Four Corners Property (FCPT) - Hoya Hotseat

Hoya Capital

Four Corners Property (FCPT) - Hoya Hotseat In the News All FCPT Jan 7 Written By Alex Pettee, CFA Hoya Capital Four Corners Property Trust (NYSE: FCPT) is a small-cap Net Lease REIT focused on restaurant properties which owns over 1,100 properties across 48 states. Initially spun-out from Darden Restaurants in 2015, FCPT has diversified its tenant base to 156 brands. Approximately 75% of its portfolio is invested in restaurants, with the balance invested in auto service and medical retail properties.

FCPT’s CEO William Lenehan joins the Hoya Hotseat to discuss the evolution of FCPT’s portfolio since its spin-off from Darden, the impact of interest rates on acquisitions and cap rates, demand for “small-box” single-tenant retail and restaurant space, and the importance of balance sheet management and cost of capital for net lease REITs. Continue reading ▶︎ Interviews Press All Hoya Hotseat FCPT Alex Pettee, CFA Transcript absolutely thanks for having me we own 1,112 buildings across 47 States they're leased primarily to Olive Gard we have about 300 of those Longhorn steakhouses we have about 100 of those chilies Buffalo Wild Wings and other prominent Brands we also have exposure in the medical retail and Auto Service Center that means Urgent Care Primary Care Veterinary centers tire stores collision repair and similar Concepts that are in retail areas in the last few years we've averaged about $290 million of Acquisitions a year buying about 115 buildings we press release those Acquisitions the day they close so you can follow along with what we're doing we have an investment grade balance sheet and we pay out about 5.7% dividend so we spun out of garden restaurants about 8 and a half years ago uh I was on the board of dard in and they asked me to look at their real estate portfolio we sold a number of buildings individually and then we spun 418 properties uh into four corners ...