Four Corners Property Trust, Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 28 October 2025: press release. The quarter’s numbers.

Read the filing

Key takeaways

• Rental revenue grew 12.2%: Rental revenue was $66.5 million, of which $66.1 million was cash rent and $0.4 million straight-line and other non-cash adjustments. Second-quarter rental revenue was $64.8 million. Source
• AFFO per share rose $0.02: AFFO per diluted share was $0.45, up $0.02 from the same quarter of 2024. For the nine months AFFO per diluted share was $1.33, up $0.04. Source
• Portfolio reached 1,273 properties: The rental portfolio had 1,273 properties in 48 states at September 30, 2025, up from 1,245 at June 30, 2025. Source
• Acquired 28 properties for $82.0M: During the third quarter 28 properties were bought for $82.0 million at an initial weighted average cash yield of 6.8%. Rents in place at September 30 carried a weighted average remaining lease term of 11.6 years. Source
• Rent collection at 99.9%: Rent payments received as of September 30, 2025 represented 99.9% of portfolio contractual base rent for the quarter, against 99.8% reported for the second quarter. Source
• Liquidity about $490 million: Liquidity at September 30, 2025 was about $490 million, made up of $7 million cash, about $144 million anticipated forward sale proceeds and $339 million revolver capacity. June 30 liquidity was $562 million. Source
• Leverage at 5.3x net debt to EBITDA: Leverage was 5.3 times net debt to adjusted EBITDA at quarter-end, or 4.7 times including equity under forward sale agreements. At June 30 the ratios were 5.4 times and 4.5 times. Source

“Our consistency of results demonstrates the maturity of our team and the platform we have built as we celebrate our 10-year anniversary as a public company,”

CEO Bill Lenehan

What changed from last quarter

• Ended: No shares were sold through the ATM program in the third quarter, after 841,556 shares were sold in the second quarter at an average gross price of $28.08. Source

Results and per-share growth

• Rental revenue grew 12.2%: Rental revenue was $66.5 million, of which $66.1 million was cash rent and $0.4 million straight-line and other non-cash adjustments. Second-quarter rental revenue was $64.8 million. Source
• Net income per diluted share $0.28: Net income attributable to common shareholders was $28.8 million, or $0.28 per diluted share, against $25.6 million, or $0.27, a year earlier. The nine-month figure was $0.81 per diluted share. Source
• AFFO per share rose $0.02: AFFO per diluted share was $0.45, up $0.02 from the same quarter of 2024. For the nine months AFFO per diluted share was $1.33, up $0.04. Source
• FFO per share rose $0.01: NAREIT-defined FFO per diluted share was $0.42 in the third quarter, up $0.01. The nine-month figure was $1.25 per diluted share, up $0.02 from the prior year period. Source

Portfolio and restaurant operations

• Portfolio reached 1,273 properties: The rental portfolio had 1,273 properties in 48 states at September 30, 2025, up from 1,245 at June 30, 2025. Source
• Restaurant revenue and total revenues rose: Restaurant revenue was $7.6 million against $7.5 million, and restaurant expenses were $7.2 million against $7.0 million. Total revenues were $74.1 million against $66.8 million a year earlier. Source
• Nine-month rental revenue up $18.4M: Nine-month rental revenue was $194.8 million against $176.4 million a year earlier, and nine-month restaurant revenue was $23.7 million against $23.3 million. Source

“We continue to have one of the lowest leverage profiles in our company’s history, and access to significant liquidity and optionality to fund further growth.”

CEO Bill Lenehan

Acquisitions and dispositions

• Acquired 28 properties for $82.0M: During the third quarter 28 properties were bought for $82.0 million at an initial weighted average cash yield of 6.8%. Rents in place at September 30 carried a weighted average remaining lease term of 11.6 years. Source
• Purchase mix led by medical retail: By purchase price the third-quarter acquisitions were 39% medical retail, 36% auto service, 16% quick service restaurants and 9% casual dining restaurants. The second-quarter purchases were 68% auto service. Source
• No properties sold in the quarter: The company did not sell any properties during the third quarter, and no properties were sold in the second quarter either. Source

Costs and G&A

• G&A rose to $6.5M: G&A expense was $6.5 million, including $2.2 million of stock-based compensation, against $5.8 million in the third quarter of 2024, which included $1.8 million. Source
• Cash G&A ratio at 6.5% of rent: Cash G&A, excluding stock-based compensation, was $4.3 million, or 6.5% of cash rental income, against $4.0 million or 6.9% a year earlier. The second-quarter ratio was 6.9%. Source
• Interest and depreciation expense higher: Interest expense was $13.0 million against $12.3 million a year earlier. Depreciation and amortization was $15.1 million against $13.6 million. Source

“In the trailing 12 months, we have acquired $355 million of properties and remain focused on disciplined deal sourcing as we approach year-end.”

CEO Bill Lenehan

Tenant occupancy and rent collection

• Rent collection at 99.9%: Rent payments received as of September 30, 2025 represented 99.9% of portfolio contractual base rent for the quarter, against 99.8% reported for the second quarter. Source
• Occupancy at 99.5% by square feet: Properties were 99.5% occupied measured by square feet, against 99.4% at June 30, 2025. Source
• Remaining lease term 7.1 years: The weighted average remaining lease term was approximately 7.1 years at September 30, 2025, against 7.2 years at June 30, 2025. Source

Capital, liquidity and leverage

• Liquidity about $490 million: Liquidity at September 30, 2025 was about $490 million, made up of $7 million cash, about $144 million anticipated forward sale proceeds and $339 million revolver capacity. June 30 liquidity was $562 million. Source
• Leverage at 5.3x net debt to EBITDA: Leverage was 5.3 times net debt to adjusted EBITDA at quarter-end, or 4.7 times including equity under forward sale agreements. At June 30 the ratios were 5.4 times and 4.5 times. Source
• Debt totaled $1,226 million: Outstanding debt was $1,226 million at September 30, 2025, against $1,215 million at June 30, made up of term loans, unsecured fixed rate notes and a revolver balance. Source

Dividends and share issuance

• Dividend held at $0.3550: The regular dividend declared was $0.3550 per share for the third quarter, the same as in the second quarter and up from $0.3450 a year earlier. Nine-month dividends were $1.0650 per share against $1.0350. Source
• Shares outstanding rose to 104.5 million: Common shares outstanding were 104,464,113 at September 30, 2025, against 102,230,784 at June 30, 2025. Source
• ATM sales year-to-date 6.1 million shares: Through October 28, 2025, 6,108,008 shares were sold via the ATM at an average gross price of $28.27, for anticipated gross proceeds of $172.7 million, the same total reported at July 29. As of October 28, 3,545,890 shares remained to be settled under forward sale agreements. Source

Figures management reported

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.