Four Corners Property Trust acquires Illinois animal hospital for $6.1m

MILL VALLEY, Calif. - Four Corners Property Trust (NYSE:FCPT), a $2.55 billion market cap REIT currently trading near its 52-week low, has acquired a VCA Animal Hospital property in Illinois for $6.1 million, according to a press release statement issued by the company. According to InvestingPro, the company maintains a strong dividend yield of 5.8% and has raised its dividend for three consecutive years.

The property is situated in what the company described as a "highly trafficked corridor" in Illinois and is corporate-operated under a long-term net lease. The real estate investment trust noted that the transaction was priced at a cap rate consistent with its previous acquisitions.

FCPT primarily focuses on owning and acquiring high-quality, net-leased restaurant and retail properties. The Mill Valley, California-based company aims to expand its portfolio by acquiring additional real estate for lease on a net basis, primarily for use in the restaurant and retail industries.

This acquisition represents a continuation of FCPT’s property diversification strategy beyond its core restaurant focus. The company did not disclose specific details about the lease terms or the exact location of the property within Illinois.

In other recent news, Four Corners Property Trust reported its second-quarter earnings for 2025, showing steady growth with earnings per share (EPS) aligning with forecasts at $0.28. However, the company’s revenue did not meet expectations, totaling $64.8 million against the anticipated $73.26 million. Four Corners Property Trust also announced the acquisition of four Burger King properties from Ampler Restaurant Group for $8.1 million through a sale-leaseback arrangement. These properties are located in Ohio, Kentucky, and Virginia, with triple-net leases averaging 19 years remaining.

Additionally, the company declared a quarterly cash dividend of $0.3550 per share for the third quarter of 2025, equating to an annualized rate of $1.42 per share. The dividend will be payable on October 15, 2025, to shareholders of record as of September 30, 2025. In a recent development, Wells Fargo downgraded Four Corners Property Trust from Overweight to Equal Weight, maintaining a price target of $27.00. The downgrade was attributed to concerns about the company’s ability to drive sufficient investment volumes for acceleration in 2026.

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