Four Corners Property Trust (FCPT - Free Report) is on an acquisition spree. It recently announced the purchase of a Midwest Orthopedic Network property in a strong medical corridor in Wisconsin.
FCPT shelled out $4.3 million for the acquisition of this property, which is corporate-operated under a net lease with roughly four years of residual term along with annual rent hikes of 2.5%. The move came as part of its portfolio-expansion efforts, with real estate leased to strong credit operators. The transaction was priced at an 8.1% cap rate, excluding transaction costs.
This latest acquisition announcement comes after the company’s recent purchase of a VCA Animal Hospital property in Virginia for $1.2 million. The property is corporate-operated under a net lease with roughly three years of residual term, and the transaction was priced at a cap rate of 7.6%, excluding transaction costs.
FCPT, which is mainly engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, recently expended $2.5 million to acquire a WellNow Urgent Care property in a strong retail corridor in Indiana. It shelled out $2.2 million to acquire a WellNow Urgent Care center in a strong retail corridor in Indiana and a WellNow Urgent Care property in a strong retail corridor in New York for $2.1 million.
Earlier, the company acquired a Methodist Le Bonheur Pediatric Clinic property located in a strong retail corridor in Tennessee for $3.3 million. FCPT also 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.
The spate of recent acquisitions seems a strategic fit for Four Corners and is likely to generate a stable stream of revenues over the long term, though interest rates hikes and macroeconomic uncertainty remain concerns.
Four Corners currently carries a Zacks Rank #3 (Hold). Shares of FCPT have increased 12.3% in the past six months, outperforming the industry’s growth of 6.7%. 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 Americold Realty Trust, Inc. (COLD - Free Report) and Terreno Realty Corporation (TRNO - Free Report) , each carrying a Zacks Rank #2 (Buy) at present.
The Zacks Consensus Estimate for Americold Realty’s 2023 FFO per share is currently pegged at $1.19, which suggests 7.2% year-over-year growth.
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.
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
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Four Corners Property Trust (FCPT - Free Report) is on an acquisition spree. It recently announced the purchase of a Midwest Orthopedic Network property in a strong medical corridor in Wisconsin.
FCPT shelled out $4.3 million for the acquisition of this property, which is corporate-operated under a net lease with roughly four years of residual term along with annual rent hikes of 2.5%. The move came as part of its portfolio-expansion efforts, with real estate leased to strong credit operators. The transaction was priced at an 8.1% cap rate, excluding transaction costs.
This latest acquisition announcement comes after the company’s recent purchase of a VCA Animal Hospital property in Virginia for $1.2 million. The property is corporate-operated under a net lease with roughly three years of residual term, and the transaction was priced at a cap rate of 7.6%, excluding transaction costs.
FCPT, which is mainly engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, recently expended $2.5 million to acquire a WellNow Urgent Care property in a strong retail corridor in Indiana. It shelled out $2.2 million to acquire a WellNow Urgent Care center in a strong retail corridor in Indiana and a WellNow Urgent Care property in a strong retail corridor in New York for $2.1 million.
Earlier, the company acquired a Methodist Le Bonheur Pediatric Clinic property located in a strong retail corridor in Tennessee for $3.3 million. FCPT also 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.
The spate of recent acquisitions seems a strategic fit for Four Corners and is likely to generate a stable stream of revenues over the long term, though interest rates hikes and macroeconomic uncertainty remain concerns.
Four Corners currently carries a Zacks Rank #3 (Hold). Shares of FCPT have increased 12.3% in the past six months, outperforming the industry’s growth of 6.7%. 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 Americold Realty Trust, Inc. (COLD - Free Report) and Terreno Realty Corporation (TRNO - Free Report) , each carrying a Zacks Rank #2 (Buy) at present.
The Zacks Consensus Estimate for Americold Realty’s 2023 FFO per share is currently pegged at $1.19, which suggests 7.2% year-over-year growth.
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.
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
Hurry, Download Special Report FREE >>
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