Four Corners Property Trust Inc (FCPT)

FCPT Announces Acquisition of a Springfield Clinic Property for $3.5 MillionJune 30, 2026 5:00 PM
Business WireFour Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Springfield Clinic property for $3.5 million. Springfield Clinic is a physician-led medical organization with more than 650 physicians and advanced practitioners serving central Illinois. The property is located in a strong retail corridor in Illinois and corporate-operated under a new triple net lease with approximately 15 years of term remaining. The transaction was priced at a 6.7% cap rate on rent as of the closing date and exclusive of transaction costs.About FCPTFCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.Category: AcquisitionView source version on businesswire.com: https://www.businesswire.com/news/home/20260630972520/en/Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEOPatrick Wernig, 415-965-8038
CFO Original: FCPT Announces Acquisition of a Springfield Clinic Property for $3.5 Million

FCPT Announces Acquisition of a Tires Plus Property for $1.7 MillionJune 11, 2026 6:46 PM
Business Wire Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Tires Plus property for $1.7 million. The property is located in a strong retail corridor in Minnesota and is corporate-operated under a triple net lease with approximately five years of term remaining. The transaction was priced at a 6.9% cap rate on rent as of the closing date and exclusive of transaction costs. About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com. Category: Acquisition View source version on businesswire.com: https://www.businesswire.com/news/home/20260611521975/en/ Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO Patrick Wernig, 415-965-8038
CFO Original: FCPT Announces Acquisition of a Tires Plus Property for $1.7 Million

FCPT Declares Q2 and Q3 Dividends and Announces Commencement of Monthly DividendJune 8, 2026 4:05 PM
Business Wire Four Corners Property Trust, Inc. (NYSE: FCPT) today announced that its Board of Directors approved the commencement of monthly cash dividends starting in the third quarter of 2026. Aggregate monthly payments made in the third quarter are expected to be equivalent to current quarterly amounts. FCPT’s Board of Directors also declared its final quarterly cash dividend of $0.3665 per share (equivalent to $1.4660 per share per annum) for the second quarter of 2026. The dividend is payable on July 15, 2026, to shareholders of record as of June 30, 2026. Following this payment, the Board of Directors declared the equivalent three-monthly cash dividends for the third quarter of 2026 in the amount of $0.1222 per share per month, payable in cash on the payment dates set forth in the following table to FCPT common stock shareholders of record as of the close of business on the record date. Dividend Declared Amount Record Date Payment Date Final Quarterly $0.3665 June 30, 2026 July 15, 2026 Monthly $0.1222 July 31, 2026 August 17, 2026 Monthly $0.1222 August 31, 2026 September 15, 2026 Monthly $0.1222 September 30, 2026 October 15, 2026 Going forward, the Company’s planned monthly dividend schedule, commencing with the dividend payable in August 2026, will have a record date on or around the last trading day of the month and payable on or around the fifteenth day of each month. CEO Bill Lenehan said, “We are pleased to announce the commencement of a monthly dividend. We believe our fortress portfolio generates highly stable monthly rent, and this change better aligns our cash flow profile with shareholders’ income preferences. This shift also reinforces our commitment to delivering consistent, reliable value to our shareholders.” About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance and expectations regarding the making of distributions and the payment of dividends. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in FCPT’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20260608231426/en/ FCPT
Bill Lenehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO Original: FCPT Declares Q2 and Q3 Dividends and Announces Commencement of Monthly Dividend

FCPT Announces Acquisition of 14 Sun Auto Tire & Service Properties for $26.0 MillionJune 5, 2026 4:53 PM
Business Wire Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of 14 Sun Auto Tire & Service properties for $26.0 million. The properties are located in strong retail corridors in Missouri (8), Arkansas (4), and Illinois (2) and are corporate operated under long-term, triple net leases. The transaction was priced at a cap rate in range with previous FCPT transactions. About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com. Category: Acquisition View source version on businesswire.com: https://www.businesswire.com/news/home/20260604214077/en/ Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO Patrick Wernig, 415-965-8038
CFO Original: FCPT Announces Acquisition of 14 Sun Auto Tire & Service Properties for $26.0 Million

