Four Corners Property Trust NYSE: FCPT INVESTOR PRESENTATION Q1 2025 FORWARD LOOKING STATEMENTS AND DISCLAIMERS Cautionary note regarding forward-looking statements: This presentation 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 FCPT's intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance ...

Four Corners Property Trust (FCPT) came out with quarterly funds from operations (FFO) of $0.44 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.43 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $0.42 per share when it actually produced FFO of $0.44, delivering a surprise of 4.76%.Over the last four quarters, the company has surpassed consensus FFO estimates just ...

FCPT Announces First Quarter 2025 Financial and Operating Results MILL VALLEY, CA – April 30, 2025 / Business Wire – Four Corners Property Trust, Inc. ("FCPT" or the "Company", NYSE: FCPT) today announced financial results for the three months ended March 31, 2025. Management Comments "FCPT started the year off strong, continuing the momentum from the end of 2024. We accomplished the highest first quarter acquisition volume in company history, acquiring over $56 million of properties leased to national bran ...

Core Viewpoint - Investing in dividend stocks, particularly real estate investment trusts (REITs), can provide a lucrative and steadily rising income stream, turning idle cash into passive income. Group 1: Dividend Stocks Overview - Four Corners Property Trust, VICI Properties, and NNN REIT are highlighted as strong income options with dividend yields of 5% or more, significantly higher than the S&P 500's average yield of less than 1.5% [2] - These REITs focus on properties secured by long-term net leases, generating stable rental income that supports attractive dividends [12] Group 2: Four Corners Property Trust - Four Corners Property Trust owns approximately 1,200 properties leased to 163 brands, with a significant portion of its rent coming from restaurants [4] - The REIT's dividend yield is around 5%, supported by stable rental income from long-term leases averaging 7.3 years remaining [3] - The company has increased its dividend by 2.9% recently and has raised it by over 45% since its spin-off from Darden in 2015 [5] Group 3: VICI Properties - VICI Properties specializes in experiential real estate, such as casinos, with long-term triple-net leases averaging 41 years remaining, providing stable cash flow [6] - A growing percentage of VICI's net leases are linked to inflation, expected to rise from 42% this year to 90% by 2035, ensuring steady rental income growth [7] - The REIT has consistently raised its dividend for seven consecutive years, with a compound annual growth rate of 7% [8] Group 4: NNN REIT - NNN REIT focuses on single-tenant retail properties, with a dividend yield of 5.7%, supported by long-term NNN leases averaging 10 years remaining [9] - The REIT has a strong track record, having increased its dividend for 35 consecutive years, ranking it among the top in the REIT sector [11] - Approximately 73% of NNN REIT's investment volume since 2007 has come from existing tenant relationships, enhancing its acquisition strategy [10]

Four Corners Property Trust (FCPT) recently announced the purchase of an automotive service property for $5.3 million. Leased to a national operator, the said property is located in a highly trafficked corridor in Arkansas. The above acquisition highlights the company’s expansionary and diversification efforts, which will aid future revenue growth.Priced at a 6.8% cap rate on rent as of the closing date, exclusive of transaction costs, the property is corporate-operated under a long-term, triple-net lease. ...

Four Corners Property Trust (FCPT) recently announced the purchase of a Burger King property through a sale-leaseback for $2.1 million from Ampler Restaurant Group. This event marks the tenth property purchase from the previously announced sale-leaseback transaction with the said group, bringing the total transaction value to $22 million in March. The move highlights FCPT’s continuous efforts to expand and improve its portfolio quality through acquisitions.The property is located in strong retail corridors ...

Four Corners Property Trust (FCPT) recently announced the purchase of nine Burger King properties through a sale-leaseback for $19.9 million from Ampler Restaurant Group. The move highlights FCPT's efforts to diversify and improve its portfolio quality through acquisitions. The properties are located in the strong retail corridors in Tennessee. Priced at a 6.8% cap rate on rent as of the closing date, exclusive of transaction costs, the properties are franchise-operated under long-term, triple-net leases, w ...

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The service offers a free two-week trial for potential investors to explore top ideas across exclusive income-focused portfolios [1] Group 2 - The concept of match-funding investment income with expenses is highlighted, suggesting that dividends from specific sectors can be used to cover related expenses [2] - The emphasis is on defensive stocks with a medium- to long-term investment horizon [2]

