Four Corners Property Trust, Inc. (NYSE:FCPT) Q1 2024 Earnings Conference Call May 2, 2024 11:00 AM ET
Company Participants
Patrick Wernig - Managing Director, Acquisitions
Bill Lenehan - Chief Executive Officer
Josh Zhang - Former Vice President, Acquisitions
Gerry Morgan - Chief Financial Officer
Conference Call Participants
Anthony Paolone - JPMorgan
Wes Golladay - Baird
R.J. Milligan - Raymond James
Jim Kammert - Evercore
Operator
Welcome to the FCPT First Quarter 2024 Financial Results Conference Call. My name is Carla, and I will be coordinating your call today. [Operator Instructions] I will now like to hand you over to Patrick Wernig. Patrick, please go ahead.
Patrick Wernig
Thank you, Carla. 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 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, May 2, 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.
With that, I'll turn the call over to Bill.
Bill Lenehan
Good morning. Thank you for joining us to discuss our first quarter results. I will make introductory remarks and Patrick, Josh, and Gerry will comment further on the acquisition market and our financial results and capital position. We reported first quarter AFFO of $0.43 per share, which is $0.02 or 4.9%, up from Q1 last year. Our existing portfolio continues to perform very well, with 99.7% rent collections for the quarter and 99.6% occupancy at quarter end. Our EBITDAR to rent coverage in the first quarter was 4.9 times for the significant majority of our portfolio that reports this figure. This remains amongst the strongest coverage within the net lease industry.
According to Baird Research, year-over-year sales for the restaurant sector as a whole remained positive in the first quarter in the 4% range after flat results in January, which was impacted by bad weather. Similar to last quarter, casual dining saw small declines off strong levels in the prior year period. Darden reported a 1.8% decline in same-store sales for Olive Garden and a 2.3% increase for Longhorn for the quarter ending February 25th.