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MILL VALLEY - Four Corners Property Trust (NYSE:FCPT), a $2.7 billion market cap REIT with a solid 5.3% dividend yield, has acquired a LongHorn Steakhouse property in Michigan for $2.5 million, according to a press release statement issued by the company.
The property is situated in what the company describes as a highly trafficked corridor in Michigan and is corporate-operated under a triple net lease with approximately seven years remaining on the term.
The transaction was priced at a 6.5% capitalization rate on rent as of the closing date, excluding transaction costs.
Four Corners Property Trust is a real estate investment trust that focuses primarily on the ownership and acquisition of net-leased restaurant and retail properties.
The Michigan property adds to FCPT’s portfolio of real estate assets leased on a net basis for use in the restaurant and retail industries.
In other recent news, Four Corners Property Trust (FCPT) reported its first-quarter earnings for 2025, which fell short of analyst expectations. The company posted earnings per share (EPS) of $0.26, missing the projected $0.28, and reported revenue of $63.5 million, below the anticipated $66.31 million. Despite the earnings miss, FCPT’s cash rental income increased by 9.1% year-over-year, and portfolio occupancy remained strong at 99.4%. In line with its strategic expansion efforts, FCPT acquired an Olive Garden property in North Carolina for $4.1 million and an automotive service property in Texas for $5.8 million, both under long-term triple net leases. The Olive Garden property aligns with FCPT’s focus on restaurant and retail sectors, while the automotive service acquisition marks its ongoing diversification efforts. Additionally, Douglas B. Hansen was appointed as the new Chair of the Board, succeeding John S. Moody. This leadership change is part of FCPT’s ongoing strategic initiatives to maintain its market position. These developments indicate FCPT’s continued focus on expanding its portfolio and strengthening its operational resilience.
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