Four Corners Property Trust (FCPT) Q4 2025 earnings summary

Executive summary

• Achieved $318 million in investments for 2025, up 20% year-over-year, expanding the portfolio to 1,325 leases and $2.3B in acquisitions, with annual base rent reaching $264 million and enterprise value at $3.7 billion.

• Maintained high rent collections (>99%) and occupancy (99.6%) throughout 2025, with a diversified portfolio and strong anchor tenants.

• Entered new sectors such as grocery and equipment rental with disciplined, selective investments.

• Diversification improved, with top 5 brands now 52% of ABR, down from 100% at inception, and non-restaurant exposure increased to 26% of ABR.

• Entered 2026 with significant leverage capacity, ample liquidity, and an over-equitized capital position.

Financial highlights

• Q4 AFFO per share was $0.45; full-year AFFO per share was $1.78, up 2.9% year-over-year.

• Q4 rental revenue rose 11.6% year-over-year to $67.8 million; annual rental revenue reached $262.6 million.

• Net income for Q4 2025 was $29.5 million, and for the year $112.5 million.

• Dividend per share rose to $1.47, up 11% year-over-year.

• Cash G&A expense for 2025 was $18 million, 6.9% of cash rental income, showing improved operating leverage.

Outlook and guidance

• Management expects continued strong acquisition activity and diversification in 2026, with ample liquidity and low leverage.

• 2026 cash G&A guidance set at $19.2M–$19.7M.

• No anticipated slowdown in investment pace due to favorable debt markets and available capital.

• Focus remains on disciplined, accretive investments and maintaining conservative leverage (target 5-6x).

• Dry powder and strong liquidity position the company for continued expansion in 2026.