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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 | |
---|---|---|---|---|---|---|---|---|
0.32 | 1.36% | 23.77 | 23.83 | 23.42 | 23.42 | 83,273 | 18:25:51 |
Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three and six months ended June 30, 2022.
Management Comments
“We are pleased with FCPT’s strong performance through the first half of the year. In the second quarter, we experienced continued high rent collections, and acquired a number of quality restaurant and retail properties. We continue to maintain a conservative balance sheet and ample liquidity and obtained our second investment grade rating from Moody’s Investors Service in May which improves our cost of debt,” said CEO Bill Lenehan. “The Company is set up well to take advantage of investment opportunities in the second half of the year.”
Rent Collection Update
As of June 30, 2022, the Company has received rent payments representing 99.9% of its portfolio contractual base rent for the quarter ending June 30, 2022.
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
Portfolio Activities
Acquisitions
Dispositions
Liquidity and Capital Markets
Capital Raising
Liquidity
Credit Facility and Unsecured Notes
Real Estate Portfolio
Conference Call Information
Company management will host a conference call and audio webcast on Wednesday, July 27 at 11:00 a.m. Eastern Time to discuss the results.
Interested parties can listen to the call via the following:
Phone: 1 844 200 6205 (domestic) or 1 929 526 1599 (international), Call Access Code: 315589 Live webcast: https://events.q4inc.com/attendee/252670393 In order to pre-register for the call, investors can visit https://ige.netroadshow.com/registration/q4inc/11310/fcpt-second-quarter-2022-financial-results-conference-call/ and enter in their contact information Replay: Available through October 25, 2022 by dialing 1 866 813 9403 (domestic) or 44 204 525 0658 (international), Replay Access Code 612618
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 such as COVID-19 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. In addition, the extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, among others. 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 Second Quarter 2022 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 June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Revenues: Rental revenue
$
47,904
$
42,162
$
94,807
$
83,677
Restaurant revenue
7,521
7,110
15,015
12,341
Total revenues
55,425
49,272
109,822
96,018
Operating expenses: General and administrative
4,698
4,465
9,967
9,228
Depreciation and amortization
10,128
8,388
19,832
16,624
Property expenses
1,987
1,202
3,836
2,204
Restaurant expenses
7,052
6,589
13,935
11,448
Total operating expenses
23,865
20,644
47,570
39,504
Interest expense
(9,031
)
(8,384
)
(17,406
)
(16,017
)
Other income, net
29
7
86
8
Realized gain on sale, net
5,756
-
5,756
431
Income tax expense
(144
)
(71
)
(232
)
(134
)
Net income
28,170
20,180
50,456
40,802
Net income attributable to noncontrolling interest
(40
)
(42
)
(71
)
(85
)
Net Income Attributable to Common Shareholders$
28,130
$
20,138
$
50,385
$
40,717
Basic net income per share
$
0.35
$
0.26
$
0.63
$
0.54
Diluted net income per share
$
0.35
$
0.26
$
0.63
$
0.53
Regular dividends declared per share
$
0.3325
$
0.3175
$
0.6650
$
0.6350
Weighted-average shares outstanding: Basic
80,294,804
76,058,812
80,245,247
76,014,595
Diluted
80,494,443
76,167,465
80,446,167
76,147,769
Four Corners Property Trust Consolidated Balance Sheets (In thousands, except share and per share data) June 30, 2022 (Unaudited) December 31, 2021 ASSETS Real estate investments: Land
$
1,014,297
$
966,565
Buildings, equipment and improvements
1,471,086
1,437,840
Total real estate investments
2,485,383
2,404,405
Less: Accumulated depreciation
(693,855
)
(682,430
)
Total real estate investments, net
1,791,528
1,721,975
Intangible lease assets, net
105,311
104,251
Total real estate investments and intangible lease assets, net
1,896,839
1,826,226
Real estate held for sale
1,374
-
Cash and cash equivalents
17,714
6,300
Straight-line rent adjustment
58,419
55,397
Derivative assets
19,558
2,591
Deferred tax assets
803
864
Other assets
16,010
11,601
Total Assets
$
2,010,717
$
1,902,980
LIABILITIES AND EQUITY Liabilities: Long-term debt ($975,000 and $760,000 principal, respectively)
$
966,493
$
877,591
Dividends payable
26,730
26,655
Rent received in advance
10,739
11,311
Derivative liabilities
-
7,517
Deferred tax liabilities
-
-
Other liabilities
15,207
16,014
Total liabilities
1,019,169
939,088
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, 80,543,986 and 80,279,217 shares issued and outstanding, respectively
8
8
Additional paid-in capital
964,607
958,737
Accumulated other comprehensive income (loss)
14,945
(9,824
)
Noncontrolling interest
2,248
2,218
Retained earnings
9,740
12,753
Total equity
991,548
963,892
Total Liabilities and Equity
$
2,010,717
$
1,902,980
Four Corners Property Trust FFO and AFFO (Unaudited) (In thousands, except share and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Funds from operations (FFO): Net income
$
28,170
$
20,180
$
50,456
$
40,802
Depreciation and amortization
10,095
8,367
19,763
16,582
Realized gain on sales of real estate
(5,756
)
-
(5,756
)
(431
)
FFO (as defined by NAREIT)$
32,509
$
28,547
$
64,463
$
56,953
Straight-line rental revenue
(1,649
)
(1,785
)
(3,291
)
(3,796
)
Deferred income tax expense (1)
61
-
61
-
Stock-based compensation
1,033
876
2,533
2,247
Non-cash amortization of deferred financing costs
496
890
964
1,433
Non-real estate investment depreciation
33
21
69
42
Other non-cash revenue adjustments
527
548
1,057
1,054
Adjusted Funds from Operations (AFFO)
$
33,010
$
29,097
$
65,856
$
57,933
Fully diluted shares outstanding (2)
80,609,002
76,326,857
80,560,726
76,307,161
FFO per diluted share
$
0.40
$
0.37
$
0.80
$
0.75
AFFO per diluted share
$
0.41
$
0.38
$
0.82
$
0.76
(1) Amount represents non-cash deferred income tax expense recognized in the second quarter of 2022 for income tax expense 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/20220726006075/en/
FCPT Bill Lenehan, 415-965-8031 CEO Gerry Morgan, 415-965-8032 CFO
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