Four Corners Property Trust acquires two properties for $7.6M » 18:1206/3006/30/20
Four Corners Property…
Four Corners Property Trust (FCPT) announces the acquisition of two properties for $7.6M as part of a previously announced outparcel transaction with PREIT (PEI). The properties are an IHOP and a multi-tenant BJ's Restaurant, Sleep Number, and Verizon. The properties are located in Maryland and South Carolina and are occupied under net leases with a weighted average 7 years of term remaining.
|Over a week ago|
Four Corners Property Trust acquires Texas Roadhouse Property for $4.3M » 16:0606/2606/26/20
Four Corners Property…
Four Corners Property Trust (FCPT) announced the acquisition of a Texas Roadhouse (TXRH) property for $4.3M. The property is located in a strong retail corridor in Colorado and is occupied under a triple-net lease with the corporate operator. The lease has approximately 5 years of term remaining. The transaction was priced at a 6.4% going-in cash capitalization rate.
Four Corners Property Trust acquires Big O Tires property for $2.7M » 16:2706/1906/19/20
Four Corners Property…
Four Corners Property Trust announced the acquisition of a corporate-operated Big O Tires property for $2.7M. The lease is guaranteed by TBC Corporation, or TBC. The property is located in a strong retail corridor in Minnesota and is occupied under a triple-net lease with approximately five years of term remaining. The transaction was priced at a 6.6% going-in cash capitalization rate or a 7.3% cash capitalization rate including a 12% contractual rent increase in October of this year.
Four Corners Property Trust issues COVID-19 update » 05:1806/1906/19/20
Four Corners Property…
Four Corners Property Trust announced an update to its previously disclosed activities and response to the ongoing COVID-19 pandemic. FCPT said in a release, "Throughout the COVID-19 pandemic, FCPT has endeavored to be as transparent as possible by providing interim updates on its business operations and its discussions with tenants. Given many of our tenants' retail locations are reopening and the pandemic's impact to retail sales is becoming less negative, we expect this press release will mark our final interim update prior to our second quarter earnings. As of June 18, 2020, FCPT has received April, May and June rent payments measuring approximately 91%, 87% and 87%, respectively, of our portfolio's contractual base rent for those months. In addition, we have agreed in principle to rent deferral requests with tenants representing approximately 10% of our portfolio, as measured by contractual base rent as of June 18, 2020, and the portion of deferred rent itself represents less than 1.2% of contractual annual base rent as of June 18, 2020. As of June 18, 2020, FCPT has collected rent or permitted deferrals equal to approximately 94% of contractual base rent for the second quarter. The majority of rent deferrals granted to tenants require the full rent amount to be paid back to FCPT in the near-term. FCPT has conditioned granting any rent deferral requests on requiring the tenant to provide FCPT with favorable revisions to lease terms such as, but not limited to, providing additional financial information, agreeing to extend the current term of the lease, enhancing the lease guarantee, or consenting to more favorable rent escalations in the future. As previously disclosed, the situation surrounding the COVID-19 pandemic remains fluid, and although we are actively managing our response in collaboration with tenants, government officials and business partners and assessing potential impacts to our financial position and operating results, as well as potential adverse developments in our business, the ultimate consequences of the COVID-19 pandemic on our business, including our rent collections, remains unknown. As previously announced on March 31, 2020, FCPT recently entered into agreements to issue $125 million of senior unsecured notes. The Notes consist of $75 million of notes with a ten-year term, which funded on April 8, 2020, mature on April 8, 2030, and are priced at a fixed interest rate of 3.20%, and $50 million of notes with a nine-year term, which funded on June 9, 2020, mature on June 9, 2029, and are priced at a fixed interest rate of 3.15%. These notes were issued at par value. On June 9, 2020, FCPT repaid the entire $98 million outstanding amount on its credit facility. After giving effect to this repayment, FCPT had approximately $27 million in cash and cash equivalents on hand and $250 million of remaining availability under its revolving credit facility as of June 18, 2020. FCPT also has no near-term debt maturities. As previously disclosed on May 29, 2020, FCPT will maintain its second quarter dividend at 30.5c per share. FCPT continues to re-evaluate transactions in its pipeline and has not acquired any properties during the second quarter of 2020 as of June 18, 2020. However, FCPT expects to engage in attractive acquisitions if opportunities arise in the near-term and will announce any potential acquisitions as they occur consistent with FCPT's past practice. As of June 18, 2020, FCPT did not have any material non-refundable deposits outstanding with respect to the acquisitions in its pipeline. FCPT previously disclosed the performance of its Kerrow operating business, which includes six franchised LongHorn Steakhouses in San Antonio that FCPT has operated since its inception. As of June 16, 2020, Kerrow's year-over-year revenue is recovering quickly, nearly reaching the same levels of revenue from 2019 on a day-by-day basis, which marks a dramatic improvement from the bottom of the COVID-19 pandemic in mid-March when revenue at Kerrow was down over 90% from 2019."
