Four Corners Property Trust Inc ( (FCPT) ) has released its Q3 earnings. Here is a breakdown of the information Four Corners Property Trust Inc presented to its investors.
Four Corners Property Trust, Inc. (FCPT) is a real estate investment trust based in Mill Valley, California, primarily focused on the ownership and leasing of restaurant and retail properties across the United States. The company is known for its strategic property acquisitions and long-term net leases.
In the third quarter of 2024, FCPT showcased a robust financial performance, highlighted by the company’s return to portfolio growth and an improved balance sheet. The company raised $224 million in equity since July, positioning itself for continued acquisition activity through the remainder of the year.
FCPT reported a 3.7% increase in rental revenue compared to the previous year, totaling $59.3 million for the third quarter. Net income attributable to common shareholders rose to $25.6 million. The company maintained a high rent collection rate of 99.8% and declared a quarterly dividend of $0.345 per share. Additionally, FCPT acquired 21 properties for $70.7 million, maintaining a strong real estate portfolio with a 99.6% occupancy rate.
Adjusted Funds from Operations (AFFO) per diluted share increased by $0.01 to $0.43 compared to the third quarter of 2023, reflecting steady growth. The company successfully raised capital through its ATM program, enhancing liquidity to $393 million.
Looking forward, FCPT is poised for an active acquisition phase, supported by a solid financial foundation and strategic market positioning. The company’s management remains optimistic about sustaining growth and enhancing shareholder value through continued property acquisitions and strategic leasing operations.
