FCPT acquires automotive service property in Texas for $5.8 million

MILL VALLEY, Calif. - Four Corners Property Trust (NYSE:FCPT), a $2.8 billion market cap REIT with a solid 5.2% dividend yield, has acquired an automotive service property in Texas for $5.8 million, according to a press release statement issued by the company. InvestingPro data shows the company has raised its dividend for three consecutive years.

The newly constructed property is located in what the company describes as a highly trafficked corridor in Texas. It is leased to an unnamed national operator under a corporate long-term triple net lease.

The transaction was priced at a 6.8% capitalization rate on rent as of the closing date, exclusive of transaction costs, the company reported.

FCPT is a real estate investment trust primarily focused on owning and acquiring net-leased restaurant and retail properties. The Mill Valley, California-based company aims to expand its portfolio through additional real estate acquisitions for use in the restaurant and retail industries.

The company did not disclose the specific location within Texas or identify the national automotive service operator that will occupy the property.

This acquisition represents part of FCPT’s ongoing strategy to grow its holdings of commercial properties with long-term lease agreements.

In other recent news, Four Corners Property Trust (FCPT) reported its first-quarter earnings for 2025, which fell short of analysts’ expectations. The company posted earnings per share (EPS) of $0.26, missing the forecasted $0.28, and reported revenue of $63.5 million, below the anticipated $66.31 million. Despite these shortfalls, FCPT achieved a 9.1% increase in cash rental income year-over-year, and maintained a strong portfolio occupancy rate of 99.4%. The company continues to focus on strategic acquisitions, having closed $70 million worth of deals in the first quarter, marking its highest acquisition volume for a first quarter in the company’s history.

In addition to financial results, FCPT announced a leadership change with Douglas B. Hansen appointed as the new Chair of the Board. Hansen, who has been with FCPT since its inception, succeeds John S. Moody, who is retiring. The company remains committed to expanding its portfolio in the restaurant and retail sectors. Analysts from firms such as UBS and JPMorgan have engaged with FCPT executives, seeking clarity on acquisition strategies and the impact of economic uncertainties. The company has emphasized its strong liquidity position and low leverage, which it believes positions it well for future growth opportunities.

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