www.四角物业信托 (FCPT) 首席执行官 William Lenehan 于 2019年 第三季度业绩-收益电话抄本

读者寄语: 不管是您想投资美股, 还是想投资港股, 保持好自己的心态是最重要的。特别在美股、港股市场拥有一套成熟的金融市场,市场鼓励长期持有,而不是短期的投机炒作。选择一个好的公司, 耐心的等待, 做时间的朋友。如果您想咨询美股开户、港股开户相关的问题, 或者您对美股、港股感兴趣可以添加微信交流: xiaobei060537

Four Corners Property Trust (NYSE:FCPT) Q3 2019 Results Earnings Conference Call October 30, 2019 11:00 AM ET

Four Corners Property Trust (NYSE:FCPT) Q3 2019 Results Earnings Conference Call October 30, 2019 11:00 AM ET

公司参与者

Gerald Morgan - Chief Financial Officer
William Lenehan - President and Chief Executive Officer

  • Gerald Morgan - Chief Financial Officer
  • William Lenehan - President and Chief Executive Officer

电话会议参与者

Nate Crossett - Berenberg Capital Markets
Collin Mings - Raymond James
Jason Moment - Route One Investment Company
John Massocca - Ladenburg Thalmann & Co.

  • Nate Crossett - Berenberg Capital Markets
  • Collin Mings - Raymond James
  • Jason Moment - Route One Investment Company
  • John Massocca - Ladenburg Thalmann

会议主持员

Good morning and welcome to the FCPT Announces Earnings for Third Quarter 2019 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions].
I would now like to turn the conference over to Gerry Morgan. Please go ahead.

Good morning and welcome to the FCPT Announces Earnings for Third Quarter 2019 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions].

I would now like to turn the conference over to Gerry Morgan. Please go ahead.

Gerald Morgan

Gerald Morgan

Thank you, Chad. Joining me on the call today is Bill Lenehan. During the course of this call, we will make forward-looking statements which are based on beliefs and assumptions made by us and information currently available to us. Our actual results will be affected by known and unknown factors that are beyond our control or ability to predict. Our assumptions are not a guarantee of future performance and some will prove to be incorrect.
For more detailed description of some potential risks, please refer to our SEC filings, which can be found in the Investor Relations section of our website at www.fcpt.com.
All the information presented on this call is current as of today, October 30, 2019.
In addition, reconciliation to non-GAAP financial measures presented on this call, such as FFO and AFFO, can be found in the company's supplemental report available on the website.
With that, I'll turn the call over to Bill.

Thank you, Chad. Joining me on the call today is Bill Lenehan. During the course of this call, we will make forward-looking statements which are based on beliefs and assumptions made by us and information currently available to us. Our actual results will be affected by known and unknown factors that are beyond our control or ability to predict. Our assumptions are not a guarantee of future performance and some will prove to be incorrect.

For more detailed description of some potential risks, please refer to our SEC filings, which can be found in the Investor Relations section of our website at www.fcpt.com.

All the information presented on this call is current as of today, October 30, 2019.

In addition, reconciliation to non-GAAP financial measures presented on this call, such as FFO and AFFO, can be found in the company's supplemental report available on the website.

With that, I'll turn the call over to Bill.

