.7% in the past three months against the industry’s decline of 1.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Some better-ranked stocks from the REIT sector are Alexandria Real Estate Equities, Inc. (ARE - Free Report) and Terreno Realty Corporation (TRNO - Free Report) , each carrying a Zacks Rank #2 (Buy) at present.
The Zacks Consensus Estimate for Alexandria Real Estate Equities’ 2023 FFO per share has moved a cent north to $8.95 over the past month.
The Zacks Consensus Estimate for Terreno Realty Corporation’s ongoing year’s FFO per share has been raised two cents over the past two months to $2.17.
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.
Free Report: Must-See Energy Stocks for 2023
Record profits at oil companies can mean big gains for you. With soaring demand and elevated prices, oil stocks could be top performers by far in 2023. Zacks has released a special report revealing the 4 oil stocks experts believe will deliver the biggest gains. (You’ll never guess Stock #2!)
Download Oil Market on Fire today, absolutely free.
Get the latest research report on TRNO - FREE
Get the latest research report on ARE - FREE
Get the latest research report on FCPT - FREE