The following is a summary of the Four Corners Property Trust, Inc. (FCPT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• FCPT's first-quarter AFFO stood at $0.43 per share, marking a 4.9% increase YoY.

• The rent collections for the quarter hit 99.7% with an end-quarter occupancy of 99.6%.

• A notable YoY growth of 12.9% was observed in FCPT's cash rental revenues for Q1.

Business Progress:

• Four properties, all in the medical retail sector, were acquired by FCPT in the quarter for a total of $15.9 million, reflecting a 6.9% cap rate.

• Through the issuance of $6.9 million of equity early in Q1 and $85 million of term loans in March, the company increased its liquidity.

• The company's portfolio expanded to include 1,137 leases, with Darden accounting for 51% of the annual base rents and restaurants accounting for 80%.

• Of the 13 leases that expired in Q1, eleven were renewed with positive renewal spreads of 12.5%, while renewals for the remaining two are currently underway.

• Key executive changes were announced with the retirement of CFO Gerry Morgan and Patrick Wernig stepping in.

• FCPT outlined their growth strategy, anticipating larger portfolio acquisition opportunities in the upturning market conditions.

More details: Four Corners Property Trust Inc IR

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