Four Corners Property Trust, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 11 February 2026: press release. The quarter’s numbers.

Read the filing

Key takeaways

• Fourth-quarter rental revenue rose: Fourth-quarter rental revenue rose 11.6% year on year to $67.8 million, of which $67.5 million was cash rent and $0.3 million non-cash rent adjustments. Source
• Full-year AFFO per share rose: Full-year AFFO per diluted share was $1.78, up $0.05 from 2024. Full-year NAREIT FFO per diluted share was $1.68, up $0.03. Source
• Acquisitions near record for the year: Management said it invested $318 million across 105 properties in 2025, funded with equity and deployed into retail corridors leased to nationally branded operators. Source
• Rent collected at 99.5% for quarter: Rent payments received represented 99.5% of contractual base rent for the quarter ending December 31, 2025, and 99.8% for the full year. Source
• Leverage at 5.1x, 4.9x with forwards: Net debt to adjusted EBITDA was 5.1x at quarter-end, or 4.9x including equity under forward sale agreements, as of December 31, 2025. Source
• Equity funded acquisitions and lowered leverage: Management said acquisitions were funded primarily through equity issued at accretive pricing, which it said lowers leverage and leaves an over-equitized capital position entering 2026. Source
• Insight scoring and pricing kept: Management said it did not waver from its insights-driven scoring system or its pricing objectives while investing in 2025. Source

“FCPT delivered another strong year in 2025, achieved by raising capital efficiently and by deploying that capital into a series of high value new investments.”

CEO Bill Lenehan

What changed from last quarter

• Ended: Forward sale agreements that stood at 3,545,890 shares in October 2025 are no longer outstanding; none remained to be settled as of February 11, 2026. Source

Results and growth drivers

• Fourth-quarter rental revenue rose: Fourth-quarter rental revenue rose 11.6% year on year to $67.8 million, of which $67.5 million was cash rent and $0.3 million non-cash rent adjustments. Source
• Full-year AFFO per share rose: Full-year AFFO per diluted share was $1.78, up $0.05 from 2024. Full-year NAREIT FFO per diluted share was $1.68, up $0.03. Source
• Fourth-quarter FFO per share rose: Fourth-quarter NAREIT FFO per diluted share was $0.43, up $0.02 from the same quarter of 2024. Fourth-quarter AFFO per diluted share was $0.45, up $0.01. Source
• Net income per diluted share held steady: Fourth-quarter net income attributable to common shareholders was $29.4 million, or $0.28 per diluted share, against $26.2 million, or $0.27 per diluted share, a year earlier. Full-year figures were $112.4 million and $1.09 per diluted share. Source

Acquisitions and property mix

• Acquisitions near record for the year: Management said it invested $318 million across 105 properties in 2025, funded with equity and deployed into retail corridors leased to nationally branded operators. Source
• Fourth-quarter acquisitions totalled $95 million: The company acquired 30 properties for $95.0 million in the fourth quarter at a 7.0% initial weighted average cash yield. Third-quarter 2025 acquisitions were $82.0 million across 28 properties. Source
• Full-year yield and lease term: The 2025 acquisitions carried a 6.8% initial weighted average cash yield and a 12.2-year weighted average remaining lease term as of December 31, 2025. Source
• Fourth-quarter acquisitions led by medical retail: By purchase price, fourth-quarter acquisitions were 48% medical retail, 22% auto service, 15% casual dining restaurants, 9% other retail and 6% quick service restaurants. Source
• Full-year mix led by auto service: By purchase price, 2025 acquisitions were 37% auto service, 24% medical retail, 22% quick service restaurants, 14% casual dining restaurants and 3% other retail. Source
• No property sales in 2025: The company sold no properties in the fourth quarter or in the twelve months ended December 31, 2025. Source

“We funded acquisitions primarily through equity issued at accretive pricing which lowers our leverage profile and provides us with an over-equitized capital position and significant leverage capacity entering 2026.”

CEO Bill Lenehan

Segments and revenue lines

• Restaurant revenue and expenses rose slightly: Restaurant revenue was $7.8 million in the fourth quarter, against $7.6 million a year earlier, and $31.5 million for the year against $30.9 million. Restaurant expenses were $7.3 million in the quarter. Source
• Rental revenue split cash and non-cash: Fourth-quarter rental revenue comprised $67.5 million of cash rents and $0.3 million of straight-line and other non-cash rent adjustments. Source

Costs and G&A

• Fourth-quarter G&A rose on stock compensation: Fourth-quarter G&A expense was $6.2 million, including $1.9 million of stock-based compensation, compared with $5.7 million including $1.8 million a year earlier. Source
• Cash G&A ratio improved for the year: Full-year cash G&A was $18.0 million, or 6.9% of cash rental income, against $16.8 million, or 7.1%, in 2024. Fourth-quarter cash G&A was $4.4 million, 6.5% of cash rental income. Source
• Depreciation and interest expense rose: Fourth-quarter depreciation and amortization was $16.3 million, against $14.1 million a year earlier. Interest expense was $13.1 million, against $12.3 million. Source

“We believe that we are in a very strong position to continue progress toward our growth objectives.”

CEO Bill Lenehan

Rent collection and occupancy

• Rent collected at 99.5% for quarter: Rent payments received represented 99.5% of contractual base rent for the quarter ending December 31, 2025, and 99.8% for the full year. Source
• Portfolio occupancy at 99.6%: At December 31, 2025 the portfolio held 1,303 properties in 48 states, 99.6% occupied by square feet, under net leases with a weighted average remaining term of about 6.9 years. Source

Capital, leverage and liquidity

• Leverage at 5.1x, 4.9x with forwards: Net debt to adjusted EBITDA was 5.1x at quarter-end, or 4.9x including equity under forward sale agreements, as of December 31, 2025. Source
• Equity funded acquisitions and lowered leverage: Management said acquisitions were funded primarily through equity issued at accretive pricing, which it said lowers leverage and leaves an over-equitized capital position entering 2026. Source
• ATM sales totalled $172.7 million in 2025: In 2025 the company sold 6,108,008 shares through the ATM at an average gross price of $28.27, for anticipated gross proceeds of $172.7 million. No ATM shares were sold in the fourth quarter. Source
• Liquidity about $367 million in February: At February 11, 2026 liquidity was about $367 million, including about $17 million of cash and $350 million of revolver capacity, with no forward sale agreements outstanding. Source
• Debt $1.2 billion with no revolver balance: At December 31, 2025 outstanding debt was $1,215 million: $590 million of term loans and $625 million of unsecured fixed rate notes, with no revolver balance. Common shares outstanding rose to 108.2 million. Source

Dividend and per-share results

• Quarterly dividend raised 3.2%: The company declared a dividend of $0.3665 per common share for the fourth quarter of 2025, a 3.2% increase over the prior quarter. Source
• Full-year dividends declared rose: Regular dividends declared were $1.4315 per share for 2025, against $1.3900 in 2024. The fourth-quarter declaration was $0.3665, against $0.3550 a year earlier. Source

Strategy and underwriting discipline

• Insight scoring and pricing kept: Management said it did not waver from its insights-driven scoring system or its pricing objectives while investing in 2025. Source
• Focus on continued growth objectives: Management said it believes it is in a very strong position to continue progress toward its growth objectives. Source

Coming up, as management said on 11 February 2026

• Continued progress toward growth objectives: Management said it believes the company is in a very strong position to continue progress toward its growth objectives. Source

Figures management reported

Earlier plans management reported on

• Not stated: Management said it did not waver from its commitment to its insights-driven scoring system and to its pricing objectives during 2025. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q3 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.