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Four Corners Collects 99% Rent for Q3, Sees Sequential Growth
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Four Corners Property Trust (FCPT - Free Report) recently provided an update on its rent collections for the quarter ended Sep 30, 2020.
As of Oct 1, the company has collected more than 99% of its portfolio’s contractual base rent. This marks an improvement from the second-quarter collections of about 92%.
Reflecting investors’ optimism, shares of the company appreciated 3.2% during Friday’s trading session.
The company, which is primarily engaged in the ownership of high-quality net-leased restaurant properties, maintains an investment-grade financial position. While the pandemic has hit the restaurant as well as the retail industry hard, the reopening of economy is boosting hopes and things are now looking better compared with late March, thanks to the recovery in sales.
Moreover, the company has been on an acquisition spree for the past several months, adding properties that cater to restaurant and retail industries.
Some of the company’s notable acquisitions include a LongHorn Steakhouse property in Florida from Darden Restaurants (DRI - Free Report) for $3.2 million and a BJ's Restaurants’ (BJRI - Free Report) property in Texas for $3.8 million among others. Notably, in August, Four Corners amended and expanded its deal with Seritage Growth Properties, which was originally announced last October, to acquire nine additional single-tenant outparcel properties from the company for $27.3 million. The transaction will take place in tranches, with the majority closing this year and the remaining in 2021.
Furthermore, the company’s liquidity position is solid to fund these acquisitions. As of Jun 30, 2020, the company had about $250 million of available liquidity. This comprised $5.1 million of cash and cash equivalents, and $245.5 million of capacity under its credit facility.
Shares of this Zacks Rank #4 (Sell) company have depreciated 1.6% over the past year, while its industry has lost 3.9%.
A Key Pick
Alpine Income Property Trust, Inc.’s (PINE - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share has been revised 4.4% upward to $1.18 over the past month. The company currently flaunts a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Four Corners Collects 99% Rent for Q3, Sees Sequential Growth
Four Corners Property Trust (FCPT - Free Report) recently provided an update on its rent collections for the quarter ended Sep 30, 2020.
As of Oct 1, the company has collected more than 99% of its portfolio’s contractual base rent. This marks an improvement from the second-quarter collections of about 92%.
Reflecting investors’ optimism, shares of the company appreciated 3.2% during Friday’s trading session.
The company, which is primarily engaged in the ownership of high-quality net-leased restaurant properties, maintains an investment-grade financial position. While the pandemic has hit the restaurant as well as the retail industry hard, the reopening of economy is boosting hopes and things are now looking better compared with late March, thanks to the recovery in sales.
Moreover, the company has been on an acquisition spree for the past several months, adding properties that cater to restaurant and retail industries.
Some of the company’s notable acquisitions include a LongHorn Steakhouse property in Florida from Darden Restaurants (DRI - Free Report) for $3.2 million and a BJ's Restaurants’ (BJRI - Free Report) property in Texas for $3.8 million among others. Notably, in August, Four Corners amended and expanded its deal with Seritage Growth Properties, which was originally announced last October, to acquire nine additional single-tenant outparcel properties from the company for $27.3 million. The transaction will take place in tranches, with the majority closing this year and the remaining in 2021.
Furthermore, the company’s liquidity position is solid to fund these acquisitions. As of Jun 30, 2020, the company had about $250 million of available liquidity. This comprised $5.1 million of cash and cash equivalents, and $245.5 million of capacity under its credit facility.
Shares of this Zacks Rank #4 (Sell) company have depreciated 1.6% over the past year, while its industry has lost 3.9%.
A Key Pick
Alpine Income Property Trust, Inc.’s (PINE - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share has been revised 4.4% upward to $1.18 over the past month. The company currently flaunts a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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