Four Corners Property Trust (FCPT) has reported 13,629.73 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $15.24 million in the quarter, compared with $0.11 million for the same period last year.
Revenue during the quarter surged 598.30 percent to $30.82 million from $4.41 million in the previous year period.
Cost of revenue rose 5.38 percent or $0.22 million during the quarter to $4.31 million. Gross margin for the quarter expanded 7866 basis points over the previous year period to 86.02 percent.
Total expenses were $15.52 million for the quarter, up 261.36 percent or $11.23 million from year-ago period. Operating margin for the quarter expanded 4697 basis points over the previous year period to 49.62 percent.
Operating income for the quarter was $15.29 million, compared with $0.12 million in the previous year period.
Revenue from real estate activities during the quarter was at $26.37 million.
Chief executive officer Comments:
Bill Lenehan stated, "During the third quarter we closed on our initial acquisitions and continued to build a significant acquisition pipeline. We are partnering with established, creditworthy tenants operating leading national quick service and casual dining brands that will provide diversification and growth on top of our high-quality existing portfolio. As we near our one-year anniversary as a standalone company, we are pleased with the progress we have made in building our team and executing on our strategy."
Investments stood at $9.30 million as on Sep. 30, 2016.
Total assets grew 5.28 percent or $43.42 million to $866.38 million on Sep. 30, 2016. On the other hand, total liabilities were at $427.02 million as on Sep. 30, 2016, up 444.30 percent or $348.57 million from year-ago.
Return on assets moved up 175 basis points to 1.76 percent in the quarter. At the same time, return on equity moved down 1109653 basis points to 3.47 percent in the quarter.
Total debt was at $393.50 million as on Sep. 30, 2016. Shareholders equity stood at $439.36 million as on Sep. 30, 2016, up 43,936,300 percent or $439.36 million from year-ago. Meanwhile, debt to equity ratio was at 0.90 percent in the quarter.
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