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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Four Corners Property Trust Inc | NYSE:FCPT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.40 | 24.71 | 24.375 | 24.44 | 443,531 | 23:16:53 |
Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three months ended March 31, 2024.
Management Comments
“FCPT had a solid start to 2024, with continued high rent collection levels and the issuance of $85 million of Term Loans to further solidify our strong financial position,” said Bill Lenehan. “We currently have no outstanding debt maturities until November 2025 and are well capitalized to take advantage of any opportunities that may arise.”
Rent Collection Update
As of March 31, 2024, the Company has received rent payments representing 99.7% of its portfolio contractual base rent for the quarter ending March 31, 2023.
Financial Results
Rental Revenue and Net Income Attributable to Common Shareholders
Funds from Operations (FFO)
Adjusted Funds from Operations (AFFO)
General and Administrative (G&A) Expense
Dividends
Real Estate Portfolio
Acquisitions
Dispositions
Liquidity and Capital Markets
Capital Raising
Liquidity
Credit Facility and Unsecured Notes
Conference Call Information
Company management will host a conference call and audio webcast on Thursday, May 2 at 11:00 a.m. Eastern Time to discuss the results.
Interested parties can listen to the call via the following:
Phone: 1 833 470 1428 (domestic) or 1 404 975 4839 (international), Call Access Code: 103269
Live webcast: https://events.q4inc.com/attendee/400587509
In order to pre-register for the call, investors can visit https://www.netroadshow.com/events/login?show=eec199e8&confId=63645
Replay: Available through July 31, 2024 by dialing 1 866 813 9403 (domestic) or 1 929 458 6194 (international), Replay Access Code 291808
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at fcpt.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, announced transactions, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of the Company and the Company’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company’s public disclosure obligations, the Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.
Notice Regarding Non-GAAP Financial Measures:
In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the investor relations section of our website.
Supplemental Materials and Website:
Supplemental materials on the First Quarter 2024 operating results and other information on the Company are available on the investors relations section of FCPT’s website at investors.fcpt.com.
Four Corners Property Trust Consolidated Statements of Income (Unaudited) (In thousands, except share and per share data) Three Months Ended March 31,
2024
2023
Revenues: Rental revenue
$
58,573
$
52,197
Restaurant revenue
7,894
7,755
Total revenues
66,467
59,952
Operating expenses: General and administrative
6,213
6,055
Depreciation and amortization
13,467
12,176
Property expenses
3,081
3,167
Restaurant expenses
7,564
7,295
Total operating expenses
30,325
28,693
Interest expense
(12,281
)
(9,918
)
Other income, net
240
300
Realized gain on sale, net
-
1,562
Income tax expense
(27
)
(48
)
Net income
24,074
23,155
Net income attributable to noncontrolling interest
(30
)
(31
)
Net Income Attributable to Common Shareholders$
24,044
$
23,124
Basic net income per share
$
0.26
$
0.27
Diluted net income per share
$
0.26
$
0.27
Regular dividends declared per share
$
0.3450
$
0.3400
Weighted-average shares outstanding: Basic
91,719,475
85,833,602
Diluted
91,929,760
86,095,554
Four Corners Property Trust Consolidated Balance Sheets (In thousands, except share data) March 31, 2024 December 31, 2023 ASSETS (Unaudited) Real estate investments: Land
$
1,244,659
$
1,240,865
Buildings, equipment and improvements
1,719,745
1,708,556
Total real estate investments
2,964,404
2,949,421
Less: Accumulated depreciation
(747,958
)
(738,946
)
Total real estate investments, net
2,216,446
2,210,475
Intangible lease assets, net
115,812
118,027
Total real estate investments and intangible lease assets, net
2,332,258
2,328,502
Cash and cash equivalents
26,079
16,322
Straight-line rent adjustment
65,926
64,752
Derivative assets
24,414
20,952
Deferred tax assets
1,320
1,248
Other assets
12,613
19,858
Total Assets
$
2,462,610
$
2,451,634
LIABILITIES AND EQUITY Liabilities: Term loan and revolving credit facility ($515,000 and $446,000 of principal, respectively)
$
509,780
$
441,745
Senior unsecured notes
621,150
670,944
Dividends payable
31,656
31,539
Rent received in advance
12,300
14,309
Derivative liabilities
607
2,968
Other liabilities
22,887
30,266
Total liabilities
1,198,380
1,191,771
Equity: Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding
-
-
Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 91,989,203 and 91,617,477 shares issued and outstanding, respectively
9
9
Additional paid-in capital
1,268,361
1,261,940
Accumulated other comprehensive income
27,538
21,977
Noncontrolling interest
2,210
2,213
Accumulated deficit
(33,888
)
(26,276
)
Total equity
1,264,230
1,259,863
Total Liabilities and Equity
$
2,462,610
$
2,451,634
Four Corners Property Trust FFO and AFFO (Unaudited) (In thousands, except share and per share data) Three Months Ended March 31,
2024
2023
Funds from operations (FFO): Net income
$
24,074
$
23,155
Depreciation and amortization
13,430
12,145
Realized gain on sales of real estate
-
(1,562
)
FFO (as defined by NAREIT)$
37,504
$
33,738
Straight-line rental revenue
(1,174
)
(1,433
)
Deferred income tax benefit (1)
(72
)
(68
)
Stock-based compensation
1,640
1,767
Non-cash amortization of deferred financing costs
638
644
Non-real estate investment depreciation
37
31
Other non-cash revenue adjustments
555
551
Adjusted Funds from Operations (AFFO)
$
39,128
$
35,230
Fully diluted shares outstanding (2)
92,044,319
86,210,113
FFO per diluted share
$
0.41
$
0.39
AFFO per diluted share
$
0.43
$
0.41
(1)
Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business
(2)
Assumes the issuance of common shares for OP units held by non-controlling interest
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501626033/en/
FCPT Bill Lenehan, 415-965-8031 CEO
Gerry Morgan, 415-965-8032 CFO
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