FCPT Q2 2024 rental revenue $58.5M (+10.8% YoY); FFO $0.41 per share, up $0.01

Four Corners Property Trust, Inc.

2024-Q2 EPS reported $0.53 revenue$132,946,000

Net income $24.7M ($0.27 diluted EPS), flat YoY; FFO $0.41 diluted share (up $0.01 YoY).
Acquired 17 properties for $45.5M at 7.2% initial cash yield; portfolio 99.6% occupied, 7.4 yr WALT.
Rent collections at 99.8% for Q2; dividend declared $0.345/share (unchanged).
Net debt to adjusted EBITDA 5.7x; liquidity $240M incl $223M undrawn revolver.
Cash G&A 7.4% of cash rental income ($4.3M) vs 7.7% in Q2 2023.

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