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Business Wire 23-Apr-2019 4:05 PM
Four Corners Property Trust, Inc. (("FCPT" or the "Company", NYSE:FCPT) today announced financial results for the three months ended March 31, 2019.
Management Comments
"During the first quarter, our financial results and the performance of the existing portfolio were in line with expectations, and we continued to make acquisitions to expand our high-quality portfolio," said Bill Lenehan, Chief Executive Officer. "We were also able to continue to access the equity markets and maintain a strong balance sheet with low leverage compared to our peers. We begin the second quarter well capitalized to meet expected acquisition funding needs."
Financial Results
Rental Revenue and Net Income Attributable to Common Shareholders
Funds from Operations (FFO)
Adjusted Funds from Operations (AFFO)
General and Administrative (G&A) Expense
Dividends
Portfolio Activities
Acquisitions
Liquidity and Capital Markets
Capital Raising
Cash
Credit Facility and Unsecured Note
Real Estate Portfolio
A supplemental financial and operating report that contains non-GAAP measures and other defined terms, along with this press release, has been posted to the investor relations section of the Company's website at http://investors.fcpt.com/.
Conference Call Information
Company management will host a conference call and audio webcast on Wednesday, April 24, 2019 at 11:00 am Eastern Time to discuss the results.
Interested parties can listen to the call via the following:
Internet: Go to http://services.choruscall.com/links/fcpt190424.html at least 15 minutes prior to start time of the call, in order to register and to download any necessary audio software. Please note for those that register, the dial-in number will be provided upon registration.
Phone: 1-888-346-5243 (domestic) / 1-412-317-5120 (international). Participants not pre-registered must ask to be joined into the FCPT call.
Replay: Available through August 23, 2019 by dialing 1-877-344-7529 (domestic) / 1-412-317-0088 (international), Replay Access Code 10130533.
About FCPT
FCPT is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio primarily by acquiring additional real estate to lease, on a net basis, for use in the restaurant and food industry.
Cautionary Note Regarding Forward-Looking Statements
This press release 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 the Company's intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance; and expectations regarding the making of distributions and the payment of dividends. Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company's public disclosure obligations, the Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management's current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For a further discussion of these and other factors that could cause the company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the company's most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.
Notice Regarding Non-GAAP Financial Measures:
In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the investor relations section of our website.
Supplemental Materials and Website:
Supplemental materials on the First Quarter 2019 operating results and other information on the Company are available on the investors relations section of FCPT's website at www.investors.fcpt.com.
Four Corners Property Trust |
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Consolidated Statements of Income | ||||||||
(Unaudited) | ||||||||
(In thousands, except share and per share data) | ||||||||
Three Months Ended March 31, | ||||||||
2019 |
2018 | |||||||
Revenues: | ||||||||
Rental revenue | $ | 34,208 | $ | 29,589 | ||||
Restaurant revenue | 5,393 | 5,214 | ||||||
Total revenues | 39,601 | 34,803 | ||||||
Operating expenses: | ||||||||
General and administrative | 3,946 | 3,583 | ||||||
Depreciation and amortization | 6,361 | 5,345 | ||||||
Property expenses | 308 | 86 | ||||||
Restaurant expenses | 4,983 | 4,870 | ||||||
Total operating expenses | 15,598 | 13,884 | ||||||
Net operating income | 24,003 | 20,919 | ||||||
Interest expense | (6,747 | ) | (4,855 | ) | ||||
Other income, net | 413 |
|
358 | |||||
