Four Corners Property Trust ( FCPT Quick Quote FCPT - Free Report) recently shelled out $2.1 million for acquiring a LongHorn Steakhouse property. The move is in line with its portfolio-expansion efforts. The acquisition comes as part of a Brookfield Properties transaction announced last October. With this buyout, the company has now acquired 17 properties, for a total price of $29 million.
This Oklahoma property is corporate-operated under a triple-net lease, with roughly seven years of term remaining. Being positioned in a highly-trafficked retail corridor, the property is likely to keep witnessing solid demand. Moreover, with the Brookfield Properties portfolio transaction priced at a cap rate in range with the prior Four Corners transactions, the move is a strategic fit.
Primarily engaged in the ownership of high-quality net-leased restaurant properties, Four Corners maintains an investment-grade financial position and seeks solid acquisition opportunities to enhance its portfolio with real estate catering to restaurant and retail industries.
The company has been on an acquisition spree, and recently announced the purchase of a Chick-fil-A restaurant property in Missouri from Seritage Growth Properties for $1.5 million. Four Corners also announced the acquisition of a portfolio of 13 KFC properties for $21.7 million. Situated in Alabama, the properties have roughly 14 years of residual lease term and annual rent increases of 2%.
The pandemic has hit the restaurant as well as the retail industry hard, and rent collections have been dreary. However, the reopening of economy is reinstating hopes and things are now looking brighter compared with late March, thanks to the gradual recovery in sales.
Four Corners currently carries a Zacks Rank #2 (Buy). Shares of the company have gained 18.8% over the past three months, outperforming its industry’s rally of 7.4%. You can see
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