Four Corners Property Trust, Inc. (NYSE:FCPT) Q3 2022 Earnings Conference Call November 2, 2022 11:00 AM ET
Company Participants
Gerry Morgan - CFO
Bill Lenehan - CEO
Patrick Wernig - MD, Acquisitions
Conference Call Participants
Tony Paolone - JPMorgan
Rob Stevenson - Janney
Wendy Ma - Evercore
John Massocca - Ladenburg Thalmann
Operator
Ladies and gentlemen, hello, and welcome to the FCPT Third Quarter 2022 Financial Results Conference Call. My name is Maxine, and I'll be coordinating the call today. [Operator Instructions].
I will now hand over to Gerry Morgan to begin. Gerry, please go ahead when you're ready.
Gerry Morgan
Thank you.
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 some 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, November 2.
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 third 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 results.
The existing portfolio continued to perform exceptionally well with rental collections at 99.8% for the quarter and occupancy remaining at 99.9%. We reported third quarter AFFO of $0.41 per share, which represents a 5% increase year-over-year.
We grew cash rental revenues 12.7% on a year-over-year basis, including the benefit of rental increases and $236 million of acquisitions over the trailing 12 months. This included the acquisition of 26 properties in the third quarter for $70 million at an initial cash yield of 6.3%, reflecting rent credits at closing and near-term rent increases or 6.2% on rents in place as of September 30. 23 of the 26 acquired properties are corporate-operated, and we remain highly confident we are aligning our portfolio with best-in-class operators at attractive rent levels. 11 of the properties were mall outparcels with strong operators, top brands, and 12 of these are ground leases, further evidencing the low rents in place.