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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.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Achieved $84 million in Q2 2025 acquisitions at a 6.7% cap rate, contributing to $344 million acquired over the last 12 months and record acquisition momentum, with a focus on nationally branded, creditworthy tenants.
Portfolio consists of 1,245 properties in 48 states, 99.4% occupancy, and 54% investment-grade tenancy as of June 30, 2025, with rent collection at 99.8%.
Portfolio diversification advanced, with 34% of rent now outside casual dining, including quick service, automotive service, and medical retail.
Entered Q3 with significant liquidity and low leverage, positioning for further growth in the second half of 2025.
Olive Garden now 33% of ABR, LongHorn 9%, and top 5 brands ~54% of ABR, down from 94% at inception.
Financial highlights
Total revenues for Q2 2025 were $72.8 million, up from $66.5 million in Q2 2024; rental revenue rose 10.7% year-over-year to $64.8 million.
Net income attributable to common shareholders was $27.96 million ($0.28 per diluted share) for Q2 2025, up from $24.7 million ($0.27 per share) in Q2 2024.
AFFO per diluted share for Q2 2025 was $0.44, up from $0.43 in Q2 2024; six-month AFFO per share was $0.88, up from $0.86.
Declared dividends of $0.3550 per share in both Q1 and Q2 2025.
Cash rental income reached $64.5 million, growing over 11% compared to Q2 last year.
Outlook and guidance
Management remains focused on disciplined capital allocation, portfolio growth, and diversification, targeting high-quality tenants and well-located properties.
No acquisitions guidance provided; will remain disciplined in pricing and seek deals meeting dual quality and return thresholds.
2025 lease expirations now represent just 0.4% of ABR, with over 85% of tenants already extended or indicating intent to renew.
G&A expected to be $18–$18.5 million for 2025.
Management expects to leverage strong liquidity and low leverage profile to pursue further growth opportunities in the second half of 2025.
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Next Four Corners Property Trust earnings date
Q3 202529 Oct, 2025
Next Four Corners Property Trust earnings date
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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