Four Corners Property Trust
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Four Corners Property Trust (FCPT) investor relations material

Four Corners Property Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved $318 million in investments for 2025, up 20% year-over-year, expanding the portfolio to 1,325 leases and $2.3B in acquisitions, with annual base rent reaching $264 million and enterprise value at $3.7 billion.

  • Maintained high rent collections (>99%) and occupancy (99.6%) throughout 2025, with a diversified portfolio and strong anchor tenants.

  • Entered new sectors such as grocery and equipment rental with disciplined, selective investments.

  • Diversification improved, with top 5 brands now 52% of ABR, down from 100% at inception, and non-restaurant exposure increased to 26% of ABR.

  • Entered 2026 with significant leverage capacity, ample liquidity, and an over-equitized capital position.

Financial highlights

  • Q4 AFFO per share was $0.45; full-year AFFO per share was $1.78, up 2.9% year-over-year.

  • Q4 rental revenue rose 11.6% year-over-year to $67.8 million; annual rental revenue reached $262.6 million.

  • Net income for Q4 2025 was $29.5 million, and for the year $112.5 million.

  • Dividend per share rose to $1.47, up 11% year-over-year.

  • Cash G&A expense for 2025 was $18 million, 6.9% of cash rental income, showing improved operating leverage.

Outlook and guidance

  • Management expects continued strong acquisition activity and diversification in 2026, with ample liquidity and low leverage.

  • 2026 cash G&A guidance set at $19.2M–$19.7M.

  • No anticipated slowdown in investment pace due to favorable debt markets and available capital.

  • Focus remains on disciplined, accretive investments and maintaining conservative leverage (target 5-6x).

  • Dry powder and strong liquidity position the company for continued expansion in 2026.

Evaluate 2025 acquisition property type mix
Assess FCPT's leverage capacity for 2026 growth
Analyze G&A efficiency trends in 2025
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Frequently asked questions

Four Corner Property Trust Inc. (FCPT), headquartered in Mill Valley, CA, is a real estate investment trust that owns and leases primarily commercial properties for fast-food restaurants. In addition to its property holdings, FCPT leases space at these properties to franchisees who operate the restaurants. These franchisees are not involved with the ownership or leasing of the properties they lease from FCPT. FCPT accounts for its rental income on a straight line basis over the terms of the respective leases and records no depreciation expense on its properties.

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