FCPT Q2 Rental Revenue Jumps 8%, Switches to Monthly Dividends
FCPT sits 16% above its 52-week low of $22.78.
Summary
FCPT posted Q2 rental revenue of $70M, up 8% year-over-year, with net income of $30M ($0.27/share). AFFO per share grew 1.4% to $0.45. The company announced a shift to monthly dividends, declaring $0.1222/share for each of July, August, and September. This follows the July closing of the $268M Mission Pet Health portfolio acquisition—the largest in company history—and a recent credit facility expansion to $1.15B. The portfolio now spans 1,336 properties with Darden exposure reduced to ~41% of rent. Liquidity stands at $525M with no ATM equity sales this year, supporting further growth. The Q2 rental revenue rise was helped by the acquisition of 23 properties.
At the time of this announcement, FCPT was trading at $26.33 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $2.9B. The 52-week trading range was $22.78 to $26.86. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.