Four Corners Property Trust, Inc (FCPT) has reported 83.54 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $15.52 million, or $0.26 a share in the quarter, compared with $94.28 million, or $1.61 a share for the same period last year. Revenue during the quarter grew 5.33 percent to $32.71 million from $31.05 million in the previous year period.
Cost of revenue went down marginally by 0.64 percent or $0.03 million during the quarter to $4.67 million. Gross margin for the quarter expanded 86 basis points over the previous year period to 85.73 percent.
Total expenses were $12.94 million for the quarter, down 1.98 percent or $0.26 million from year-ago period. Operating margin for the quarter expanded 295 basis points over the previous year period to 60.44 percent.
Operating income for the quarter was $19.77 million, compared with $17.85 million in the previous year period.
Revenue from real estate activities during the quarter increased 6 percent or $1.57 million to $27.76 million.
“After a short lull in acquisition activity discussed on our last conference call, we have been quite active recently,” said Bill Lenehan, Chief Executive Officer. “We announced our inaugural investment-grade debt transaction, increasing the duration of our capital structure and providing dry-powder for future acquisitions at a reasonable cost. Subsequently, we have acquired an approximately $35 million portfolio of Bob Evans properties in a well-structured, long-term master lease.”
Investments stood at $2.07 million as on Mar. 31, 2017.
Total assets stood at $943.90million as on Mar. 31, 2017. On the other hand, total liabilities were at $466.35 million as on Mar. 31, 2017.
Return on assets was at 2.09 percent in the quarter. At the same time, return on equity was at 3.25 percent in the quarter.
Total debt was at $439.29 million as on Mar. 31, 2017. Shareholders equity was at $477.55 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 0.92 percent in the quarter.
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