William Lenehan

William Lenehan

Thank you, Gerry. And good morning. Thank you to everyone for joining us to discuss our third quarter results and recent announcements. As we approach the fourth anniversary of FCPT's formation, we are very proud of the progress we've made in building the team and growing and diversifying our high quality portfolio.
Our portfolio performed as expected in the third quarter. We achieved an increase in AFFO to $0.35 per share and EBITDAR coverage remains strong at 4.8 times.
Turning to our investment activity, we closed on the acquisition of eight restaurant properties for $16.1 million. Most of these were as a result of an outparcel strategy, with seven of the eight properties leased to corporate tenants operating strong brands including Texas Roadhouse, Olive Garden, McDonald's, Buffalo Wild Wings and Outback Steakhouse.
The average price for our acquisitions was $2 million, representing a low basis entry point.
During the month of October, we have closed on another seven properties, including two restaurant outparcels from Brookfield and two bank outparcels from Washington Prime for a total of $13.1 million.
The Citibank and PNC branches were the first non-restaurant properties acquired by FCPT, although we note that we have additional properties in various retail sub sectors in our announced pipeline.
Over the past three months, we have also made significant progress on solidifying our pipeline with the signing of two definitive purchase agreement to acquire an additional 20 outparcel properties, a second transaction from Washington Prime and to acquire 24 properties from Brookfield Properties.
In total, these two announced transactions represent a combined purchase price of approximately $84 million. These are excellent partners with whom to grow our portfolio and closings will occur in rolling tranches as the properties become available to be conveyed, including four of these properties that have closed since mid-September.
I wanted to note a couple of important characteristics of these properties from the combined portfolios of these two recently announced deals. Rents reflect low in-place leases, the vast majority of which are ground leases.
The outparcel portfolios in these two transactions represent 33 high-quality and nationally recognized brands. Additionally, most of these properties are leased to the brand's corporate or franchisor entity. This is granular diversification with strong credit tenants at scale.
The properties are located in attractive retail corridors with strong population growth and traffic figures that compare favorably to the demographics of the original spin portfolio.
We'd like to take a moment to address the retail properties in these two portfolios that fall outside of the restaurant sub sector. 18 of the combined 44 properties are with non-restaurant retail brands. And as mentioned earlier, we have already officially closed on the first two properties in this group earlier this month.
We're excited that our initial expansion outside of the restaurant net lease space is through these unique outparcel portfolios alongside acquiring restaurants in great locations as well.

Thank you, Gerry. And good morning. Thank you to everyone for joining us to discuss our third quarter results and recent announcements. As we approach the fourth anniversary of FCPT's formation, we are very proud of the progress we've made in building the team and growing and diversifying our high quality portfolio.

Our portfolio performed as expected in the third quarter. We achieved an increase in AFFO to $0.35 per share and EBITDAR coverage remains strong at 4.8 times.

Turning to our investment activity, we closed on the acquisition of eight restaurant properties for $16.1 million. Most of these were as a result of an outparcel strategy, with seven of the eight properties leased to corporate tenants operating strong brands including Texas Roadhouse, Olive Garden, McDonald's, Buffalo Wild Wings and Outback Steakhouse.

The average price for our acquisitions was $2 million, representing a low basis entry point.

During the month of October, we have closed on another seven properties, including two restaurant outparcels from Brookfield and two bank outparcels from Washington Prime for a total of $13.1 million.

The Citibank and PNC branches were the first non-restaurant properties acquired by FCPT, although we note that we have additional properties in various retail sub sectors in our announced pipeline.

Over the past three months, we have also made significant progress on solidifying our pipeline with the signing of two definitive purchase agreement to acquire an additional 20 outparcel properties, a second transaction from Washington Prime and to acquire 24 properties from Brookfield Properties.

In total, these two announced transactions represent a combined purchase price of approximately $84 million. These are excellent partners with whom to grow our portfolio and closings will occur in rolling tranches as the properties become available to be conveyed, including four of these properties that have closed since mid-September.

I wanted to note a couple of important characteristics of these properties from the combined portfolios of these two recently announced deals. Rents reflect low in-place leases, the vast majority of which are ground leases.

The outparcel portfolios in these two transactions represent 33 high-quality and nationally recognized brands. Additionally, most of these properties are leased to the brand's corporate or franchisor entity. This is granular diversification with strong credit tenants at scale.

The properties are located in attractive retail corridors with strong population growth and traffic figures that compare favorably to the demographics of the original spin portfolio.

We'd like to take a moment to address the retail properties in these two portfolios that fall outside of the restaurant sub sector. 18 of the combined 44 properties are with non-restaurant retail brands. And as mentioned earlier, we have already officially closed on the first two properties in this group earlier this month.

We're excited that our initial expansion outside of the restaurant net lease space is through these unique outparcel portfolios alongside acquiring restaurants in great locations as well.