FCPT Announces a Single Property Asset Exchange with Darden RestaurantsMay 28, 2026 10:35 PM
Business Wire Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce a single property asset exchange with Darden Restaurants (“Darden”). Under the asset exchange agreement, FCPT transferred ownership of a recently closed Bahama Breeze property in Michigan to Darden and in exchange Darden transferred ownership of an Olive Garden property in Nevada to FCPT. As part of the transaction, FCPT entered into a new lease with Darden for the Olive Garden property at the same rent and on the same terms as the former Bahama Breeze lease. The Olive Garden property is located in a strong retail corridor in Nevada and is corporate-operated under a triple-net lease. The transaction was structured as a cashless asset exchange, as the parties agreed that the respective “as is” fair market values of the exchanged properties are reasonably equivalent. About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com. Category: Acquisition View source version on businesswire.com: https://www.businesswire.com/news/home/20260528505130/en/ Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO Patrick Wernig, 415-965-8038
CFO Original: FCPT Announces a Single Property Asset Exchange with Darden Restaurants

FCPT Announces Acquisition of a Gerber Collision Property for $3.5 MillionMay 21, 2026 5:43 PM
Business Wire Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Gerber Collision property for $3.5 million. The property is located in a highly trafficked corridor in North Carolina and corporate-operated under a triple net lease with approximately eight years of term remaining. The transaction was priced at a 7.5% cap rate on rent as of the closing date including rent credits received at closing and exclusive of transaction costs. About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com. Category: Acquisition View source version on businesswire.com: https://www.businesswire.com/news/home/20260521724790/en/ Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO Patrick Wernig, 415-965-8038
CFO Original: FCPT Announces Acquisition of a Gerber Collision Property for $3.5 Million

FCPT Announces Acquisition of a BJ's Restaurant and Brewhouse Property for $4.6 MillionMay 18, 2026 6:09 PM
Business Wire Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a BJ's Restaurant and Brewhouse property for $4.6 million. The property is located in a strong retail corridor in Texas and is corporate operated under a long-term triple net lease. The transaction was priced at a cap rate in range with previous FCPT transactions. About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com. Category: Acquisition View source version on businesswire.com: https://www.businesswire.com/news/home/20260518736019/en/ Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO Patrick Wernig, 415-965-8038
CFO Original: FCPT Announces Acquisition of a BJ's Restaurant and Brewhouse Property for $4.6 Million

FCPT Announces Acquisition of a Belle Tire Property for $2.4 MillionMay 4, 2026 7:07 PM
Business Wire Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Belle Tire property for $2.4 million. Belle Tire is a regional tire retailer and auto service provider with over 180 locations across Michigan, Indiana, Ohio, and Illinois. The property is located in a strong retail corridor in Ohio and is corporate-operated under a long-term, triple net lease with approximately five years of term remaining. The transaction was priced at a 7.2% cap rate on rent as of the closing date and exclusive of transaction costs. About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com. Category: Acquisition View source version on businesswire.com: https://www.businesswire.com/news/home/20260504440168/en/ Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO Patrick Wernig, 415-965-8038
CFO Original: FCPT Announces Acquisition of a Belle Tire Property for $2.4 Million

FCPT Announces First Quarter 2026 Financial and Operating ResultsApril 29, 2026 4:05 PM
Business Wire
Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three months ended March 31, 2026.


Management Comments


“FCPT started off 2026 in a strong position. After raising record liquidity and lowering our leverage profile in 2025, we closed on an attractively priced $200 million Term Loan to fund the investment pipeline at a 200+ basis point spread to historical acquisition yields,” said CEO Bill Lenehan. “The portfolio continues to perform at a high level, with continued strong collections and occupancy. Our new capital and fortress portfolio gives us the ability to play offense and boost growth.”


Rent Collection Update


As of March 31, 2026, the Company has received rent payments representing 99.7% of its portfolio contractual base rent for the quarter ending March 31, 2026.


Financial Results


Rental Revenue and Net Income Attributable to Common Shareholders



Rental revenue for the first quarter increased 10.0% over the prior year to $69.8 million. Rental revenue consisted of $70.0 million in cash rents and $0.2 of straight-line and other non-cash rent adjustments.




Net income attributable to common shareholders was $30.3 million for the first quarter, or $0.28 per diluted share. These results compare to net income attributable to common shareholders of $26.2 million for the same quarter in the prior year, or $0.26 per diluted share.



Adjusted Funds from Operations (AFFO)



AFFO per diluted share for the first quarter was $0.45, representing 3.4% growth compared to the same quarter in 2025.



Funds from Operations (FFO)



NAREIT-defined FFO per diluted share for the first quarter was $0.42, representing 4.7% growth compared to the same quarter in 2025.



