The following is a summary of the Four Corners Property Trust, Inc. (FCPT) Q1 2024 Earnings Call Transcript:
Financial Performance:
FCPT's first-quarter AFFO stood at $0.43 per share, marking a 4.9% increase YoY.
The rent collections for the quarter hit 99.7% with an end-quarter occupancy of 99.6%.
A notable YoY growth of 12.9% was observed in FCPT's cash rental revenues for Q1.
Business Progress:
Four properties, all in the medical retail sector, were acquired by FCPT in the quarter for a total of $15.9 million, reflecting a 6.9% cap rate.
Through the issuance of $6.9 million of equity early in Q1 and $85 million of term loans in March, the company increased its liquidity.
The company's portfolio expanded to include 1,137 leases, with Darden accounting for 51% of the annual base rents and restaurants accounting for 80%.
Of the 13 leases that expired in Q1, eleven were renewed with positive renewal spreads of 12.5%, while renewals for the remaining two are currently underway.
Key executive changes were announced with the retirement of CFO Gerry Morgan and Patrick Wernig stepping in.
FCPT outlined their growth strategy, anticipating larger portfolio acquisition opportunities in the upturning market conditions.
More details: Four Corners Property Trust Inc IR
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