Four Corners Property Trust (FCPT), a company that invests in real estate like restaurants and retail buildings, has bought six urgent care centers run by Novant Health for $12 million. These urgent care centers are in busy areas of South Carolina and are operated directly by Novant Health under long-term lease agreements. These leases are “triple net,” which means Novant takes care of property taxes, insurance, and maintenance costs. This deal follows the usual investment standards that FCPT uses. Novant Health is a large healthcare network with over 900 facilities, including hospitals, clinics, and other health services.
Key Details in Bullet Points:
🏢 Company Involved: Four Corners Property Trust (NYSE: FCPT) – a real estate investment trust (REIT).
💰 Deal Size: Acquired six Novant Health urgent care centers for $12 million.
📍 Location: All properties are in high-traffic areas of South Carolina.
🏥 Tenant: Novant Health, a well-known healthcare provider with over 900 locations, including hospitals and clinics.
📝 Lease Type: Properties are under long-term triple net (NNN) leases, meaning Novant pays for taxes, insurance, and upkeep.
📈 Investment Quality: Cap rate and deal terms are consistent with FCPT’s past real estate investments.
🔄 Purpose: This move strengthens FCPT’s portfolio with stable, healthcare-related properties in growing markets.
About Four Corners Property Trust
Four Corners Property Trust (FCPT), based in Mill Valley, California, operates as a real estate investment trust (REIT) focused on owning, acquiring, and leasing restaurant and retail properties. The company follows a growth strategy centered on expanding its portfolio by purchasing additional real estate assets, which are then leased on a net basis to tenants in the restaurant and retail sectors.
