FCPT Q1 2022 rental revenue $46.9M (+12.9% YoY); FFO per share $0.40; Fitch upgrade to BBB

Four Corners Property Trust, Inc.

2022-Q1 EPS reported $0.28 revenue$54,397,000

Net income $22.3M ($0.28 diluted EPS) vs $20.6M ($0.27) in Q1 2021.
NAREIT FFO per dilute share $0.40; AFFO per dilute share $0.41, both up $0.03 YoY.
Acquired 18 properties for $42.0M at 6.7% initial cash yield; portfolio 99.9% occupied.
Raised ~$61M via ATM forward sale (2.236M shares at $27.28); issued $125M notes at 3.10%.
Fitch upgraded FCPT to BBB (stable outlook); net debt/EBITDAre 5.7x; dividend $0.3325/share.

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