EPRT - Four Corners Property Trust: Its Peers Have Better Value Proposition
2024-05-30 07:05:37 ET
Summary
- Four Corners Property Trust is a relatively small, triple-net lease REIT that targets service-oriented properties.
- I consider FCPT stock to be overvalued when compared to its competitors.
- FCPT's strengths are either comparable or even stronger across its peer group.
- On the other hand, there are some risk factors and weaknesses that only relate to FCPT (when compared to key market players).
- There are more attractive opportunities in the market - even within the same property sector.
Investment thesis
I consider Four Corners Property Trust ( FCPT ) to be overvalued when compared to its competitors. It has some strengths, but they are either comparable or even more evident within the peer group.
On the other hand, there are some risk factors and weaknesses that only relate to FCPT, on top of the general risks accompanying each REIT (e.g. prolonging high-interest rate environment or any potential tenant issues)....
Four Corners Property Trust: Its Peers Have Better Value Proposition