Four Corners Property Trust completed the purchase of a Caliber Collision location in Texas on November 18, 2025, paying $4.9 million for a single‑tenant, triple‑net lease that has roughly five years of remaining term and is corporate‑guaranteed. The transaction was priced at a 7.3% cap rate, including rent credits received at closing.
The deal adds a high‑quality essential‑services asset to FCPT’s portfolio, reinforcing its disciplined focus on net‑lease properties with creditworthy tenants. By adding an automotive‑service tenant, the REIT further diversifies beyond its core restaurant holdings, tapping a sector that is resilient to economic cycles and offers predictable cash flow.
The acquisition is part of a broader November 2025 buying spree that totaled $23.6 million, which included three additional automotive‑service properties and a five‑property veterinary‑clinic portfolio. This strategy reduces concentration risk in the casual‑dining sector and expands exposure to automotive and medical‑retail segments that feature long‑term, corporate‑guaranteed leases.
FCPT’s Q3 2025 results showed revenue of $74.15 million, up from $66.5 million in Q3 2024, and net income attributable to common shareholders of $28.8 million. Rent collection remained near‑perfect at 99.9%, and the REIT maintained a net margin of 38.04% and an operating margin of 55.67%. The acquisition aligns with the company’s goal of acquiring well‑located, long‑term assets that generate stable, near‑perfect rent collection.
CEO Bill Lenehan highlighted the company’s momentum and strategic focus on nationally branded, high‑quality tenants. He noted that the Caliber Collision property exemplifies FCPT’s strategy of acquiring essential‑services assets that provide predictable cash flow and reduce concentration risk.
The Texas retail corridor provides a strong geographic footprint, and the Caliber Collision lease includes a 10% rent increase every five years, further enhancing the long‑term value of the investment. The favorable 7.3% cap rate reflects the property’s high credit quality and the REIT’s disciplined acquisition approach.
Overall, the acquisition strengthens FCPT’s portfolio diversification, enhances geographic reach, and supports the REIT’s strategy of building a resilient, high‑quality asset base that delivers stable cash flow and attractive returns for investors.
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