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]

Acquisition and Investment Strategy - In Q4 2024, FCPT acquired 45 properties for $133 million at a 7.0% cap rate, marking one of the busiest investment quarters in the company's history[13] - The company has maintained a selective acquisition strategy, focusing on properties with low rent and strong credit profiles[60] - FCPT has avoided sectors with zero ABR exposure, including pharmacies, entertainment, and gyms, ensuring a focused investment approach[63] - FCPT targets auto service centers and has made select investments in gas stations and convenience stores, focusing on properties that remain relevant with higher electric vehicle utilization[77] Financial Performance - Net income for Q4 2024 was $26,207,000, an increase from $24,459,000 in Q4 2023, representing a growth of 7.1%[127] - Total rental revenue for Q4 2024 reached $60,734,000, up from $57,614,000 in Q4 2023, indicating a year-over-year increase of 3.7%[128] - Funds From Operations (FFO) for Q4 2024 was $40,267,000, compared to $37,455,000 in Q4 2023, reflecting a growth of 4.8%[130] - Adjusted Funds From Operations (AFFO) for Q4 2024 amounted to $42,752,000, an increase from $38,915,000 in Q4 2023, showing a rise of 9.5%[130] - Annualized Adjusted EBITDAre for 2024 was $211,118,000, compared to $199,938,000 in 2023, marking an increase of 5.6%[127] - The company reported a total rental revenue of $237,134,000 for the full year 2024, compared to $219,881,000 in 2023, reflecting an increase of 7.8%[128] Portfolio Composition and Tenant Quality - FCPT's portfolio consists of 1,220 leases across 163 brands, achieving a 99.6% occupancy rate and a 4.9x tenant EBITDAR coverage[14] - The average annual escalator for leases is 1.4%, with a 7.3-year average lease term[14] - The company has diversified its portfolio, reducing Darden concentration to 48% from 100% at inception, with Olive Garden and LongHorn representing 34% and 10% of the portfolio, respectively[13] - 56% of the portfolio is investment grade by Annual Base Rent (ABR)[41] - Olive Garden represents 34.2% of the total ABR, with 314 locations contributing to a significant portion of revenue[42] - Darden Restaurants account for approximately 48% of the rent roll by ABR, showcasing strong tenant credit with $11 billion in revenue[51] - The median brand sales volume of the top 25 brands in the portfolio is $2.9 billion, indicating robust performance across the board[45] - FCPT's restaurant exposure is concentrated in large brands, with a focus on sustainable tenant rents and superior EBITDAR/rent coverage[66] Financial Stability and Liquidity - FCPT's total liquidity exceeds $345 million, with 100% of assets unencumbered[14] - The company has maintained a conservative leverage ratio of 4.9x net debt to adjusted EBITDAre, inclusive of undrawn equity forwards[14] - 93% of FCPT's debt is fixed rate, minimizing floating rate exposure and enhancing financial stability[98] - The company has a significant liquidity profile, including a $350 million revolver availability and a conservative dividend payout ratio of approximately 80% of AFFO[100] - FCPT's leverage target is between 5.5x and 6.0x, with historical leverage consistently below this range, demonstrating disciplined financial management[101] Rent Collection and Performance Metrics - Rent collections have consistently remained high, with Q4 2024 at 99.8%[35] - Tenant EBITDAR coverage ratio is calculated by dividing the most recently reported EBITDAR by annual in-place cash base rent, providing insight into tenant performance[121] - The occupancy rate is based on portfolio square footage, indicating a historically tight leasing market keeping vacancy low[142] - The company achieved a 92% rent collection rate in Q2 2020, with 4% abated and 3% deferred, leading to a total collection of 98.8% including deferred rent[144] Strategic Focus and Sector Avoidance - FCPT has avoided problem net lease subsectors, including theaters and pharmacies, focusing on e-commerce resistant tenants[13] - The company does not pursue high-acuity care facilities such as hospitals or skilled nursing facilities, maintaining a focus on lower-cost, retail-centric care centers[89] - FCPT focuses on mature, national brands with significant scale, avoiding high-yield dining concepts that do not match its core portfolio[69] - The company has 168 leases, accounting for 11% of annual base rent, primarily in casual dining and quick service sectors[74] - FCPT's medical retail exposure is concentrated on outpatient services, which are e-commerce and recession resistant, with a focus on urgent care and primary care[86]

Core Viewpoint - Four Corners Property Trust (FCPT) continues its acquisition strategy, purchasing an automotive service property for $4.8 million, reflecting its efforts to diversify its portfolio and mitigate industry-specific risks [1][2]. Group 1: Recent Acquisitions - The newly acquired property is situated in a high-traffic area in Texas and is leased to a national operator under long-term, triple-net leases [2]. - FCPT has been actively acquiring properties, with a total of 87 acquisitions in 2024, amounting to approximately $265 million in investments [4]. - The company previously acquired a Burger King property in Virginia for $1.7 million, marking a successful year for its acquisition strategy [4]. Group 2: Financial Performance and Market Position - FCPT's shares have increased by 0.8% over the past six months, contrasting with a 2.7% decline in the broader industry [6]. - The Zacks Consensus Estimate for FCPT's 2024 funds from operations (FFO) per share has been revised down by 1.7% to $1.69 [6]. - In comparison, other REITs like Welltower and Terreno Realty have seen positive adjustments in their 2024 FFO estimates, indicating a more favorable outlook for those companies [7][8]. Group 3: Strategic Vision - FCPT aims to create a diversified portfolio that ensures a consistent revenue stream, although it may face challenges due to high-interest rates affecting borrowing costs [5].

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 ...

Core Viewpoint - Four Corners Property Trust (FCPT) is diversifying its portfolio through the acquisition of six Christian Brothers Automotive properties for $24.8 million, aiming for steady revenues and future growth [1]. Group 1: Recent Acquisitions - FCPT has acquired six properties located in Georgia (two), Indiana (two), Florida (one), and Illinois (one) through sale-leaseback, benefiting from advantageous locations and favorable demographics [6]. - The company also purchased a corporate-operated triple-net leased National Veterinary Associates property in Connecticut for $3.5 million, which includes provisions for annual rental increments [10]. - In December, FCPT announced the acquisition of nine American Family Care properties for $21.2 million, two Riverview Health properties for $13.5 million, a MercyOne outpatient clinic property in Iowa for $2.8 million, and a P.F. Chang's bistro property in Illinois for $4.8 million [11]. Group 2: Financial Performance and Market Position - Over the past six months, FCPT's shares have increased by 11.8%, outperforming the industry growth of 3.9% [8]. - The Zacks Consensus Estimate for FCPT's 2024 funds from operations (FFO) per share has been lowered marginally to $1.72 over the past two months, indicating a bearish outlook from analysts [8].

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 ...

Extrapolation is a dangerous tendency in the stock market, and Four Corners (NYSE:FCPT) seems to be priced with extrapolation in mind. The restaurant REIT has put together a strong track record of steady, medium-paced growth and with a 16X forward multiple, it seems the market is extrapolating its history. S&P Global Market Intelligence While we believe FCPT is a reasonably well-managed company, it has been operating in an easy-mode environment for most of its history. An inflection point is coming to the ...