These non-restaurant leases share similar qualities as our restaurant locations with comparable building sizes and net lease structures. Additionally, they have great tenant credit as 13 of the 18 leases are with investment grade tenants. We look forward to leveraging our deal sourcing and closing infrastructure to grow in both the restaurant and non-restaurant net lease sectors.
Stepping back, the restaurant industry as a whole is reporting solid Q3 results and performing in line with the S&P. This includes Darden, which was led by its Olive Garden and LongHorn brands, same-store sales growth of 2.2% and 2.6% respectively in the most recent fiscal year, closed in August.
Brinker also performed well in its most recent quarter with same-store sales at corporate operated Chili's locations growing nearly 2% versus the prior year.
Now, Gerry will take you through our financial results. Gerry?

这些非餐厅租赁具有与我们餐厅相同的质量,具有可比的建筑规模和净租赁结构。 此外,他们拥有出色的租户信誉,因为18项租约中有13项是投资级租户。 我们期待着利用我们的交易采购和交易基础设施,在餐饮和非餐厅净租赁领域中实现增长。

退后一步,餐饮业整体上报告了可靠的第三季度业绩,并与标准普尔指数保持一致。 其中包括以其Olive Garden和LongHorn品牌为首的Darden公司,其最近一个会计年度的同店销售额分别增长了2.2%和2.6%,该公司于8月关闭。

Brinker在最近一个季度的表现也不错,公司经营的辣椒店的同店销售额与去年同期相比增长了近2%。

现在,格里将带您了解我们的财务业绩。 格里

Gerald Morgan

Gerald Morgan

Thanks, Bill. We generated $32.8 million of cash rental income in the third quarter after excluding non-cash straight-line rental adjustments. And on a run rate basis, the current annual cash base rent for leases in place as of September 30, 2019 is $130.9 million.
Our weighted average 10-year annual cash rent escalator remains at approximately 1.5% and our EBITDAR coverage was 4.8 times.
We reported a 3% increase in AFFO per share, as Bill mentioned previously, on a quarter-over-quarter basis.
In the quarter, we reported $2.6 million of cash, general and administrative expenses after excluding stock-based compensation and maintain our guidance for 2019 of an annual cash G&A rate of approximately $11 million excluding stock-based compensation and acquisition transaction costs.
Turning to the balance sheet, we ended the quarter well capitalized to support investment activity. Our net debt to adjusted EBITDAre stood at 4.8 times and we have full availability on our $250 million revolver.
In addition, as we have discussed previously, we intend to settle the forward equity sales agreement we entered into in April during the fourth quarter which will generate net proceeds of approximately $46 million. As referenced in the earnings release, we settled the first 500,000 shares of the forward in October at a sales price of $28.94 per share for net proceeds of just over $14 million.
With that, I'll turn it back over to Bill.

www.

谢谢,比尔。在不计非现金直线租金调整后,我们在第三季度产生了3280万美元的现金租金收入。并以运行率为基础,截至2019年9月30日,当前已租约的年度现金基础租金为1.309亿美元。

我们的10年加权平均年度现金租金自动扶梯保持在约1.5%的水平,而EBITDAR的覆盖率是4.8倍。

正如Bill先前提到的,我们报告的AFFO每股增长了3%,环比增长。

在本季度中,我们报告了不包括基于股票的薪酬后的现金,一般和行政支出260万美元,并维持了我们2019年的年度现金G&A汇率约为1100万美元(不包括基于股票的薪酬和收购交易成本)的指导。

谈到资产负债表,我们在本季度末资本充足,以支持投资活动。我们的经调整EBITDAre净债务为4.8倍,而我们2.5亿美元的左轮手枪已完全可用。

此外,正如我们之前所讨论的,我们打算结算我们在四月份第四季度签署的远期股权销售协议,该协议将产生约4,600万美元的净收益。正如收益发布中所提到的,我们在10月以每股28.94美元的销售价格结算了前500,000股远期股票,净收益略超过1400万美元。

这样,我将其交还给比尔。

William Lenehan

William Lenehan

Operator, I think we're now ready for questions.

Operator, I think we're now ready for questions.

问答环节

Certainly. [Operator Instructions]. Our first question comes from Nate Crossett with Berenberg. Please go ahead.

www.

当然。 [操作员说明]。 我们的第一个问题来自Nate Crossett和Berenberg。 请继续。

Nate Crossett

www.

