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Dec 31, 2022
FCPT Q4 2022 Earnings Report
FCPT experienced a strong Q4 with high acquisition levels and the portfolio performed well.
Key Takeaways
FCPT reported a 10.2% increase in rental revenue for Q4 2022, reaching $50.1 million. Net income attributable to common shareholders was $22.9 million, or $0.27 per diluted share. The company acquired 42 properties for $119.6 million and sold one property for $4.9 million.
Rental revenue increased by 10.2% year-over-year to $50.1 million.
Net income attributable to common shareholders was $22.9 million, or $0.27 per diluted share.
AFFO per diluted share was $0.41, consistent with the same quarter in 2021.
The company acquired 42 properties for a combined purchase price of $119.6 million.
Revenue by Segment
Forward Guidance
The company is well-positioned to continue pursuing quality restaurant and other retail property acquisition opportunities in 2023.
Positive Outlook
- Continue pursuing quality restaurant and other retail property acquisition opportunities in 2023.
- FCPT amended its credit facility to convert from LIBOR to SOFR borrowings.
- Extended and increased term loans of $50 million maturing in 2023 and $100 million maturing in 2024 to a $90 million term loan maturing in 2027 and a $90 million term loan maturing in 2028.
- Raised an incremental $30 million to fund investment activity.
- FCPT has $75 million of forward interest rate swaps in place, effectively fixing the Treasury base rate at approximately 2.6% for this amount of our next long-term unsecured debt issuance in 2023.
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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