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Four Corners Property Trust Inc. (FCPT+1.23%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $268.1 million, up from $250.6 million in the previous year. Rental revenue increased to $237.1 million from $219.9 million, primarily due to the acquisition of 87 properties.
Operating expenses totaled $118.9 million, compared to $113.7 million the previous year. This increase was due to higher general and administrative expenses and depreciation.
Net income for the year was $100.6 million, compared to $95.5 million in 2023. After accounting for noncontrolling interests, net income available to common shareholders was $100.5 million.
The company reported funds from operations (FFO) of $154.9 million, up from $143.7 million in 2023. Adjusted funds from operations (AFFO) were $162.8 million, compared to $148.7 million the previous year.
FCPT's real estate portfolio consisted of 1,198 properties across 47 states, with a 99.6% occupancy rate. The average remaining lease term was 7.3 years.
The company engaged in various real estate transactions totaling $273.0 million in 2024, acquiring 87 properties.
FCPT's debt consisted of $515 million in term loans and $625 million in senior unsecured fixed rate notes. The company maintained a revolving credit facility with a borrowing capacity of $245.0 million.
The company operates in two segments: real estate operations and restaurant operations. Real estate operations generated rental income, while restaurant operations included the management of seven LongHorn Steakhouse restaurants.
FCPT continues to focus on acquiring additional restaurant and retail properties to diversify its portfolio and reduce reliance on its primary tenant, Darden Restaurants, Inc.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Four Corners Property Trust Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.