内特·克雷塞特

Hey, good morning guys.

www.

嗨,大家早上好。

William Lenehan

William Lenehan

Good morning, Nate.

www.

早上好,内特。

Nate Crossett

www.

内特·克雷塞特

Thanks. I was wondering if there was any color you can give us on when all of these Washington Prime and Brookfield acquisitions will be kind of fully acquired. And then, just on Brookfield, it looks like in the release earlier this month, you said you've done transactions with them in the past, kind of, just can you give us more color on how this larger transaction came about? Will there be more transactions like this going forward?

谢谢。 我想知道,当所有这些华盛顿Prime和布鲁克菲尔德的收购都将完全被收购时,您能给我们带来什么色彩。 然后,就在Brookfield上,看起来像是在本月初的发行版中,您说您过去曾与他们进行过交易,只是,您能否为我们提供更大的色彩呢? 将来还会有更多这样的交易吗?

William Lenehan

William Lenehan

Sure. There will be some properties that close before year-end. Those are the properties that are already parcelized. We'd imagine most of the properties will close in the first half of next year. And I would imagine there would be some stragglers, but not very many by dollar amount that will close in the second half, especially those that are in states that are difficult to parse like Florida, but we're working really hard to try to get a number of them closed in 2019.
So, with Brookfield, we've known the management teams at Rouse and at GGP for a long time, hold them in high respect. And when the company was purchased by Brookfield, it opened up an opportunity to reengage with them on a broader portfolio, especially as our mandate to acquire non-restaurant properties was in place. So, I think it was both a change of control, new ownership structure on their side and the increased mandate to go non-restaurant on ours.

www.

当然。 到年底之前会有一些物业关闭。 这些是已打包的属性。 我们以为大多数物业将在明年上半年关闭。 我可以想象会有一些零散的交易者,但是下半年关闭的美元数量不是很多,尤其是那些像佛罗里达这样难以解析的州,但是我们正在努力工作以获取 其中一些在2019年关闭。

因此,在Brookfield,我们在Rouse和GGP的管理团队已经认识了很长时间,并给予他们很高的敬意。 当该公司被布鲁克菲尔德公司收购时,它为与他们重新建立更广泛的投资组合提供了机会,尤其是在我们获得非餐厅财产的授权到位的情况下。 因此,我认为这既是控制权的变化,又是新的所有权结构,又是增加我们成为非餐厅企业的授权。

Nate Crossett

www.

内特·克雷塞特

So, if I could just, like, what's kind of the total addressable market from Brookfield like in the next few years? I guess, is there any guidepost where we could kind of – should we look to Washington Prime or what – is there any sense of, like, what this could be going forward, I guess?

那么,如果我能说的话,未来几年布鲁克菲尔德的总可寻址市场是什么样的? 我想,有没有什么路标可以使我们–应该看华盛顿总理还是什么–我想这会有什么意义吗?

William Lenehan

William Lenehan

Sure. Well, I wouldn't be surprised if we did more with Brookfield. But I don't want to put any guidepost around it and I would also simply say that there is a number of other retail landlords where we can continue to take advantage of that opportunity. Stay tuned.

www.

当然。 好吧,如果我们在布鲁克菲尔德做得更多,我不会感到惊讶。 但是我不想在此摆出任何路标,我只想简单地说,还有许多其他零售业主,我们可以继续利用这一机会。 敬请关注。

Nate Crossett

www.

内特·克雷塞特

Okay. And then maybe just a little one last one. Outside of these larger transactions, how has the deal flow been the last 90 days? Can you remind us the size of the sales team? Just may be a little color there.

www.

好的。 然后可能只是最后一点。 除了这些较大的交易外,最近90天的交易量如何? 您能提醒我们销售团队的规模吗? 那里可能只有一点颜色。

William Lenehan

William Lenehan

Sure. Well, our acquisition team has been very busy. The pipeline is sizable. We are as busy as we've ever been.

www.

当然。 好吧,我们的收购团队一直很忙。 管道相当大。 我们比以往任何时候都忙。

Nate Crossett

www.

内特·克雷塞特

Okay, thank you.

www.