General and Administrative (G&A) Expense



G&A expense for the first quarter was $7.5 million, which included $2.6 million of stock-based compensation. These results compare to G&A expense in the first quarter of 2025 of $7.6 million, including $2.8 million of stock-based compensation.




Cash G&A expense (after excluding stock-based compensation) for the first quarter was $4.9 million, representing 7.0% of cash rental income for the quarter, compared to $4.9 million of cash G&A in the first quarter of 2025 representing 7.7% of cash rental income.



Dividends



FCPT declared a dividend of $0.3665 per common share for the first quarter of 2026.



Real Estate Portfolio



As of March 31, 2026, the Company’s rental portfolio consisted of 1,313 properties located in 48 states. The properties are 99.6% occupied (measured by square feet) under long-term, net leases with a weighted average remaining lease term of approximately 6.7 years.



Acquisitions



During the first quarter, FCPT acquired ten properties for a combined purchase price of $26.2 million at an initial weighted average cash yield of 6.8%, on rents in place as of March 31, 2026, or a 7.3% GAAP yield and a weighted average remaining lease term of 10.0 years. The properties were 28% auto service, 26% medical retail, 23% casual dining restaurants, and 23% quick service restaurants by purchase price.



Dispositions



During the first quarter ended March 31, 2026, FCPT did not sell any properties.



Liquidity and Capital Markets


Liquidity



On March 31, 2026, FCPT had approximately $380 million of available liquidity including $30 million of cash and cash equivalents and $350 million of capacity under the revolving credit facility.



Capital Raising



During the first quarter, the Company did not sell shares of Common Stock via the at-the-market (ATM) program. The Company settled 1,439,298 shares at a gross weighted average price of $27.72 for net proceeds of $39.1 million.



Credit Facility and Unsecured Notes



On March 31, 2026, FCPT had $1,215 million of outstanding debt, consisting of $590 million of term loans, $625 million of unsecured fixed rate notes and no outstanding revolver balance. FCPT’s leverage, as measured by the ratio of net debt to adjusted EBITDAre, was 5.0x at quarter-end.




On April 6, 2026, FCPT entered into a new $200 million senior unsecured delayed draw term loan facility with a group of lenders from its existing credit facility. The Term Loan Facility has a seven-year tenor and matures on April 6, 2033. $50 million of the Term Loan Facility was drawn at close and will be used to fund the Company’s immediate investment pipeline and other general corporate purposes. The remaining $150 million of delayed draw term loan commitments under the Term Loan Facility are expected to fund additional pipeline acquisitions at the Company’s discretion. FCPT expects the remaining delayed draw term loan commitments to be fully funded during late Q2 and early Q3 of 2026. The Term Loan Facility contains a credit margin of 1.25% over SOFR as determined by FCPT’s current investment grade ratings of BBB/Baa3 (Fitch/Moody’s) on its senior unsecured debt.



Conference Call Information


Company management will host a conference call and audio webcast on Thursday, April 30 at 12:00 p.m. Eastern Time to discuss the results.


Interested parties can listen to the call via the following:


Phone: 1 833 461 5787 (domestic) or 1 626 884 3620 (international), and reference the FCPT First Quarter 2026 Financial Results Conference Call


Live webcast: https://events.q4inc.com/attendee/865913566


Replay: A conference call replay will be available for one year via the webcast.


About FCPT


FCPT is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at fcpt.com.


Cautionary Note Regarding Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, announced transactions, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of the Company and the Company’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company’s public disclosure obligations, the Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.


Notice Regarding Non-GAAP Financial Measures:


In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the investor relations section of our website.


Supplemental Materials and Website:


Supplemental materials on the First Quarter 2026 operating results and other information on the Company are available on the investors relations section of FCPT’s website at investors.fcpt.com.