|Over a month ago|
FCPT in talks with tenants over how best to respond to COVID-19 » 16:1005/1305/13/20
Four Corners Property…
Four Corners Property Trust announced an update to its previously disclosed activities and response to the ongoing COVID-19 pandemic. "As previously disclosed, FCPT is currently engaged in discussions with tenants about how best to respond to the COVID-19 pandemic and the various measures intended to prevent its spread," the company said. "As of May 13, 2020, FCPT has received April and May rent payments from over 89% and 84%, respectively, of our portfolio, as measured by contractual annual base rent. In addition, we are currently reviewing short-term rent relief requests on a case-by-case bases, most often in the form of rent deferral requests or requests for further discussion from tenants, from substantially all of our portfolio, as measured by contractual annual base rent. Although we have not entered into any definitive agreements with any of our tenants as of May 13, 2020, we are currently in discussions with several tenants, which could potentially increase our rent collected for both April and May to up to 90%, as measured by contractual annual base rent, in the near term. However, as previously disclosed, the situation surrounding the COVID-19 pandemic remains fluid, and although we are actively managing our response in collaboration with tenants, government officials and business partners and assessing potential impacts to our financial position and operating results, as well as potential adverse developments in our business, the ultimate consequences of the COVID-19 pandemic on our business, including our rent collections, remains unknown." FCPT continues to re-evaluate transactions in its pipeline and has not acquired any properties during the second quarter of 2020 as of May 13, 2020. However, FCPT expects to engage in attractive acquisitions if opportunities arise throughout the remainder of the second quarter of 2020 and will announce any potential acquisitions as they occur consistent with FCPT's past practice. As of May 13, 2020, FCPT did not have any material non-refundable deposits outstanding with respect to the acquisitions in its pipeline.
Fly Intel: Top five weekend stock stories » 18:4705/1005/10/20
TSLA, GILD, RF, SNV, FFWM, ACBI, TCF, CFG, PB, BXS, TD, BMO, IBTX, PFE, CTLT, LZAGY, TMO, BYD, TCEHY, BABA, JD, EQIX, QTS, AMT, SBAC, ARE, PLD, DEI, AVB, EQR, ADC, FCPT
Catch up on the…
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. In a blog post, Tesla (TSLA) said that, "Contrary to the Governor's recent guidance and support from the City of Fremont, Alameda County is insisting we should not resume operations. This is not for lack of trying or transparency since we have met with and collaborated on our restart plans with the Alameda County Health Care Services Agency. Unfortunately, the County Public Health Officer who is making these decisions has not returned our calls or emails. [...] the County's position left us no choice but to take legal action to ensure that Tesla and its employees can get back to work. We filed a lawsuit on May 9 asking the court to invalidate the County Orders, to the extent the County claims they prevent Tesla from resuming operations. Meanwhile, CEO Elon Mush said in a series of tweets that, "Tesla is filing a lawsuit against Alameda County immediately. The unelected & ignorant "Interim Health Officer" of Alameda is acting contrary to the Governor, the President, our Constitutional freedoms & just plain common sense! [...] Frankly, this is the final straw. Tesla will now move its HQ and future programs to Texas/Nevada immediately. If we even retain Fremont manufacturing activity at all, it will be dependent on how Tesla is treated in the future. Tesla is the last carmaker left in CA." 2. The U.S. Department of Health and Human Services said it would allow state health departments to distribute Gilead Sciences' (GILD) remdesivir drug to fight COVID-19, and the U.S. would receive about 40% of the drug maker's global donation, according to Reuters. 3. The U.S. has lost nearly 40% of its banks since the financial crisis, largely due to industry consolidation, and many industry observers see the trend resuming once the nation's health crisis passes and economic activity begins to normalize, Carleton English wrote in this week's edition of Barron's. The publication identified at least six potential targets, namely Regions Financial (RF), Synovus Financial (SNV), First Foundation (FFWM), Atlantic Capital (ACBI), TCF Financial (TCF), and Citizens Financial (CFG). On the potential buyers side, Barron's highlights Prosperity Bancshares (PB), BancorpSouth Bank (BXS), Toronto-Dominion Bank (TD), Bank of Montreal (BMO), and Independent Bank (IBTX). 4. Pfizer (PFE) said it is in talks to shift more of its medicine production to outside contractors as it prepares for large-scale production of an experimental vaccine to prevent COVID-19, should it prove safe and effective, Reuters' Carl O'Donnell and Michael Erman reported. The U.S. drugmaker is tapping its network of around 200 outside contractors, which includes Catalent (CTLT), Lonza Group (LZAGY), and Thermo Fisher Scientific (TMO), to play a bigger role in producing some of its existing medicines, Mike McDermott, president of global supply at Pfizer, told Reuters in an interview. 5. Boyd Gaming (BYD), Tencent (TCEHY), Alibaba (BABA), JD.com (JD), Equinix (EQIX), QTS Realty (QTS), American Tower (AMT), SBA Communications (SBAC), Alexandra Real Estate (ARE), Prologis (PLD), Douglas Emmett (DEI), AvalonBay Communities (AVB), Equity Residential (EQR), Agree Realty (ADC), and Four Corners (FCPT) saw positive mentions in this week's edition of Barron's.
