Four Corners Property Trust (FCPT) Q3 2025 earnings summary

Executive summary

• Celebrated 10-year anniversary as a public company, with portfolio growth to 1,294 leases across 170 brands and 99.5% occupancy, highlighting expansion from 418 to nearly 1,300 leases and platform maturity.

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

• Maintained a shareholder-friendly approach with significant insider ownership, best-in-class disclosure, and strong governance scores.

• Portfolio remains resilient, focused on essential retail and services, with zero exposure to problematic sectors and high tenant retention.

• Maintained one of the lowest leverage profiles in company history, with significant liquidity to fund future growth.

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 year-over-year.

• Q3 2025 rental revenue was $66.5 million, up from $59.3 million in Q3 2024; nine-month rental revenue rose to $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; nine-month net income was $83.0 million.

• Cash G&A expense was $6.5 million for Q3, 6.5% of cash rental income.

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

Outlook and guidance

• Positive outlook for acquisitions with $270 million in dry powder and improved debt market conditions; $194.4 million remains available under the ATM equity program.

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

• 97% of total debt is fixed rate through Q3 2027, reducing interest rate risk.

• Conservative leverage target maintained at 5.0x–6.0x, with current net debt to adjusted EBITDAre at 4.7x.

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