Four Corners Property Trust


Consolidated Statements of Income


(Unaudited)


(In thousands, except share and per share data)






 





Three Months Ended March 31,










 






2026






 







 






2025






 









 


Revenues:






Rental revenue


$






69,813






 







$






63,482






 







Restaurant revenue


 






8,353






 







 






7,994






 







Total revenues


 






78,166






 







 






71,476






 







Operating expenses:






General and administrative


 






7,485






 







 






7,639






 







Depreciation and amortization


 






16,186






 







 






14,429






 







Property expenses


 






3,375






 







 






3,265






 







Restaurant expenses


 






7,877






 







 






7,555






 







Total operating expenses


 






34,923






 







 






32,888






 











 


Interest expense


 






(13,121






)







 






(12,731






)







Other income, net


 






342






 







 






392






 







Realized gain on sale, net


 






-






 







 






-






 







Income tax expense


 






(98






)







 






(63






)







Net income


 






30,366






 







 






26,186






 











 


Net income attributable to noncontrolling interest

 






(32






)







 






(30






)







Net Income Attributable to Common Shareholders

$






30,334






 







$






26,156






 











 


Basic net income per share


$






0.28






 







$






0.26






 







Diluted net income per share


$






0.28






 







$






0.26






 







Regular dividends declared per share


$






0.3665






 







$






0.3550






 











 


Weighted-average shares outstanding:






Basic


 






109,281,022






 







 






99,708,806






 







Diluted


 






109,558,530






 







 






100,072,018






 















 



Four Corners Property Trust


Consolidated Balance Sheets


(In thousands, except share and per share data)






 




March 31, 2026

December 31, 2025


ASSETS
(Unaudited)




Real estate investments:






Land


$






1,509,601






 







$






1,499,059






 







Buildings, equipment and improvements


 






2,012,376






 







 






1,998,573






 







Total real estate investments


 






3,521,977






 







 






3,497,632






 







Less: Accumulated depreciation


 






(828,495






)







 






(816,992






)







Total real estate investments, net


 






2,693,482






 







 






2,680,640






 







Intangible lease assets, net


 






126,589






 







 






129,371






 







Total real estate investments and intangible lease assets, net


 






2,820,071






 







 






2,810,011






 







Cash and cash equivalents


 






29,646






 







 






12,144






 







Straight-line rent adjustment


 






72,543






 







 






71,765






 







Derivative assets


 






11,492






 







 






9,385






 







Deferred tax assets


 






1,719






 







 






1,679






 







Other assets


 






16,408






 







 






15,742






 







Total Assets


$






2,951,879






 







$






2,920,726






 











 


LIABILITIES AND EQUITY









 


Liabilities:






Term loan and revolving credit facility ($590,000 and $590,000 of principal, respectively)

$






582,516






 







$






581,880






 







Senior unsecured notes


 






622,454






 







 






622,291






 







Dividends payable


 






40,129






 







 






39,567






 







Rent received in advance


 






16,372






 







 






17,939






 







Derivative liabilities


 






2,882






 







 






5,055






 







Other liabilities


 






23,401






 







 






24,155






 







Total liabilities


 






1,287,754






 







 






1,290,887






 











 


Equity:






Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding


 






-






 







 






-






 







Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 109,749,197 and 108,188,605 shares issued and outstanding, respectively


 






11






 







 






11






 







Additional paid-in capital


 






1,753,431






 







 






1,713,606






 







Accumulated other comprehensive income


 






11,927






 







 






7,665






 







Noncontrolling interest


 






2,106






 







 






2,112






 







Accumulated deficit


 






(103,350






)







 






(93,555






)







Total equity


 






1,664,125






 







 






1,629,839






 







Total Liabilities and Equity


$






2,951,879






 







$






2,920,726






 











 



Four Corners Property Trust


FFO and AFFO


(Unaudited)


(In thousands, except share and per share data)






 





Three Months Ended March 31,










 






2026






 






 






 






2025






 







Funds from operations (FFO):






Net income


$






30,366






 







$






26,186






 







Depreciation and amortization


 






16,111






 







 






14,392






 







Realized gain on sales of real estate


 






-






 







 






-






 







FFO (as defined by NAREIT)


$






46,477






 







$






40,578






 







Straight-line rental revenue


 






(778






)







 






(726






)







Deferred income tax benefit (1)


 






(40






)







 






(55






)







Stock-based compensation


 






2,613






 







 






2,760






 







Non-cash amortization of deferred financing costs


 






799






 







 






782






 







Non-real estate investment depreciation


 






75






 







 






37






 







Other non-cash revenue adjustments


 






544






 







 






486






 







Adjusted Funds from Operations (AFFO)


$






49,690






 







$






43,862






 











 


Weighted average fully diluted shares outstanding (2)


 






109,673,089






 







 






100,186,577






 











 


FFO per diluted share


$






0.42






 







$






0.41






 











 


AFFO per diluted share


$






0.45






 







$






0.44






 








(1)

Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business







(2)

Assumes the issuance of common shares for OP units held by non-controlling interest







