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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.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.
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