Four Corners Property Trust (FCPT) Reports In-Line Q3 EPS

Four Corners Property Trust (NYSE: FCPT) reported Q3 EPS of $0.27, in-line with the analyst estimate of $0.27.

“We are very gratified with our third quarter results and in particular with the high collection level of over 99% of contractual rent collections in the quarter which has continued into October,” said CEO Bill Lenehan. “We remained quite active in the acquisition market by focusing on properties in our pipeline with strong tenants and attractive locations, and were able to fund that growth and strengthen our balance sheet by raising over $62 million of equity via the ATM program in the quarter.”

Mr. Lenehan further commented, “On October 5th, we announced a new strategic venture with Lubert-Adler to acquire vacant retail real estate that will be principally re-tenanted with credit-worthy operators expanding their store count. This venture allows us to prudently apply our expertise in collaboration with an experienced partner that has deep tenant relationships. This venture could help our tenants, keep retail areas vibrant and potentially lead to a future pipeline for our core business at attractive economics.”

For earnings history and earnings-related data on Four Corners Property Trust (FCPT) click here.

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