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429726643/en/
FCPT

Bill Lenehan, 415-965-8031

CEO

Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces First Quarter 2026 Financial and Operating Results

FCPT Announces Acquisition of a Fogo de Chão Property for $5.7 MillionApril 24, 2026 4:15 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Fogo de Chão property for $5.7 million. Fogo de Chão is a casual dining Brazilian steakhouse concept with over 90 locations across 27 U.S. states and more than 20 additional international locations. The property is located in a strong retail corridor in Illinois and is corporate-operated under a long term, net lease with approximately 14 years of term remaining. The transaction was priced at a 7.0% cap rate on rent as of the closing date and exclusive of transaction costs.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20260424739071/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO
Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Acquisition of a Fogo de Chão Property for $5.7 Million

FCPT to Report First Quarter 2026 Financial ResultsApril 10, 2026 6:27 PM
Business Wire
Conference Call and Webcast Scheduled for Thursday, April 30, 2026 at 12:00 p.m. Eastern Time


Four Corners Property Trust (NYSE: FCPT), a real estate investment trust (REIT) primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), announced today that it will release financial results for the three months ended March 31, 2026, after the market close on Wednesday, April 29, 2026. A conference call and audio webcast with analysts and investors will be held on Thursday, April 30 at 12:00 p.m. Eastern Time, to discuss the results. Details for the call are listed below.


First Quarter Conference Call Details:


To access the live webcast (listen only), please visit https://events.q4inc.com/attendee/865913566. To access via the phone, please dial 1 833 461 5787 (domestic toll free) or 1 626 884 3620 (local) and reference the FCPT First Quarter 2026 Financial Results Conference Call. A conference call replay will be available for one year via the webcast.


About FCPT:


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260410306234/en/
FCPT

Bill Lenehan, 415-965-8031

CEO


Patrick Wernig, 415-965-8038

CFO


Original: FCPT to Report First Quarter 2026 Financial Results

FCPT Announces Acquisition of a National Veterinary Associates Property for $4.4 MillionApril 10, 2026 5:39 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a National Veterinary Associates property for $4.4 million. The property is located in a strong retail corridor in California and is corporate-operated under a long term, net lease. The transaction was priced at a 7.1% cap rate on rent as of the closing date and exclusive of transaction costs.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20260410285309/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO
Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Acquisition of a National Veterinary Associates Property for $4.4 Million

FCPT Announces New Seven-Year $200 Million Term Loan FacilityApril 6, 2026 6:36 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), announced today that the Company entered into a new $200 million senior unsecured delayed draw term loan facility (the “Term Loan Facility”) with a group of lenders from its existing credit facility. The Term Loan Facility has a seven-year tenor and matures on April 6, 2033. $50 million of the Term Loan Facility will be drawn at close and will be used to fund the Company’s immediate investment pipeline and other general corporate purposes.


The remaining $150 million of delayed draw term loan commitments under the Term Loan Facility are expected to fund additional pipeline acquisitions at the Company’s discretion. FCPT expects the remaining delayed draw term loan commitments to be fully funded during late Q2 and early Q3 of 2026. The Term Loan Facility contains a credit margin of 1.25% over SOFR as determined by FCPT’s current investment grade ratings of BBB/Baa3 (Fitch/Moody’s) on its senior unsecured debt. As of today, including the first $50 million draw, FCPT has hedged 96% of total outstanding term loans and its overall debt profile is 98% fixed rate through November 2027. Pro forma for fully drawing and deploying the $200 million Term Loan Facility, FCPT’s estimated run-rate leverage is approximately 5.4x.


Patrick Wernig, Chief Financial Officer of FCPT, commented, “We are very thankful for the continued strong support of our bank partners. The Term Loan Facility provides us with $200 million of incremental capital priced at highly attractive all-in rates to fund new property investments at accretive spreads of roughly 200+ basis points to historical acquisition yields. Additionally, the delayed draw function will allow us to match our sources and uses at no additional cost.”


Bill Lenehan, Chief Executive Officer of FCPT, added, “We believe that FCPT is well positioned to deploy significant capital this year. While this transaction is significant, we note that FCPT still benefits from further dry powder within our stated net leverage range of 5.0x-6.0x.”


The facility was led by The Huntington National Bank as Administrative Agent with Huntington and U.S. Bank, N.A. acting as Joint Bookrunners and Joint Lead Arrangers. Additional lenders include Fifth Third Bank, N.A. which acted as Joint Lead Arranger and Raymond James Bank which acted as Documentation Agent.



