Four Corners Property Trust Inc (FCPT) has reported a 450.90 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $32.48 million, or $0.54 a share in the quarter, compared with $5.90 million, or $0.24 a share for the same period last year.
Revenue during the quarter surged 60.73 percent to $31.27 million from $19.45 million in the previous year period.
Cost of revenue rose 25.24 percent or $0.86 million during the quarter to $4.25 million. Gross margin for the quarter expanded 386 basis points over the previous year period to 86.40 percent.
Total expenses were $12.03 million for the quarter, up 43.13 percent or $3.63 million from year-ago period. Operating margin for the quarter expanded 473 basis points over the previous year period to 61.52 percent.
Operating income for the quarter was $19.24 million, compared with $11.05 million in the previous year period.
Revenue from real estate activities during the quarter surged 77.59 percent or $11.74 million to $26.88 million.
Bill Lenehan chief executive officer stated, “After the initiation of acquisition activity in the second and third quarter, we closed on a significant level of new investments in the fourth quarter consistent with our goal to grow and diversify from our strong initial Darden portfolio. With the initiation of an ATM equity program and the receipt of an investment grade rating of BBB- from Fitch, we also have begun to broaden our access to capital.
Investments stood at $0.84 million as on Dec. 31, 2016, up 407.27 percent or $0.67 million from year-ago.
Total assets went up marginally by 0.83 percent or $7.71 million to $937.15 million on Dec. 31, 2016. On the other hand, total liabilities were at $467.03 million as on Dec. 31, 2016, down 4.26 percent or $20.76 million from year-ago.
Return on assets moved up 294 basis points to 3.82 percent in the quarter. At the same time, return on equity moved up 557 basis points to 6.91 percent in the quarter.
Debt moves up
Total debt was at $438.90 million as on Dec. 31, 2016, up 11.88 percent or $46.59 million from year-ago. Shareholders equity stood at $470.12 million as on Dec. 31, 2016, up 6.45 percent or $28.48 million from year-ago. As a result, debt to equity ratio went up 5 basis points to 0.93 percent in the quarter.
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