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Dec 31, 2024
FCPT Q4 2024 Earnings Report
FCPT reported increased rental revenue and net income for the fourth quarter of 2024, alongside strategic acquisitions and capital raising activities.
Key Takeaways
FCPT demonstrated strong financial performance in Q4 2024, with rental revenue increasing by 5.3% to $60.7 million and net income attributable to common shareholders reaching $26.2 million. The company successfully acquired $132.5 million in properties during the quarter and maintained a high rent collection rate of 99.4%.
Rental revenue for Q4 2024 increased by 5.3% year-over-year to $60.7 million.
Net income attributable to common shareholders for Q4 2024 was $26.2 million, or $0.27 per diluted share.
FCPT acquired 45 properties for $132.5 million in Q4 2024, with a weighted average cash yield of 7.0%.
The company maintained a high rent collection rate of 99.4% for the quarter ending December 31, 2024.
Revenue by Segment
Forward Guidance
FCPT has strengthened its financial position through recent capital markets activities, including increasing revolver capacity and refinancing term loans, which will support continued AFFO growth and provide flexibility for future acquisitions.
Positive Outlook
- Revolver capacity increased by $100 million to $350 million, boosting liquidity.
- Refinanced term loan increased by $75 million to $225 million, extending debt maturities.
- Equity issuance of $2.5 million further enhanced liquidity.
- Credit Facility extension and upsizing in January provides significant capital for future growth.
- The Term Loan was used to pay down $150 million of loans maturing in November 2025, improving debt maturity profile.
Challenges Ahead
- The market remains volatile, which could impact future investment opportunities.
- While liquidity has been boosted, the company still carries a significant amount of outstanding debt.
- Future acquisitions are subject to market conditions and availability of suitable properties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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