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Four Corners Property Trust (FCPT) investor relations material

Four Corners Property Trust Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary30 Jul, 2025

Executive summary

  • Achieved $84M in Q2 2025 acquisitions at a 6.7% cap rate, with $344M acquired over the last 12 months, focusing on high-quality, nationally branded tenants and attractive pricing.

  • Portfolio diversification advanced, with automotive, quick service, and medical retail now comprising a significant portion of rent; Olive Garden and LongHorn represent 33% and 9% of ABR, respectively.

  • Portfolio consists of 1,245 properties in 48 states, 99.4% occupancy, and 54% investment-grade tenancy as of June 30, 2025.

  • Rent collection remained robust at 99.8% of base rent in Q2 2025, with exceptionally low bad debt expense and no lost rent from Red Lobster exposure.

  • Entered Q3 with significant liquidity and low leverage, positioning for further growth in the second half of 2025.

Financial highlights

  • AFFO per share for Q2 2025 was $0.44, up from $0.43 in Q2 2024, with total AFFO of $44.99M.

  • Rental revenue for Q2 2025 was $64.8M, up 10.7% year-over-year; total revenues reached $72.8M.

  • Net income attributable to common shareholders was $27.9M ($0.28 per diluted share) for Q2 2025, up from $24.7M ($0.27 per share) in Q2 2024.

  • Cash G&A expense (excluding stock comp) was $4.4M, 6.9% of cash rental income, down from 7.4% last year.

  • Declared dividends of $0.3550 per share in both Q1 and Q2 2025.

Outlook and guidance

  • Management remains disciplined on pricing, focused on portfolio growth and diversification, and expects to leverage strong liquidity and low leverage for further acquisitions in 2025.

  • Q4 is typically the largest quarter for acquisitions, but it is too early to predict 2025's back half activity.

  • Cash G&A for 2025 expected in the $18M–$18.5M range.

  • Acquisition strategy aims to reduce reliance on Darden and increase exposure to non-restaurant retail properties.

  • Subsequent to quarter-end, invested $25.8M in 12 net lease properties with an average yield of 6.9% and 8 years of lease term remaining.

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Q3 202529 Oct, 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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