FCPT Credit Facility Summary ($ millions)












 


as of 4/6/2026





Fully Drawn
















 




Capacity






Maturity






Including

Extensions






Extended Term

Remaining








Capacity






Maturity






Including

Extensions






Extended Term

Remaining







Revolver

$350






Feb-2029






Feb-2030






3.8






Revolver

$350






Feb-2029






Feb-2030






3.8












 













Term Loan
Tranche

Principal






Maturity






Including

Extensions






Extended Term

Remaining






Term Loan
Tranche

Principal






Maturity






Including

Extensions






Extended Term

Remaining







A-1

$2 25






Feb-2029






Feb-2030






3.8






A-1

$225






Feb-2029






Feb-2030






3.8







A-2

$100






Nov-2026






Nov-2027






1.6






A-2

$100






Nov-2026






Nov-2027






1.6







A-3

$90






Feb-2027






-






0.8






A-3

$90






Feb-2027






-






0.8







A-5

$85






Mar-2027






Mar-2028






1.9






A-5

$85






Mar-2027






Mar-2028






1.9







A-4

$90






Feb-2028






-






1.8






A-4

$90






Feb-2028






-






1.8







New Term Loan

$50






Apr-2033






-






7.0






New Term Loan

$200






Apr-2033






-






7.0







Term Loans

$640








2.8






Term Loans

$790








3.6








FCPT 2026-2028 Hedge Summary ($ millions)












 


as of 4/6/2026




Fully Drawn







Hedged Amount






As of






% of Total

4/6/2026 ($640mm)






Hedged

SOFR Rate






All-in

Rate







Hedged Amount






As of






% of Total

Fully Drawn ($790mm)






Hedged

SOFR Rate






All-in

Rate








$615






4/6/2026






96%






3.0%






4.0%







$615






4/6/2026






78%






3.0%






4.1%








$615






11/1/2026






96%






3.0%






4.0%







$615






11/1/2026






78%






3.0%






4.1%








$615






11/1/2027






96%






3.0%






4.0%







$615






11/1/2027






78%






3.0%






4.1%








$590






11/1/2028






92%






3.3%






4.3%







$590






11/1/2028






75%






3.3%






4.4%







Note: this table shows in-place swaps as of today; FCPT may add additional swaps as the Term Loan Facility is funded later this year


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Cautionary Note Regarding Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance and intended use of proceeds from the Term Loan Facility. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in FCPT’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260406631096/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

Chief Executive Officer


Patrick Wernig, 415-965-8038

Chief Financial Officer


Original: FCPT Announces New Seven-Year $200 Million Term Loan Facility

FCPT Announces Acquisition of a Left Lane Auto Property for $3.1 MillionApril 1, 2026 6:58 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Left Lane Auto property for $3.1 million. The property is newly constructed and located in a strong retail corridor in Alabama and is corporate operated under a long term, triple net lease with 15 years of term remaining. The transaction was priced at a 7.1% cap rate on rent as of the closing date and exclusive of transaction costs.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20260401047146/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO


Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Acquisition of a Left Lane Auto Property for $3.1 Million

FCPT Announces Acquisition of a Chili's Property for $2.3 MillionApril 1, 2026 5:45 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Chili's property for $2.3 million. The property is located in a strong, highly trafficked retail corridor in Illinois and corporate-operated under a triple net lease with approximately six years of term remaining. The transaction was priced at a 6.8% cap rate including rent credits received at closing and exclusive of transaction costs.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20260401023363/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO


Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Acquisition of a Chili's Property for $2.3 Million

FCPT Appoints Michael Friedland to the Board of DirectorsApril 1, 2026 4:05 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), announced today that Michael Friedland has been appointed to the Company’s Board of Directors (the “Board”), effective April 1, 2026.


Bill Lenehan, CEO of FCPT, said, “I’m thrilled to announce that Michael Friedland is joining our Board. He has over thirty years of knowledge in real estate finance and corporate credit underwriting, and over twenty years of executive leadership, including advising on FCPT’s fortress balance sheet.”


