We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Four Corners (FCPT) Sells Virginia Property, Banks on Growth
Read MoreHide Full Article
Four Corners Property Trust (FCPT - Free Report) continues to reposition its portfolio to capitalize on high-quality, net-leased properties. This REIT, which primarily owns and acquires restaurant and retail properties, recently divested a Burger King property for $2.1 million.
The property, located in Virginia and operated by Carrols Restaurant Group under a triple net lease, had approximately 14 years of term remaining. This disposition comes as part of its strategic efforts, and Four Corners plans to redeploy the proceeds into new investment prospects in sync with its thresholds.
The company has been on an acquisition spree and recently announced the acquisition of a Fresenius Medical Care property for $2.6 million. The Georgia-based property is corporate-operated under a triple net lease with about three years of term remaining.
Bolstering its portfolio, FCPT has acquired three W.W. Williams properties for $10.3 million through a sale-leaseback deal. The properties, situated in Michigan and Ohio, are in strong industrial corridors and are corporate-operated under long-term, triple net leases with around 15 years of residual term.
These acquisitions exemplify the company's strategic growth plan, underlining its commitment to the ownership, acquisition and leasing of prime restaurants and retail properties to creditworthy operators. The long-term triple net lease assures the generation of steady revenues over the long term.
In recent times, Four Corners has also made an agreement to acquire up to 14 Darden restaurant properties, including 13 Cheddar’s Scratch Kitchen properties and one Olive Garden property. The deal carries a purchase price of up to $85 million on an initial cash rent amounting to $5.35 million. It is slated for closure in the third quarter of 2023.
FCPT currently carries a Zacks Rank #3 (Hold). Its shares have increased 1.6% in the past month against the industry's decline of 0.3%.
The Zacks Consensus Estimate for Rexford Industrial Realty’s current-year FFO per share has been revised 1.4% north over the past two months to $2.19. This indicates an 11.7% increase year over year.
The Zacks Consensus Estimate for EastGroup Properties’ 2023 FFO per share has been revised marginally upward over the past month to $7.56. This implies an 8% increase year over year.
Note: Anything related to earnings presented in this write-up represents FFO — a widely used metric to gauge the performance of REITs.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Four Corners (FCPT) Sells Virginia Property, Banks on Growth
Four Corners Property Trust (FCPT - Free Report) continues to reposition its portfolio to capitalize on high-quality, net-leased properties. This REIT, which primarily owns and acquires restaurant and retail properties, recently divested a Burger King property for $2.1 million.
The property, located in Virginia and operated by Carrols Restaurant Group under a triple net lease, had approximately 14 years of term remaining. This disposition comes as part of its strategic efforts, and Four Corners plans to redeploy the proceeds into new investment prospects in sync with its thresholds.
The company has been on an acquisition spree and recently announced the acquisition of a Fresenius Medical Care property for $2.6 million. The Georgia-based property is corporate-operated under a triple net lease with about three years of term remaining.
Bolstering its portfolio, FCPT has acquired three W.W. Williams properties for $10.3 million through a sale-leaseback deal. The properties, situated in Michigan and Ohio, are in strong industrial corridors and are corporate-operated under long-term, triple net leases with around 15 years of residual term.
These acquisitions exemplify the company's strategic growth plan, underlining its commitment to the ownership, acquisition and leasing of prime restaurants and retail properties to creditworthy operators. The long-term triple net lease assures the generation of steady revenues over the long term.
In recent times, Four Corners has also made an agreement to acquire up to 14 Darden restaurant properties, including 13 Cheddar’s Scratch Kitchen properties and one Olive Garden property. The deal carries a purchase price of up to $85 million on an initial cash rent amounting to $5.35 million. It is slated for closure in the third quarter of 2023.
FCPT currently carries a Zacks Rank #3 (Hold). Its shares have increased 1.6% in the past month against the industry's decline of 0.3%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the REIT sector are Rexford Industrial Realty (REXR - Free Report) and EastGroup Properties (EGP - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Rexford Industrial Realty’s current-year FFO per share has been revised 1.4% north over the past two months to $2.19. This indicates an 11.7% increase year over year.
The Zacks Consensus Estimate for EastGroup Properties’ 2023 FFO per share has been revised marginally upward over the past month to $7.56. This implies an 8% increase year over year.
Note: Anything related to earnings presented in this write-up represents FFO — a widely used metric to gauge the performance of REITs.