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Mar 31, 2020
FCPT Q1 2020 Earnings Report
FCPT reported strong first quarter operating results amidst the coronavirus pandemic, with solid rent collectability and a healthy balance sheet.
Key Takeaways
Four Corners Property Trust (FCPT) announced its financial results for the first quarter of 2020, showing a 10.3% increase in rental revenue to $37.7 million and net income attributable to common shareholders of $19.3 million, or $0.27 per diluted share. The company acquired 23 properties for $36.2 million. They had $162.5 million in available liquidity, and declared a dividend of $0.305 per common share. However, the COVID-19 pandemic's impact on tenants is uncertain, with rent relief requests received from substantially all of the portfolio.
Rental revenue increased by 10.3% year-over-year to $37.7 million.
Net income attributable to common shareholders was $19.3 million, or $0.27 per diluted share.
Acquired 23 properties for a combined purchase price of $36.2 million.
Declared a dividend of $0.305 per common share for the first quarter of 2020.
FCPT
FCPT
FCPT Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comRestaurant Revenue
CapyFin.com Forward Guidance
Due to the uncertainty surrounding the COVID-19 pandemic, the impact on rental revenue for the second quarter of 2020 and thereafter cannot be determined at this time, and the comparability of the Company’s results of operations for the three months ended March 31, 2020, to future periods may be significantly impacted.
Positive Outlook
- Adapted operations to protect employees with a work from home policy.
- IT systems enabled the team to work successfully despite restrictions.
- Approximately $150 million in cash and cash equivalents as of May 5, 2020, excluding additional Notes.
- Additional $72 million available under the unsecured revolving credit facility.
- No unsecured debt maturing until the revolving credit facility expires in November 2021.
Challenges Ahead
- The impact of the COVID-19 pandemic on rental revenue for the second quarter of 2020 and thereafter cannot be determined.
- Comparability of the Company’s results of operations for the three months ended March 31, 2020 to future periods may be significantly impacted by the effects of the outbreak of the COVID-19 pandemic.
- Received short-term rent relief requests from substantially all of the portfolio.
- Paused on making additional property acquisitions.
- Worked with counterparties to postpone closings until additional clarity on overall business conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income