Four Corners Property Trust (FCPT) Q2 2025 earnings summary

Executive summary

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

• 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% for Q2 2025, with no lost rent from Red Lobster exposure.

• Portfolio diversification advanced, with 34% of rent now outside casual dining, including automotive service, quick service, and medical retail.

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

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 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.

• Adjusted EBITDAre for Q2 2025 was $55.81 million, up from $50.47 million in Q2 2024.

Outlook and guidance

• Management expects to leverage strong liquidity and low leverage profile to pursue further growth opportunities in the second half of 2025.

• No formal acquisitions guidance provided; future activity will depend on cost of capital and market opportunities.

• G&A expected to be $18–$18.5 million for 2025.

• 2025 lease expirations represent just 0.4% of ABR, with over 85% already renewed or indicating intent to renew.

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