Mr. Friedland has extensive experience in corporate and real estate finance, banking, risk and credit, investment grade and leveraged syndicated finance and credit restructuring, and most recently served as Vice Chair of Global Corporate Banking at JPMorgan Chase Bank, N.A. (“JPM”) until his retirement in March 2026. Mr. Friedland worked at JPM for over 30 years. Mr. Friedland started at JPM in 1994 as a Managing Director in the Syndicated and Leveraged Finance Group, in which role he was responsible for capital markets and distribution. Mr. Friedland was the Head of the Real Estate Special Credits and Workout Group from 2010 to 2012. Mr. Friedland was promoted to Group Manager of Global Corporate Banking-Real Estate in 2012, in which role he was responsible for broad-based client coverage of a range of public and private real estate companies, and was subsequently promoted to Vice Chair of Global Corporate Banking in 2022. Prior to JPM, Mr. Friedland held various roles within real estate banking coverage in the New York metropolitan area, including real estate special credits during the S&L crisis. Mr. Friedland started his career at Bankers Trust Corporation as a member of the Real Estate Industries Team. Mr. Friedland holds an M.B.A. in Finance from New York University and a B.A., cum laude, from Tufts University.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260401479347/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO


Patrick Wernig, 415-965-8038

CFO


Original: FCPT Appoints Michael Friedland to the Board of Directors

FCPT Announces Acquisition of a BluePearl Pet Hospital Property for $3.8 MillionMarch 23, 2026 6:01 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a BluePearl Pet Hospital property for $3.8 million. The property is located in a strong retail corridor in Colorado and is corporate-operated under a net lease with approximately five years of term remaining. The transaction was priced at a 7.0% cap rate as of the closing date and exclusive of transaction costs.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20260323110997/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO


Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Acquisition of a BluePearl Pet Hospital Property for $3.8 Million

FCPT Announces Acquisition of a Panera Bread Property for $3.8 MillionMarch 19, 2026 5:37 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Panera Bread property for $3.8 million. The property is located in a highly trafficked corridor in Kentucky and is corporate-operated under a triple net lease with approximately six years of term remaining. The transaction was priced at a 6.7% cap rate on rent as of the closing date and exclusive of transaction costs.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20260319468998/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO


Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Acquisition of a Panera Bread Property for $3.8 Million

FCPT Announces Acquisition of a First Watch Property for $2.8 MillionMarch 17, 2026 6:09 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a First Watch property for $2.8 million. First Watch is a daytime dining restaurant chain serving breakfast, brunch, and lunch, with over 600 locations across 32 states. The property is located in a strong retail corridor in Wisconsin and is corporate-operated under a long-term triple net lease. The transaction was priced at a cap rate in range with previous FCPT transactions.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20260317504317/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO
Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Acquisition of a First Watch Property for $2.8 Million

FCPT Announces Acquisition of a VCA Animal Hospital Property for $3.0 MillionMarch 13, 2026 6:54 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a VCA Animal Hospital property for $3.0 million. The property is located in a highly trafficked corridor in Michigan and is corporate-operated under a long-term triple net lease. The transaction was priced at a 6.6% cap rate on rent as of the closing date and exclusive of transaction costs.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20260313235434/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO


Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Acquisition of a VCA Animal Hospital Property for $3.0 Million

FCPT Announces Acquisition of a Carrabba's Italian Grill Property for $3.4 MillionMarch 11, 2026 7:00 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Carrabba's Italian Grill property for $3.4 million. The property is located in a strong retail corridor in Florida and is corporate-operated under a triple net lease with approximately six years of term remaining. The transaction was priced at a 6.6% cap rate on rent as of the closing date and exclusive of transaction costs.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20260311892785/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO


Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Acquisition of a Carrabba's Italian Grill Property for $3.4 Million

FCPT Announces Acquisition via Sale-Leaseback of an Automotive Service Property for $2.1 MillionMarch 5, 2026 6:11 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of an automotive service property leased to a national operator for $2.1 million via sale-leaseback. The property is located in a highly trafficked corridor in Indiana and is corporate-operated under a long term, triple net lease. The transaction was priced at a cap rate in range with previous FCPT transactions.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20260305671446/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO
Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Acquisition via Sale-Leaseback of an Automotive Service Property for $2.1 Million

FCPT Declares First Quarter 2026 DividendMarch 5, 2026 5:16 PM
Business Wire
Four Corners Property Trust, Inc. (NYSE: FCPT) today announced that its Board of Directors declared a quarterly cash dividend of $0.3665 per share (equivalent to $1.4660 per share per annum) for the first quarter of 2026. The dividend is payable on April 15, 2026, to shareholders of record as of March 31, 2026.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Cautionary Note Regarding Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance and expectations regarding the making of distributions and the payment of dividends. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in FCPT’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260305787228/en/
FCPT