好的谢谢。

会议主持员

The next question comes from Collin Mings with Raymond James. Please go ahead.

www.

下一个问题来自Collin Mings和Raymond James。 请继续。

Collin Mings

www.

柯林·明斯

Thank you. Good morning, guys.

www.

谢谢。 早上好家伙。

William Lenehan

William Lenehan

Good Morning, Collin.

www.

早上好,科林。

Collin Mings

www.

柯林·明斯

First question for me, just recognizing the change was very minimal, but can you maybe just touch on the downtick in the EBITDAR coverage in the other brand, non-Darden bucket quarter-over-quarter?
And then, just more broadly, can you just expand on your prepared comments as it relates to the trends you're seeing from your restaurant tenants?

www.

对我来说,第一个问题是,仅意识到变化很小,但您能否仅谈谈其他品牌(非Darden桶)的EBITDAR覆盖率下降的情况?

然后,从更广泛的角度来说,您能否仅扩展您准备的评论,因为它与您从餐馆租户那里看到的趋势有关?

William Lenehan

William Lenehan

I don't think we've seen anything meaningful in the change of coverage. I think we just have a little bit different mix. But, yeah, the existing portfolio is doing fine. Outside of our portfolio, there are some restaurant tenants that we don't own that are struggling. I think that's been well reported, but I think it's a testament to our thorough process and focus on high quality operators that has our portfolio in pretty good shape at the moment. Very good shape.

我认为我们在覆盖范围的变化方面没有发现任何有意义的东西。 我认为我们的组合有些不同。 但是,是的,现有的投资组合做得很好。 在我们的投资组合之外,有一些我们并不拥有的餐厅租户正在苦苦挣扎。 我认为这已经被很好地报道了,但是我认为这证明了我们周密的流程,并且专注于高质量的运营商,这些运营商目前拥有良好的投资组合。 很好的形状。

Collin Mings

www.

柯林·明斯

And then, switching gears to the Brookfield deal, just going through the list of non-restaurant exposure there, there appears to be a hotel. Can you maybe just touch on that and how that fit into your criteria and provide a little bit more detail?

然后,切换到布鲁克菲尔德交易,仅浏览那里的非餐厅暴露清单,似乎就有一家旅馆。 您能否仅谈一下它,以及它如何适合您的标准并提供更多细节?

William Lenehan

William Lenehan

Sure. The hotel – our basis in that hotel, I think, would be something like $30,000 a key, which is extremely low. It's very – it's a relatively new property that was recently renovated and our basis is super low ground lease, very low rent. So, we feel very comfortable given those dynamics.
I don't think hotels is a sub-sector that we're specifically targeting, but if it makes the parcelization process easier, it's adjacent to other properties we own and the basis is super low, we feel comfortable doing it.

www.

当然。 旅馆-我认为这家旅馆的价格约为每把钥匙30,000美元,这是非常低的。 是的-这是一个相对较新的物业,最近经过了翻新,我们的基础是超低的地租,租金非常低。 因此,鉴于这些动态,我们感到非常自在。

我认为酒店不是我们专门针对的子行业,但如果它使打包过程变得更轻松,与我们拥有的其他物业相邻并且基础极低,我们会感到很自在。

Collin Mings

www.

柯林·明斯

Got it. And then, maybe just to remind us – and I recognize you did talk a little bit about this last quarter – but just given your broader mandate of kind of non-restaurant properties, the willingness – again, obviously, recognizing one deal doesn't necessarily make a trend here. But beyond just the hotel property, other potentially, whether it be office, industrial other areas you might...

www.

得到它了。 然后,也许只是想提醒我们-我认识到您确实在最后一个季度谈过一点-但鉴于您对非餐厅物业的更广泛的要求,他们的意愿-显然,认识到一笔交易并没有 在这里一定会成为潮流。 但是,除了酒店物业,还有其他潜在的问题,无论是办公室,工业还是其他领域,您可能...

William Lenehan

William Lenehan

I think you said it, Collin. One deal does not make a trend. So, we're very focused on keeping our acquisition criteria logical and adjacent to the restaurants that we purchase. This was one where it facilitated making the deal better. And frankly, at the cap rate that we got it and the low rent, it's a terrific deal.

