Four Corners Property Trust, Inc. (NYSE:FCPT) Q2 2023 Earnings Conference Call August 2, 2023 11:00 AM ET

Company Participants

Gerald Morgan - CFO

William Lenehan - President, CEO & Director

Patrick Wernig - MD, Acquisitions

Joshua Zhang - Former VP, Acquisitions

Conference Call Participants

Anthony Paolone - JPMorgan Chase & Co.

Robert Stevenson - Janney Montgomery Scott

Wesley Golladay - Robert W. Baird & Co.

James Kammert - Evercore ISI

Operator

Good morning and welcome to the FCPT Second Quarter 2023 Financial Results Conference Call. My name is Carla, and I will be the operator for today's call. [Operator Instructions].

I would now like to pass the conference over to our host, Gerry, to begin. Please go ahead when you're ready.

Gerald Morgan

Thank you, Carla. During the course of this call, we will make forward-looking statements, which are based on our beliefs and assumptions. Actual results will be affected by known and unknown factors that are beyond our control or ability to predict. Our assumptions are not a guarantee of future performance, and some will prove to be incorrect. For a more detailed description of potential risks, please refer to our SEC filings, which can be found on our website at fcpt.com. All the information presented on this call is current as of today, August 2, 2023. In addition, reconciliation to non-GAAP financial measures presented on this call such as FFO and AFFO can be found in the company's supplemental report.

And with that, I'll turn the call over to Bill.

William Lenehan

Thank you, Gerry. Good morning. Thank you for joining us to discuss our second quarter results. I am going to make introductory remarks, Patrick and Josh will give more details on acquisitions, and then Gerry will discuss the financial and capital raising results.

While commercial real estate as a whole is facing challenges, FCPT specifically is very well positioned. Our portfolio continues to perform exceptionally well with 99.7% collections for the quarter and occupancy at 99.9%. We reported second quarter AFFO of $0.42 per share, which is up $0.01 from Q2 last year and the first quarter of this year. Our casual dining and quick-service tenants continue to perform very well, which along with our low rent levels, provides us ample support to continue growing our dividend. Our EBITDAre to rent coverage in the second quarter was 4.8x for the significant majority of our portfolio that reports this figure. This is amongst the strongest coverage within the net lease industry.