Four Corners Property Trust, Inc. (NYSE:FCPT) Q4 2023 Results Conference Call February 15, 2024 11:00 AM ET
Company Participants
Gerry Morgan - Chief Financial Officer
Bill Lenehan - Chief Executive Officer
Patrick Wernig - Managing Director, Acquisitions
Joshua Zhang - Former Vice President, Acquisitions
Conference Call Participants
Anthony Paolone - JPMorgan
Connor Siversky - Wells Fargo
Operator
Hello, and welcome to the FCPT Fourth Quarter 2023 Financial Results Conference Call. My name is Elliott, and I'll be coordinating your call today. [Operator Instructions]
I'd now like to hand over to Gerry Morgan. The floor is yours. Please go ahead.
Gerry Morgan
Thank you, Elliott. 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 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.
All of the information presented on this call is current as of today, February 15, 2024. 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
Thank you, Gerry. Good morning. Thank you for joining us to discuss our fourth quarter results. I will make introductory remarks. Patrick and Josh will comment further on the acquisition market, and Gerry will conclude with the discussion of our financial results and capital position.
We reported fourth quarter AFFO of $0.43 per share, which is up $0.02 or 4.9% from Q4 last year. Our existing portfolio is performing exceptionally well with 99.8% rent collections for the quarter and 99.8% occupancy at quarter end.
FCPT had a record acquisition year with $333 million of capital deployed in 2023. That was up 16% from our full year 2022, which was also a previous record acquisition year. We are benefiting from establishing verticals in medical retail, auto services and other retail in addition to restaurants, our historical core area of focus.
These transactions were primarily funded with equity raised in late 2022 and early '23 at an average price of about $27 per share and with our June debt offering where we benefited from hedge gains to lock in a 5.4% yield to maturity. After utilizing these funds, we slowed down acquisition activity in the second half of the year to reflect the impact of higher interest rates on equity and debt sources of capital.