Q3 2024 Four Corners Property Trust Inc Earnings Call Transcript
Key Points
- Four Corners Property Trust Inc (FCPT) successfully raised over $224 million in equity, enhancing their financial flexibility.
- The company reported high rent collections and occupancy, with a rent coverage ratio of five times for the majority of their portfolio.
- FCPT's portfolio diversification efforts have reached a new milestone, with 156 brands now included, reducing reliance on any single tenant.
- The acquisition of 21 properties for $71 million at a 7.2% cap rate indicates strategic growth and investment discipline.
- The company maintains a conservative balance sheet with the lowest leverage since 2019, and a healthy fixed charge coverage ratio of 4.4 times.
- The company paused external growth in 2023 due to rising costs of capital, which may have delayed potential expansion opportunities.
- There is potential exposure to consumer spending softening, which could impact retail operators within their portfolio.
- The company does not provide guidance on acquisition volume, which may lead to uncertainty for investors regarding future growth.
- Despite high occupancy, there is a small percentage of annual base rent maturing in 2024 and 2025, which requires proactive lease management.
- The lending market, although improved, still presents challenges, necessitating ongoing communication with lenders for upcoming debt maturities.
Good morning, all, and thank you for joining us for the FCPT third quarter 2024 financial results conference call, My name is Carly and I'll be coordinating your call today. (operator instructions) I'd like to hand over to your host, Patrick Wernig to begin the floor.
Is yours.
Thank you, Carly.
During the course of this call, we will make forward-looking statements which are based on our beliefs and assumptions. Actual results will be affected by known and unknown doctors that are beyond our control or ability to protect our assumptions are not a guarantee of future performance and some will prove to be incorrect for a more detailed description of some potential risks. Please refer to our CC filings which can be found at FCPT dotcom.
All the information presented on this call is current as of today, October 31st 2024. In addition, reconciliation to non job financial measures presented on this call such as FFO and a FFO can be found in the company's
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