Four Corners Property Trust Inc

NYSE:FCPTUnited States

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• -- Earnings Flash (FCPT) FOUR CORNERS PROPERTY TRUST Reports Q1 Revenue $66.5M, from 4:12PM ET on Wednesday May 01, 2024 by MT Newswires

  4:12PM ET on Wednesday May 01, 2024 by MT Newswires
  Companies Mentioned: FCPT
  04:12 PM EDT, 05/01/2024 (MT Newswires) -- ...

• FCPT Announces First Quarter 2024 Financial and Operating Results, from 4:05PM ET on Wednesday May 01, 2024 by Business Wire

  4:05PM ET on Wednesday May 01, 2024 by Business Wire
  Companies Mentioned: FCPT

  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."

• *DJ Four Corners Property 1Q Net $24M >FCPT, from 4:05PM ET on Wednesday May 01, 2024 by Dow Jones

  4:05PM ET on Wednesday May 01, 2024 by Dow Jones
  Companies Mentioned: FCPT

• FCPT Announces First Quarter 2024 Financial and Operating Results, from 4:05PM ET on Wednesday May 01, 2024 by Dow Jones

  4:05PM ET on Wednesday May 01, 2024 by Dow Jones
  Companies Mentioned: FCPT
  ------------ ----------- 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