Four Corners Property Trust, Inc. (NYSE:FCPT) Q1 2022 Earnings Conference Call April 27, 2022 11:00 AM ET
Company Participants
Gerry Morgan - CFO
Bill Lenehan - President & CEO
Patrick Wernig - Director of Acquisitions
Conference Call Participants
Nate Crossett - Berenberg
Anthony Paolone - JPMorgan
Wes Golladay - Baird
John Massocca - Ladenburg Thalmann
Sheila McGrath - Evercore
Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.
Operator
00:05 Hello and a warm welcome to the FCPT First Quarter 2022 Financial Results Conference Call. My name is Lydia, and I'll be your operator today. [Operator Instructions]
00:21 It's my pleasure to now hand you over to our host, Gerry Morgan. Please go ahead.
Gerry Morgan
0:29 Thank you, Lydia. During the course of this call, we will be making 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 COVID-19 pandemic that are beyond our control. Our assumptions are not a guarantee of future performance and some will prove to be incorrect.
00:48 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 April 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 our website.
01:13 And with that, I'll turn the call over to Bill.
Bill Lenehan
01:14 Thank you, Jerry. Good morning. Thank you for joining us to discuss our first quarter results. I am going to make introductory remarks. Patrick Wernig will review some details around our acquisitions and the pipeline. And then, Gerry will discuss the financial results.
01:26 In summary, we continue to have industry-leading collections at 99.7% for the quarter and occupancy remained at 99.9%. Our restaurant and other retail tenants are experiencing topline performance often above 2019 pre-pandemic levels. We also acquired 18 properties in the first quarter, characterized by low rents and high quality tenants, and we remained highly confident where aligned our portfolio with best-in-class operators at attractive rent levels. We reported first quarter AFFO of $0.41 per share, which represents an 8% increase year-over-year.