我想你说的是柯林。 一笔交易不会成为趋势。 因此,我们非常专注于保持我们的收购标准合乎逻辑并与我们购买的餐厅相邻。 这是促使交易更好的地方。 坦率地说,以我们获得的最高工资率和低廉的租金,这是一笔了不起的交易。

Collin Mings

www.

柯林·明斯

Got it, okay. And then, I do want to also bring back up again, in context of Brookfield deal, just bank exposure here, I know, again, it was talked a little bit about last quarter, but I think the Brookfield deal consisted of five banks, maybe just talk about your comfort level of exposure to that sector. And then, just more broadly, Bill, if you can comment on, as you look to diversify here, any sort of exposure limits on other non-restaurant sectors you might look to target as you go forward.

www.

知道了,好的。 然后,我确实想在布鲁克菲尔德交易的背景下再次提起,只是这里的银行敞口,我知道,关于上一季度的讨论也有所提及,但我认为布鲁克菲尔德交易包括五家银行, 也许只是谈谈您接触该行业的舒适程度。 然后,从更广泛的角度来说,比尔,如果您可以提出评论,那么在您寻求多样化的时候,您可能会希望在未来继续针对其他非餐厅行业的任何暴露限制。

William Lenehan

William Lenehan

Yeah, we've been pretty cautious on banks, excluded far more than we've put under contract. Probably not our favorite sub sector on a sort of macro trend basis, but good credit, very good real estate. These individual deals are very well-located. And, again, the rents are really low and the deposit bases are very high. So, we've been very selective.

www.

是的,我们一直对银行保持谨慎,排除了远远超出了合同规定的范围。 在某种宏观趋势的基础上,可能不是我们最喜欢的子行业,而是良好的信誉,非常好的房地产。 这些个别交易的位置非常优越。 而且,租金真的很低,存款基础也很高。 因此,我们一直很挑剔。

Collin Mings

www.

柯林·明斯

Okay. And then just, as you think about – again more broadly, just non-restaurant sector exposure, just maybe if you can touch on any sort of guidepost or limit as you think about diversifying the portfolio, maybe having to try to limit how much exposure you want to any of these other areas?

www.

好的。 然后,正如您所考虑的那样–再更广泛地说,就是非餐厅行业的风险敞口,也许当您在考虑使投资组合多元化时是否可以触及任何类型的指南或限制,也许不得不尝试限制多少风险敞口 您想去其他任何地方吗?

William Lenehan

William Lenehan

Yeah, I think we're a long way away from putting sort of portfolio limits in place when we're talking about not having more than a handful of any particular non-restaurant exposure at this point, but point taken. We've been very conservative and expect to continue to be so.

www.

是的,当我们要谈论的是目前只剩下少数几个特定的非餐厅风险敞口时,我认为距离设定投资组合限制还有很长的路要走。 我们一直非常保守,并希望继续如此。

Collin Mings

www.

柯林·明斯

Okay. And, I guess, just to that point – the last one and I'll turn it over – so, along those lines, you referenced there certain sectors of non-restaurants you see more opportunity in. Can you maybe just high-level – don't have to provide obviously specific tenants, but just high level some of the sectors that, as you look at non-restaurant properties that you have, you see the most favorable kind of macro wins.

好的。 而且,我想到此为止(最后一个,我将交完),因此,按照这些思路,您引用了某些非餐厅部门,您看到了更多的机会。也许您可以说是高层? 不必提供明显的特定租户,而只是高级别地看待您拥有的非餐厅物业时,您会看到最有利的那种宏赢。

William Lenehan

William Lenehan

I think auto services is pretty advantaged. And then, I would also say, we're looking at some, I'll call it, restaurant-anchored multi-tenant. So, that might be a Chipotle and a Starbucks with a Verizon store in the middle sort of thing.

我认为汽车服务是非常有利的。 然后,我还要说的是,我们正在寻找一些餐厅锚定的多租户,我称其为。 因此,这可能是Chipotle和星巴克,中间还有Verizon商店。

Collin Mings

www.

柯林·明斯

Got it. Thank you. I'll turn it over.

