Four Corners Property Trust, Inc. (NYSE:FCPT) Q2 2022 Earnings Conference Call July 27, 2022 11:00 AM ET
Company Participants
Gerry Morgan - CFO
Bill Lenehan - President & CEO
Patrick Wernig - Director of Acquisitions
Conference Call Participants
Sheila McGrath - Evercore
Anthony Paolone - JP Morgan
RJ Milligan - Raymond James
John Massocca - Ladenburg Thalmann
Wes Golladay - Baird
Operator
Hello everybody, and welcome to the FCPT Second Quarter 2022 Financial Results Conference Call. My name is Sam, and I'll be coordinating your call today. [Operator Instructions]
I will now hand you over to your host Gerry to begin. Gerry, please go ahead.
Gerry Morgan
Thank you, Sam. 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, including uncertainty related to the remaining scope, severity, and duration of the COVID-19 pandemic 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 at fcpt.com. All the information presented on this call is current as of today, July 27, 2022.
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 available on the 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 second quarter results. I'm going to make some introductory remarks, Patrick will review some details around acquisitions and the pipeline, and then Gerry will discuss the financial results.
The existing portfolio continues to perform exceptionally well with collections at 99.9% for the quarter and our occupancy remaining at 99.9%. We reported second quarter AFFO of $0.41 per share, which represents an 8% increase year-over-year. We grew cash rental revenues over 12.5% on a year-over-year basis, including the benefit of rental increases and $274 million of acquisitions over the trailing 12 months. This included the acquisition of 26 properties in the second quarter for $54 million at an initial cash yield of 6.4%, reflecting rent credit at closing and near-term rent increases, or 6.1% on rents in place as of June 30.