Barclays analyst Richard Hightower initiated coverage of Four Corners Property Trust (FCPT) with an Equal Weight rating and $31 price target as part of a broader research note on REITs. Restaurants, and casual dining specifically, will comprise the bulk of the company’s rental income for the foreseeable future, and while as a category casual dining has, over the past decade-plus, suffered secular declines in various metrics- primarily foot traffic – the REIT’s portfolio is anchored to some of the most stable and consistent brands in the business, the analyst tells investors in a research note. Rent coverage in Four Corners’ restaurant portfolio is also very high relative to what typically exists in net lease, the firm adds.
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