Market News

Four Corners Property Trust Snaps up WellNow Urgent Care Property for $2.3M; Street Says Buy

Real estate investment trust Four Corners Property Trust (FCPT) has acquired a corporate WellNow Urgent Care facility for a consideration of $2.3 million.

FCPT primarily engages in restaurant properties and the newly acquired urgent care facility is located in a strong retail corridor in New York.

On May 17, FCPT announced the acquisition of Pathway Vet Alliance for $1.8 million.

The Pathway facility is located at a retail corridor with high traffic in Utah. Excluding transaction costs, this acquisition was completed at a 6.7% capitalization rate. (See Four Corners Property Trust stock analysis on TipRanks)

Last month, Raymond James analyst RJ Milligan reiterated a Buy rating on the stock with a price target of $34 (22.5% upside potential).

Milligan commented, “Looking forward, we expect management will adhere to its prudent capital allocation strategy and continue to source creative opportunities that are either off-market or provide more attractive risk-adjusted returns.”

Based on 3 unanimous Buys, consensus among analysts is that FCPT is a Strong Buy. The average analyst price target of $32.33 implies 16.5% upside potential.

Shares have gained about 25% over the past year.

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