Revenue and Income - Total revenues for the year ended December 31, 2024, increased to $268.1 million, up from $250.6 million in 2023, representing a growth of approximately 6.9%[199] - The company recorded a net income of $100.5 million for the year ended December 31, 2024, compared to $95.3 million in 2023, reflecting an increase of approximately 5.4%[199] - Restaurant revenues increased slightly by $0.2 million to $30.9 million in 2024, primarily due to higher net pricing despite reduced foot traffic[213] - Funds from Operations (FFO) for 2024 were $155 million, up from $143.7 million in 2023, with FFO per diluted share at $1.65[253] - Adjusted Funds from Operations (AFFO) for 2024 were $162.8 million, compared to $148.7 million in 2023, with AFFO per diluted share at $1.73[253] Property and Lease Information - Rental revenue rose by $17.3 million to $237.1 million in 2024, attributed to a full year of revenue from 92 properties acquired in 2023 and the acquisition of 87 properties in 2024[202] - The lease portfolio as of December 31, 2024, included 1,198 properties with a 99.6% occupancy rate and an average remaining lease term of 7.3 years[197] - 99.8% of the contractual base rent was collected for the year ended December 31, 2024, indicating strong revenue collection performance[197] - The company assesses the collectability of lease receivables based on factors such as payment history and current economic conditions, adjusting revenue accordingly if collectability is in doubt[228] - Lease intangibles are amortized over the remaining initial term of the related lease, impacting rental revenue recognition[222] - The company has not experienced significant early terminations of leases, which would otherwise result in impairment losses[222] - The company recognizes rental revenue on a straight-line basis for net leases with periodic increases, leading to deferred rent receivables[226] Expenses and Debt - General and administrative expenses increased by $1.1 million to $23.8 million in 2024, primarily due to higher personnel costs and professional fees[204] - Depreciation and amortization expenses rose by approximately $3.8 million to $54.5 million in 2024, driven by the acquisition of new properties[205] - Interest expense increased by approximately $4.6 million to $49.2 million in 2024, mainly due to the issuance of an additional $85 million term loan[208] - The company's total debt as of December 31, 2024, was $515 million in non-amortizing term loans, $5 million in outstanding borrowings under the revolving credit facility, and $625 million in senior unsecured fixed rate notes[232] - As of December 31, 2024, the company had total outstanding notes payable of $625 million, with interest rates ranging from 2.74% to 6.44%[242] Financing and Liquidity - As of December 31, 2024, the company had $4.1 million in cash and cash equivalents and $245.0 million of borrowing capacity under its revolving credit facility[231] - The company expects to fund short-term liquidity needs primarily through cash provided by operating activities, with a $250 million revolving credit facility available for acquisitions and capital expenditures[243] - The company has a new ATM program allowing for the sale of up to $500 million in common stock, replacing a previous program that raised $404.8 million[244] - In 2024, the company executed forward sale agreements for 7,796,890 shares at an average sales price of $27.88, resulting in net proceeds of $214.9 million from total shares sold under the ATM programs[247] - The company’s total indebtedness included $625 million in senior unsecured fixed-rate notes and $520 million in variable-rate obligations, with $435 million effectively fixed through interest rate swaps[262] Interest Rate Management - The weighted average interest rate on term loans as of December 31, 2024, was 3.84%, compared to 3.69% as of December 31, 2023[236] - The company entered into an Incremental Amendment to its Loan Agreement on March 14, 2024, utilizing an accordion feature to secure an additional $85 million term loan[235] - The Amended Loan Agreement provides for a revolving credit facility of $350 million and a term loan facility of $590 million, with various maturity dates ranging from 2026 to 2029[237] - The company has entered into interest rate swaps to hedge against interest rate variability, with notional amounts ranging from $25,000 to $50,000 and fixed rates between 0.44% and 4.42%[239] - The company’s interest rate risk management policy aims to match fixed-rate assets with fixed-rate liabilities, mitigating exposure to interest rate fluctuations[261]

Financial Data and Key Metrics Changes - The company reported Q4 FFO of $0.44 per share, up 2.3% from Q4 last year [31] - Full-year 2024 FFO per share was $1.73, an increase of 3.6% from 2023 [31] - Q4 cash rental income was $60.8 million, representing growth of 6.6% compared to last year [31] - Full-year 2024 cash rent was $235.4 million, an increase of 8.8% versus 2023 [31] - The weighted average five-year annual cash rent escalator remains at 1.4% [31] Business Line Data and Key Metrics Changes - In Q4, the company acquired 45 properties for $133 million at a 7% cap rate [17] - For the full year 2024, acquisitions totaled $265 million, with restaurants making up approximately 42%, medical retail at 30%, and auto service at 28% [19][22] - The company did not sell any properties in 2024 but is contemplating strategic dispositions [22] Market Data and Key Metrics Changes - The Boulder Group's net lease market report indicated a 26.6% year-over-year increase in single-tenant retail properties on the market in Q4 [24] - The company noted that transaction volumes are recovering across the industry, anticipating an expanding pool of opportunities in 2025 [24] Company Strategy and Development Direction - The company aims to continue building its investment team in 2025 to enhance capabilities [11] - The focus remains on small box net lease with strong brands, quality credit, and attractive real estate [8] - The company is committed to maintaining its conservative underwriting criteria and is not compromising on asset quality [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the acquisition outlook for 2025, citing substantial capital raised during favorable conditions [60] - The company has not experienced material tenancy issues or significant impacts from inflation or labor issues [13] - Management is monitoring potential impacts from political changes but has not seen significant effects on operations [80] Other Important Information - The company has a portfolio occupancy rate of 99.6% and collected 99.4% of base rent for Q4 [35] - Cash G&A expense for Q4 was $3.9 million, representing 6.5% of cash rental income [32] - The company successfully renewed or re-tenanted 95% of properties with 2024 lease expirations [33] Q&A Session Summary Question: Trends in underlying areas - Management noted no notable standout trends, with casual dining brands generally growing [38] Question: Acquisition pipeline and public bond issuance - Management indicated they are preparing for potential public bond issuance but currently have attractive private market options [42][44] Question: Non-restaurant retail segment growth - Management expects similar trends to continue, with a focus on casual dining and medical retail [50] Question: Impact of labor policies on tenants - Management has not observed any significant impacts from new administration policies on tenants [74] Question: G&A expectations for 2025 - Management expects G&A to remain low while scaling operations with new hires [91] Question: Visibility of transaction pipeline - Management indicated a strong pipeline but does not typically provide specific guidance on it [93]