Four Corners Property Trust, Inc. (NYSE:FCPT) Q4 2022 Earnings Conference Call February 16, 2023 11:00 AM ET
Company Participants
Gerry Morgan - CFO
Bill Lenehan - CEO
Patrick Wernig - MD, Acquisitions
Conference Call Participants
Rob Stevenson - Janney
John Massocca - Ladenburg Thalmann
Operator
Ladies and gentlemen welcome to the FCPT Fourth Quarter 2022 Financial Results Conference Call. My name is Glen, and I’ll be the moderator for today’s call. [Operator Instructions]
I will now hand over to your host Gerry to begin. Gerry, please go ahead.
Gerry Morgan
Thank you Glen. During the course of this call, we will make forward-looking statements which are based on beliefs and assumptions made by us. Our 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, February 16, 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. Also on our website.
And with that, I’ll turn the call over to Bill.
Bill Lenehan
Thank you, Gerry. Good morning. Thank you for joining us to discuss our fourth quarter results. I am going to make introductory remarks, Patrick will review some details around acquisitions in the pipeline, and then Gerry will discuss the financial and capital raising results.
The existing portfolio continued to perform exceptionally well 99.9% collections for the year ended December 31 and occupancy remaining at 99.9%. We reported fourth quarter AFFO $0.41 per share, and $1.64 per share for the full year, which represents 5% growth for 2022 over 2021.
We grew cash rental revenues 11.4% on a year-over-year basis, including the benefit of rental increases, and $286 million of acquisitions in 2022. This included the acquisition of 42 properties in the fourth quarter for 120 million at an initial cash yield of 6.6% reflecting rents in place as of December 31. 33 of the 42 acquired properties are corporate operated, and we remain highly confident we are aligning our portfolio with best in class operators at attractive rent levels. Patrick will discuss the current investment environment in more detail, but in the fourth quarter we continue to see acquisition pricing improve in response to the higher cost of capital environment.