得到它了。 谢谢。 我把它翻过来

会议主持员

The next question comes from Jason Moment with Route One. Please go ahead.

下一个问题来自路线1的Jason Moment。 请继续。

Jason Moment

杰森时刻

Thank you, guys. And I want to first congratulate you on an excellent quarter under extremely challenging circumstances. I doubt most people on the call understand what you're up against with these fires and I don't even know how you run a public company without access to electricity. That would be my first question.
But I appreciate your conservatism and this diversification strategy. I just wanted to relay a little story and maybe inspire you to think a little bigger, which is, a few years ago, I invested in a little company with a big dream. Their dream was to build a beautiful shared community office space, a place where me becomes we. I think you know where I'm going with this. Suffice to say, that company grew to become a behemoth, worth about $47 billion when I last checked my statement. And in the process changed a lot of people's lives, my pocketbook included.
My question to you is this, have you thought about doing something similar in the restaurant space, something in the shared environment where maybe different chefs would compete over the burners, the stoves, et cetera, to create eclectic cuisine for customers? And I just want to encourage you to – I know you're conservative, but to think outside of the four corners of your offices and to think bigger and think about a dream and how we can create that kind of a community environment in the restaurant area. Thank you.

感谢大伙们。首先,我要祝贺您在极具挑战性的情况下表现出色。我怀疑大多数在电话中的人都了解您面对这些火灾的危害,甚至不知道您如何在没有电力的情况下经营一家上市公司。那是我的第一个问题。

但是,我感谢您的保守态度和这种多元化战略。我只是想讲一个小故事,也许会激发您的思考,那就是几年前,我投资了一个梦想成真的小公司。他们的梦想是建立一个美丽的共享社区办公空间,让我成为我们的地方。我想你知道我要去哪里。可以说,这家公司成长为庞然大物,在我上次查看声明时市值约为470亿美元。在此过程中改变了很多人的生活,其中包括我的皮夹。

我对您的问题是,您是否考虑过在餐厅环境中做一些类似的事情,在共享环境中做些什么,也许不同的厨师会争夺炉灶,火炉等等,为客户创造折衷的美食?我只是想鼓励您-我知道您很保守,但是要在办公室的四个角落之外思考,要更大胆地思考梦想,以及如何在餐厅中营造这种社区环境区域。谢谢。

William Lenehan

William Lenehan

Well, thanks, Jason. I think there's kind of two parts to that question. The first is running the company without electricity. It's not ideal, Jason. Electricity is important to our acquisition process at FCPT as I imagine it would be for our peers, but we got through it. After a week, our lights are back on. I think getting our earnings release out a little late is the only implication. But we won't make a habit of that.
And as to your second question, I think I'd encourage you to check your account statement. Operator, any more questions

好吧,谢谢杰森。 我认为这个问题分为两个部分。 首先是在没有电力的情况下经营公司。 杰森,这并不理想。 电力对于我们在FCPT的收购过程很重要,因为我想这对我们的同行来说是很重要的,但我们还是成功地做到了。 一周后,我们的灯重新亮起。 我认为将收益发布推迟一点是唯一的暗示。 但是我们不会养成这种习惯。

关于第二个问题,我想鼓励您检查您的对帐单。 接线员,还有其他问题

会议主持员

Yes, we do. We have another question. And it's from John Massocca with Ladenburg Thalmann. Please go ahead.

是的,我们愿意。 我们还有另一个问题。 是约翰·马索卡(John Massocca)和拉登堡·塔尔曼(Ladenburg Thalmann)的作品。 请继续。

John Massocca

约翰·马索卡

Good morning.

早上好。

William Lenehan

William Lenehan

Hey, John.

嗨,约翰。

John Massocca

约翰·马索卡

I think the prior caller explained the late earnings release pretty well. But with the Brookfield deal that closed in October, specifically, you mentioned that that was part of a six-property transaction that occurred in 2018. Is there more to that transaction? And I'm guessing it's separate from the kind of existing out-lot transaction, we've already kind of talked about a little bit. That was announced…

我认为前一位致电者对后期收益发布的解释很好。 但是,特别是在10月完成的布鲁克菲尔德交易中,您提到这是2018年发生的六物权交易的一部分。该交易还有其他内容吗? 而且我猜想它与现有的批量交易是分开的,我们已经讨论了一些。 那是宣布...

