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Sep 30, 2020
FCPT Q3 2020 Earnings Report
FCPT reported third quarter results with increased rental revenue and net income.
Key Takeaways
Four Corners Property Trust (FCPT) announced strong Q3 2020 results, with over 99% of contractual rent collected. Rental revenue increased by 10.6% year-over-year to $38.9 million, and net income attributable to common shareholders was $19.3 million, or $0.27 per diluted share. The company remained active in the acquisition market, funding growth and strengthening the balance sheet by raising over $62 million of equity via the ATM program.
Over 99% of contractual rent was collected in Q3 2020.
Rental revenue increased 10.6% year-over-year to $38.9 million.
Net income attributable to common shareholders was $19.3 million, or $0.27 per diluted share.
18 properties were acquired for $48.0 million at a 6.3% initial weighted average cash yield.
Revenue by Segment
Forward Guidance
FCPT believes there is a unique opportunity to acquire vacant restaurant properties and convert them into new stores for strong brands.
Positive Outlook
- Strategic venture with Lubert-Adler could invest as much as $150 million.
- FCPT may invest up to $20 million in the venture.
- FCPT can purchase properties from the venture for its long-term portfolio.
- The venture will focus on re-tenanting vacant buildings with credit-worthy operators.
- Acquiring vacant restaurant properties in high quality real estate locations.
Challenges Ahead
- The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence.
- Scope, severity and duration of the pandemic.
- Actions taken to contain the pandemic or mitigate its impact.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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