Equinix, QTS Realty among REITs for a recovering economy, Barron's says » 10:3305/0905/09/20
EQIX, QTS, AMT, SBAC, ARE, PLD, DEI, AVB, EQR, ADC, FCPT
Equinix (EQIX), QTS…
Equinix (EQIX), QTS Realty (QTS), American Tower (AMT), SBA Communications (SBAC), Alexandra Real Estate (ARE), Prologis (PLD), Douglas Emmett (DEI), AvalonBay Communities (AVB), Equity Residential (EQR), Agree Realty (ADC), and Four Corners (FCPT) are among real estate investment trusts that hold appeal for their growth trends of value, Daren Fonda writes in this week's edition of Barron's. Reference Link
Four Corners Property Trust provides real estate portfolio update » 06:0604/1404/14/20
FCPT is currently engaged…
FCPT is currently engaged in discussions with tenants about how best to respond to the COVID-19 pandemic and the various measures intended to prevent its spread. While these discussions are ongoing and FCPT expects certain tenants who have not paid rent yet will do so before the month is over, as of April 10, the company has received approximately 87% of rent owed to it for the month of April. This includes rent from FCPT's largest tenant, Darden Restaurants, Inc., which represented approximately 70% of FCPT's annual cash base rent as of quarter ended March 31. In connection with the COVID-19 pandemic and resulting government ordered shutdowns, as of April 10, FCPT has received rent concession requests from a substantial number of its tenants, including from many tenants who paid FCPT rent for the month of April. Most requests have been rent deferment requests related to when rent will be received, not if rent will be received. In addition to responding to rent concession requests, FCPT is also in active discussions with the vast majority of its tenants about how FCPT can help them during this short-term crisis in ways that, on a long-term basis, create value for FCPT's stockholders as well. While FCPT has not agreed to any lease amendments or rent concessions with any of its tenants as of April 10, discussions with these tenants are ongoing. Whether FCPT enters into any lease amendments or agreements to defer rent with its tenants will be made by FCPT's management team and board, as appropriate, based on each tenant's unique financial and operating situation. FCPT plans to continue to actively seek ways to create stockholder value by working through these difficult times with its tenants, and potentially develop novel solutions to the current situation, while also maintaining its contractual rights under its leases to the fullest extent permitted by law.
|Over a quarter ago|
Four Corners Property Trust buys 2 Chili's properties for $2.0M » 16:0702/1302/13/20
Four Corners Property…
Four Corners Property Trust is pleased to announce the acquisition of two Chili's restaurant properties for $2.0 million from a previously announced Washington Prime Group transaction. The properties are both located in Indiana and are both leased to the brand's corporate entity with an average lease term of approximately 4 years remaining. The Washington Prime portfolio was priced at a capitalization rate consistent with FCPT's investment thresholds and past transactions.
Four Corners Property Trust could reveal catalysts on call, says Ladenburg » 10:4202/1302/13/20
Ladenburg analyst John…
Ladenburg analyst John Massocca said that Four Corners Property Trust's (FCPT) Q4 earnings were "largely predictable," and noted that they featured a Q4 AFFO per share beat of 1c. More importantly, he sees the potential for the company's earnings call at 11:00 am to change the narrative around the stock, and reveal a catalyst. Massocca is looking for the company to provide "any commentary on the potential runway for additional out lot transactions, to build on the $127M pipeline of announced but not yet closed out lot acquisitions." He believes if the addressable market is larger than the market anticipates, it could signal a growth opportunity for the REIT. The analyst kept a Neutral rating on Four Corners Property Trust shares.