Income tax expense | (68 | ) |
|
(58 | ) | |||
Net income | 17,601 | 16,364 | ||||||
Net income attributable to noncontrolling interest | (98 | ) | (109 | ) | ||||
Net Income Attributable to Common Shareholders |
$ | 17,503 | $ | 16,255 | ||||
Basic net income per share | $ | 0.26 | $ | 0.27 | ||||
Diluted net income per share | $ | 0.26 | $ | 0.26 | ||||
Regular dividends declared per share | $ | 0.2875 | $ | 0.2750 | ||||
Weighted-average shares outstanding: | ||||||||
Basic | 68,202,950 | 61,291,642 | ||||||
Diluted | 68,453,720 | 61,413,978 | ||||||
Four Corners Property Trust |
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Consolidated Balance Sheets |
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(In thousands, except share data) | ||||||||
|
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March 31, 2019(Unaudited) |
December 31, 2018 |
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ASSETS |
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Real estate investments: | ||||||||
Land | $ | 580,580 | $ | 569,057 | ||||
Buildings, equipment and improvements | 1,239,033 | 1,236,224 | ||||||
Total real estate investments | 1,819,613 | 1,805,281 | ||||||
Less: Accumulated depreciation | (618,258 | ) | (614,584 | ) | ||||
Total real estate investments, net | 1,201,355 | 1,190,697 | ||||||
Intangible lease assets, net | 22,464 | 18,998 | ||||||
Total real estate investments and intangible lease assets, net | 1,223,819 | 1,209,695 | ||||||
Cash and cash equivalents | 81,013 | 92,041 | ||||||
Straight-line rent adjustment | 32,501 | 30,141 | ||||||
Derivative assets | 2,999 | 5,982 | ||||||
Other assets | 9,225 | 5,239 | ||||||
Total Assets |
$ | 1,349,557 | $ | 1,343,098 | ||||
LIABILITIES AND EQUITY |
||||||||
Liabilities: | ||||||||
Long-term debt ($625,000 and $525,000 principal, respectively) | $ | 616,404 | $ | 615,892 | ||||
Dividends payable | 19,626 | 19,580 | ||||||
Rent received in advance | 8,658 | 1,609 | ||||||
Other liabilities | 15,651 | 7,053 | ||||||
Total liabilities | 660,339 | 644,134 | ||||||
Equity: | ||||||||
Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding |
- | - | ||||||
Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 68,368,264 and 68,204,045 shares issued and outstanding, respectively |
7 | 7 | ||||||
Additional paid-in capital | 637,117 | 639,116 | ||||||
Accumulated other comprehensive income | 2,341 | 5,956 | ||||||
Noncontrolling interest | 5,858 | 7,867 | ||||||
Retained earnings | 43,895 | 46,018 | ||||||
Total equity | 689,218 | 698,964 | ||||||
Total Liabilities and Equity |
$ | 1,349,557 | $ | 1,343,098 | ||||
Four Corners Property Trust |
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FFO and AFFO |
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(Unaudited) |
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(In thousands, except share and per share data) |
||||||||
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Funds from operations (FFO): |
||||||||
Net income | $ | 17,601 | $ | 16,364 | ||||
Depreciation and amortization | 6,344 | 5,317 | ||||||
Realized gain on sales of real estate | - | - | ||||||
Realized gain on exchange of real estate (1) | - | (228 | ) | |||||
FFO (as defined by NAREIT) |
$ | 23,945 | $ | 21,453 | ||||
Straight-line rent | (2,359 | ) | (2,283 | ) | ||||
Non-cash stock-based compensation | 1,214 | 1,184 | ||||||
Non-cash amortization of deferred financing costs | 513 | 455 | ||||||
Other non-cash interest income | (3 | ) | (5 | ) | ||||
Non-real estate investment depreciation | 17 | 13 | ||||||
Amortization of above and below market leases, net | 12 | 15 | ||||||
Adjusted Funds from Operations (AFFO) |
$ | 23,339 | $ | 20,832 | ||||
Fully diluted shares outstanding (2) | 68,802,268 | 61,823,298 | ||||||
FFO per diluted share |
$ | 0.35 | $ | 0.35 | ||||
AFFO per diluted share |
$ | 0.34 | $ | 0.34 | ||||
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(1) | Non-cash gain recognized for GAAP purposes on the transfer of nonfinancial assets related to an excess land parcel exchange. |
(2) | Assumes the issuance of common shares for OP units held by non-controlling interest. |
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