Four Corners Property Trust, Inc. (NYSE:FCPT) Q3 2023 Earnings Conference Call November 2, 2023 11:00 AM ET
Company Participants
Gerald Morgan - Chief Financial Officer
Bill Lenehan - Chief Executive Officer
Patrick Wernig - Mananging Director, Acquisitions
Joshua Zhang - Former Vice President, Acquisitions
Conference Call Participants
Rob Stevenson - Janney Montgomery Scott
Anthony Paolone - JPMorgan
Jim Kammert - Evercore
Connor Siversky - Wells Fargo
Operator
Hello and welcome to the FCPT Third Quarter 2023 Financial Results Conference Call. My name is Lauren, and I will be the operator for today's call. There will be an opportunity for questions at the end of the presentation. [Operator Instructions]
I would now hand you over to your host, Gerry, to begin. Gerry, please go ahead.
Gerald Morgan
Thank you, Lauren. 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 inaccurate. For a more detailed description of some potential risks, please see our SEC filings, which can be found at fcpt.com. All the information presented on this call is current as of today, November 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.
Bill Lenehan
Good morning. Thank you for joining us to discuss our third quarter results. I'm going to make introductory remarks. Patrick and Josh will comment further on the acquisition market, and then Gerry will discuss our financial results and capital position.
We reported third quarter AFFO of $0.42 per share, which is up a cent from our Q3 last year and in line with expectation. Our existing portfolio is performing exceptionally well with 99.9% rent collections for the quarter and 99.8% occupancy at quarter end. FCPT has had a record acquisition year already with $322 million of capital deployed year-to-date that is up 13% from the full-year 2022, which was also a record acquisition year. We continue to see benefits of our investments in our people and the platform's capacity.
These transactions were funded with equity raised in late 2022 and early 2023 at an average price above $27 per share and with our June debt offering where we benefited from hedge gains to lock in a 5.4% yield to maturity. Year-over-year sales for the restaurant sector as a whole remain positive in the third quarter in the 3% range according to Baird Research although the casual dining sector is seeing small declines off of a strong 2022. Garden was a standout from that trend, reporting same-store sales growth of 6.1% and 8.1% for Olive Garden and Longhorn respectively.