Four Corners Property Trust, Inc. (NYSE:FCPT) Q3 2024 Results Conference Call October 31, 2024 11:00 AM ET

Company Participants

Patrick Wernig - Manager, Investor Relations
William Lenehan - Chief Executive Officer
Joshua Zhang - Director, Acquisitions

Conference Call Participants

Anthony Paolone - JPMorgan
John Kilichowski - Wells Fargo
Mitch Germain - Citizens JMP
Wesley Golladay - Baird
Jim Kammert - Evercore
Sean Hostert - Net Lease Observer

Operator

Good morning all and thank you for joining us for the FCPT Third Quarter 2024 Financial Results Conference Call. My name is Carly. I'll be coordinating your call today. [Operator Instructions]

And now I'd like to hand over to your host, Patrick Wernig to begin. The floor is yours.

Patrick Wernig

Thank you, Carly. 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 may prove to be incorrect. For a more detailed description of some 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, October 31, 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 will turn the call over to Bill.

William Lenehan

Good morning. Thank you for joining us to discuss our third quarter results. I will make introductory remarks. Josh will comment further on the investment market, and Patrick will discuss our financial results and capital position.

I'd like to start today's call on a theme which we've spent a lot of time internally over the past year, investment discipline. When the net lease industry saw its cost of capital rise in 2023, we paused external growth. We focused on accretion and declined to go out on the risk spectrum to make the math pencil at the cost of diluting our portfolio quality. We were patient. We didn't cut team resources, and we were confident when the market shifted back, we'd be ready to return to growth.

This past quarter saw our cost of capital on both the debt and equity side drop. And so we turned the acquisition machine back on with as much bigger as we turned it off. We raised over $224 million in equity. And today, we have $100 million in equity forward, full capacity on the revolver and the lowest leverage we've had in nearly 5 years. We are excited about the outlook for Q4 and next year.