Four Corners Property Trust (FCPT) reported a strong 2025, driven by efficient capital raising and strategic investments in 105 properties. The company maintained a strong financial position with over-equitized capital and significant leverage capacity entering 2026, positioning it well for continued growth.
Rental revenue for the fourth quarter increased 11.6% year-over-year to $67.8 million.
positiveAFFO per diluted share for the year ended December 31, 2025, increased by $0.05 to $1.78 compared to the prior year.
positiveThe company acquired 105 properties for $317.9 million in 2025, with a weighted average remaining lease term of 12.2 years.
positiveRent collection was strong, with 99.5% of contractual base rent received for Q4 2025.
positiveTotal revenues for the twelve months ended December 31, 2025, were $294.1 million, a deceleration from $268.1 million in the prior year, representing a growth rate of approximately 9.7% compared to prior year growth of 12.3% (Q3 FY2025) and 9.9% (Q2 FY2025).
attentionG&A expense for the fourth quarter was $6.2 million, an increase from $5.7 million in the prior year, though cash G&A as a percentage of cash rental income remained stable at 6.5%.
attentionLeverage, as measured by the ratio of net debt to adjusted EBITDAre, was 5.1x at quarter-end, which is at the higher end of typical REIT leverage ratios.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Rental revenue | N/A | — | — | — |
Restaurant revenue | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
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.
We invested a near record $318 million across 105 properties located in strong retail corridors and leased to a set of nationally branded operators.
We achieved these results while never wavering from our commitment to using an insights driven scoring system and to maintaining a steadfast set of pricing objectives.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.