William Lenehan

William Lenehan

John, we've got three more in that transaction to close.

约翰,我们有三个在交易关闭。

John Massocca

约翰·马索卡

Okay. So, it's fairly de minimis, with less in out-lot. Okay. And then, outside of kind of out-lot transactions, as you look out on the portfolio, the pipeline kind of going forward, what mix of that is kind of a single individual assets and how much is maybe kind of more larger sale leasebacks?

好的。 因此,这是相当微不足道的,出场数量更少。 好的。 然后,在非正式交易之外,当您查看投资组合时,管道的前进方向如何,单一资产的混合是什么?更大的销售回租可能是多少?

William Lenehan

William Lenehan

There is both, John. On the individual transactions, the market is very aggressive pricing-wise. So, we do screen a lot of properties. We send out a lot of LOIs. And we pick up some, but it's pretty situational specific. Typically, it's a seller who's been under contract with a 1031 exchange buyer on a few occasions and is frustrated and wants certainty of close, which we can provide.
And then the portfolios, they just are episodic. They don't happen with much – with the same level of frequency. So, it's a mix. But, again, we're quite busy.

两者都有,约翰。 在个人交易中,市场在定价方面非常激进。 因此,我们确实屏蔽了许多属性。 我们发出很多意向书。 我们选择了一些,但具体情况视情况而定。 通常情况下,是一位卖方,他曾几次与1031年的交易所买方签有合同,并且感到沮丧,并希望我们提供一定的关闭确认书。

然后,投资组合只是偶发的。 它们发生的频率不高-频率相同。 所以,这是一个混合。 但是,我们又很忙。

John Massocca

约翰·马索卡

Okay.

好的。

William Lenehan

William Lenehan

I would also say that this is a period of the year where, if folks want to accomplish the sale in 2019, they need to be making that decision this week or next week kind of thing.

我还要说,这是一年中的某个时期,如果人们想在2019年完成出售,他们需要在本周或下周做出决定。

John Massocca

约翰·马索卡

Okay. The color is very helpful. Thank you very much.

好的。 颜色非常有帮助。 非常感谢你。

William Lenehan

William Lenehan

Thanks.

谢谢。

会议主持员

[Operator Instructions]. At this time, I'm showing no further questions. So, I'd like to turn the conference back over to Bill Lenehan for any closing remarks.

[操作员说明]。 目前,我没有显示其他问题。 因此,我想将会议转交给Bill Lenehan进行结束发言。

William Lenehan

William Lenehan

I just want to thank everyone for a terrific four years. We've built a great team and added substantively to the portfolio. The portfolio remains in great shape and we're really excited about the future. Thanks, everyone.

我只想感谢大家四年了。 我们已经组建了一支强大的团队,并大量增加了产品组合。 产品组合保持良好状态,我们对未来感到非常兴奋。 感谢大家。

会议主持员

Thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

谢谢你,先生。 会议现已结束。 感谢您参加今天的演讲。 您现在可以断开连接。

相关问题

  • Four Corners Property Trust, Inc. 电话会议
  • Four Corners Property Trust, Inc. 财务报告

互联网券商的港股、美股开户教程

如果您对美股 或者 港股也感兴趣, 或者想要了解如何开户, 可以加我wechat: xiaobei060537 , 同时也可以拉您进美股交流群哦。
最后的最后 祝大家都有一个美好的投资生活哦。

大家也可以关注【美股指南】公众号, 即可获得《小白投资美股指南(雪球「岛」系列)》电子书

写在最后
  • 美股开户教程, 请查看
  • 港股开户教程, 请查看
  • 美股、港股入金教程, 请查看
  • 美股、港股投资交流群, 请查看
  • 美股、港股开户优惠汇总, 请查看
  • 如何购买Four Corners Property Trust, Inc.股票
  • 美股、港股付费交流群, 请查看

友情提示 转载请注明出处: https://investguider.com/topics/14666
暂无回复。
需要 登录 后方可回复, 如果你还没有账号请点击这里 注册