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]

Four Corners Property Trust NYSE: FCPT INVESTOR PRESENTATION FEBRUARY 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 perfo ...

分组1 - Four Corners Property Trust (FCPT) reported quarterly funds from operations (FFO) of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.42 per share, and showing a slight increase from $0.43 per share a year ago, resulting in an FFO surprise of 4.76% [1] - The company posted revenues of $68.34 million for the quarter ended December 2024, which was 2.10% below the Zacks Consensus Estimate, compared to $65.14 million in the same quarter last year [2] - Over the last four quarters, FCPT has surpassed consensus FFO estimates two times and topped consensus revenue estimates only once [2] 分组2 - The stock's immediate price movement will largely depend on management's commentary during the earnings call and future FFO expectations [3] - FCPT shares have increased approximately 3% since the beginning of the year, slightly underperforming the S&P 500's gain of 3.2% [3] - The current consensus FFO estimate for the upcoming quarter is $0.43 on revenues of $72.42 million, and for the current fiscal year, it is $1.76 on revenues of $298.09 million [7] 分组3 - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 33% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

Four Corners Property Trust NYSE: FCPT INVESTOR PRESENTATION FEBRUARY 2025 Cautionary note regarding forward-looking statements: FORWARD LOOKING STATEMENTS AND DISCLAIMERS 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 perfo ...

Carrying over the prior year's property acquisition momentum, Four Corners Property Trust (FCPT) announced the purchase of an automotive service property for $4.8 million leased to a national operator. This reflects the company’s diversification efforts to do away with portfolio concentration and industry-specific risks.The property is located in the highly trafficked corridor in Texas and is corporate-operated under long-term, triple-net leases. The transaction was priced at a cap rate in line with prior F ...

Four Corners Property Trust (FCPT) recently expanded its portfolio with the acquisition of a Burger King property in Virginia for $1.7 million. Located in a strong retail corridor, this property is secured under a corporate long-term, triple net lease with roughly 13 years of term remaining, offering a capitalization rate of 7.0% on rent as of the closing date, exclusive of transaction costs.This acquisition marks the culmination of a robust year for FCPT, bringing its total real estate acquisitions in 2024 ...

To diversify its portfolio, Four Corners Property Trust (FCPT) announced the acquisition of six Christian Brothers Automotive properties for $24.8 million. The strategic buyout will ensure steady and stable revenues and foster future growth.The company acquired the above properties through sale-leaseback in the highly trafficked corridors of Georgia (two), Indiana (two), Florida (one) and Illinois (one). The advantageous locations of these properties offer favorable demographics, boosting the resilience of ...

Four Corners Property Trust (FCPT) announced the acquisition of nine American Family Care properties for $21.2 million. This is in addition to the buyout of a series of properties announced by FCPT in the current month. It amplifies its vision of structuring a diversified portfolio, which will help it generate steady revenues over the long run.American Family Care is a quality-driven healthcare provider that offers a bouquet of services, such as urgent care, family care and primary care, across its portfoli ...

Four Corners Property Trust (FCPT) has announced the purchase of five Outback Steakhouse properties for $19.7 million, continuing its spree of strategic acquisitions. This move strengthens FCPT's portfolio and provides a steady income stream, benefiting the business and stockholders.Located in strong retail corridors across Texas, Florida and Missouri, the properties are operated under long-term net leases. Priced at a cap rate in range with prior FCPT transactions, the properties add a reliable stream of i ...