FCPT
Four Corners Property Trust, Inc.22.98
-0.29-1.25%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reinforces expansion, tenant confidence.
Q&A largely reaffirmed prepared remarks on acquisition momentum and portfolio resilience, but fleshed out appeal of new sectors like equipment rental and grocery, with Bill Lenehan noting an 'enormous' TAM versus FCPT's size. Management confidently addressed Bahama Breeze conversions and relets at similar rents amid high interest, while downplaying Red Lobster risks under affirmed master leases. No appetite to sell high-quality Darden assets yet. Leverage ceiling far off; discipline intact. Overequitized sheet powers accretive growth.
Key Stats
Market Cap
2.44BP/E (TTM)
21.28Basic EPS (TTM)
1.08Dividend Yield
0.06%Recent Filings
10-K
FY2025 results
Four Corners Property Trust grew rental revenue 10.7% to $262.6M in FY2025 ended December 31, 2025, fueled by $325.5M in 105 net-lease acquisitions across 35 brands that boosted its 1,303-property portfolio to 99.6% occupancy and 6.9-year average lease term. Net income hit $112.5M, up 11.9%, with AFFO climbing to $1.78 per diluted share. Q4 momentum shone through full-year rent collection at 99.8% and steady 1.5% escalators through 2030, while liquidity stayed rock-solid with $350M revolver capacity and $12.1M cash. No buybacks or dividends changed; debt mix held at $1.215B. Darden dependency lingers at 44.7% of base rent.
8-K
Q4 revenue surges, $318M invested
Four Corners Property Trust reported Q4 rental revenue up 11.6% to $67.8M and full-year AFFO per share of $1.78, up 2.9% YoY. Deployed $318M into 105 properties at 6.8% cash yield, funded accretively via equity sales that trimmed leverage to 4.9x. Portfolio hit 99.6% occupancy. Strong liquidity fuels 2026 growth.
8-K
FCPT investor update released
Four Corners Property Trust furnished an investor presentation on December 1, 2025, highlighting its 1,294 leases across 170 brands with $256M annual base rent, 99.5% occupancy, and 7.1-year average term as of Q3. Q3 investments totaled $82M at 6.8% cap rate, backed by 5.1x tenant EBITDAR coverage and 53% investment-grade tenants. Portfolio thrives on low-basis properties.
8-K
Indemnifies independent directors
Four Corners Property Trust entered indemnification agreements with its independent directors on November 5, 2025, effective immediately. These pacts promise maximum Maryland-law protection against service-related liabilities, plus expense advances upon affirmations. Directors get robust coverage. SEC notes such deals can't shield Securities Act violations.
8-K
ATM program for $500M
Four Corners Property Trust entered an equity distribution agreement on October 30, 2025, with top banks to sell up to $500 million in common stock via at-the-market offerings or forward contracts. Proceeds will fund debt repayment, property buys, and capex through its operating partnership. New shelf replaces prior deal. Sales flexible, commissions under 2%.
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