Four Corners Property Trust (FCPT) Q3 2025 earnings summary

Executive summary

• Celebrated 10-year anniversary as a public company, highlighting disciplined growth, platform maturity, and strong governance, with portfolio expanding to 1,294 leases across 48 states and 170 brands.

• Achieved record investment volume, with $355 million invested over the last 12 months as of September 30, 2025, and $82 million in Q3 at a 6.8% cap rate.

• Maintained high occupancy at 99.5%, high tenant retention, and a motivated, growing team.

• Diversification improved: Olive Garden and LongHorn Steakhouse now represent 41% of rent, down from 94% at inception; non-restaurant exposure is 25–35%.

• Maintained one of the lowest leverage profiles in company history, with significant liquidity and high tenant credit quality.

Financial highlights

• Q3 2025 AFFO per diluted share was $0.45, up from $0.43 in Q3 2024; nine-month AFFO per share was $1.33, up from $1.29.

• Q3 2025 rental revenue was $66.5 million, up 12.2% year-over-year; nine-month rental revenue reached $194.8 million.

• Net income for Q3 2025 was $28.9 million ($0.28 per diluted share), up from $25.6 million ($0.27 per share) year-over-year.

• Portfolio occupancy improved to 99.5%, with 99.9% rent collection in Q3.

• Declared a dividend of $0.3550 per common share for Q3 2025.

Outlook and guidance

• Positive outlook for acquisitions, supported by $270 million in dry powder and improved debt markets.

• Extended and upsized credit facility in January 2025, with $350 million revolver and $225 million term loan.

• Cash G&A expected at the lower end of $18–$18.5 million guidance for 2025.

• Portfolio expected to benefit from long lease terms, high occupancy, and investment-grade tenants.

• No formal guidance, but expect continued efficient growth and strong pipeline into 2026.