Bill Lenehan, 415-965-8031

CEO


Patrick Wernig, 415-965-8038

CFO


Original: FCPT Declares First Quarter 2026 Dividend

FCPT Announces Acquisition of a National Automotive Service Operator Property for $1.6 MillionMarch 3, 2026 4:39 PM
Business Wire
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a property leased to a national automotive service operator for $1.6 million. The property is located in a highly trafficked corridor in Texas and corporate under a long term, triple net lease with approximately 7 years of term remaining. The transaction was priced at a 6.9% cap rate on rent as of the closing date and exclusive of transaction costs.


About FCPT


FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.


Category: Acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20260303991117/en/
Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO


Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Acquisition of a National Automotive Service Operator Property for $1.6 Million

FCPT Announces Fourth Quarter 2025 Financial and Operating ResultsFebruary 11, 2026 4:05 PM
Business Wire
Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three and twelve months ended December 31, 2025.


Management Comments


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


Rent Collection Update


As of December 31, 2025, the Company has received rent payments representing 99.5% of its portfolio contractual base rent for the quarter ending December 31, 2025, 99.8% for the year ending December 31, 2025.


Financial Results


Rental Revenue and Net Income Attributable to Common Shareholders



Rental revenue for the fourth quarter increased 11.6% over the prior year to $67.8 million. Rental revenue consisted of $67.5 million in cash rents and $0.3 of straight-line and other non-cash rent adjustments.




Net income attributable to common shareholders was $29.4 million for the fourth quarter, or $0.28 per diluted share. These results compare to net income attributable to common shareholders of $26.2 million for the same quarter in the prior year, or $0.27 per diluted share.




Net income attributable to common shareholders was $112.4 million for the twelve months ended December 31, 2025, or $1.09 per diluted share. These results compare to net income attributed to common shareholders of $100.5 million for the same twelve-month period in 2024, or $1.07 per diluted share.



Adjusted Funds from Operations (AFFO)



AFFO per diluted share for the fourth quarter was $0.45, representing a $0.01 per share increase compared to the same quarter in 2024.




AFFO per diluted share for the year ended December 31, 2025 was $1.78, representing a $0.05 per share increase compared to the same twelve-month period in 2024.



Funds from Operations (FFO)



NAREIT-defined FFO per diluted share for the fourth quarter was $0.43, a $0.02 per share increase compared to the same quarter in 2024.




NAREIT-defined FFO per diluted share for the year ended December 31, 2025 was $1.68, representing a $0.03 per share increase compared to the same twelve-month period in 2024.



General and Administrative (G&A) Expense



G&A expense for the fourth quarter was $6.2 million, which included $1.9 million of stock-based compensation. These results compare to G&A expense in the fourth quarter of 2024 of $5.7 million, including $1.8 million of stock-based compensation.




Cash G&A expense (after excluding stock-based compensation) for the fourth quarter was $4.4 million, representing 6.5% of cash rental income for the quarter, compared to $3.9 million of cash G&A in the fourth quarter of 2024 representing 6.5% of cash rental income.




Cash G&A expense in 2025 was $18.0 million, representing 6.9% of cash rental income for the year, compared to $16.8 million of cash G&A in 2024 representing 7.1% of cash rental income.



Dividends



FCPT declared a dividend of $0.3665 per common share for the fourth quarter of 2025, an increase of 3.2% over the prior quarter.



Real Estate Portfolio



As of December 31, 2025, the Company’s rental portfolio consisted of 1,303 properties located in 48 states. The properties are 99.6% occupied (measured by square feet) under long-term, net leases with a weighted average remaining lease term of approximately 6.9 years.



Acquisitions



During the fourth quarter, FCPT acquired 30 properties for a combined purchase price of $95.0 million at an initial weighted average cash yield of 7.0%, on rents in place as of December 31, 2025 and a weighted average remaining lease term of 9.8 years. The properties were 48% medical retail, 22% auto service, 15% casual dining restaurants, 9% other retail, and 6% quick service restaurants by purchase price.




During 2025, FCPT acquired 105 properties for a combined purchase price of $317.9 million at an initial weighted average cash yield of 6.8% and a weighted average remaining lease term of 12.2 years as of December 31, 2025. The properties were 37% auto service, 24% medical retail, 22% quick service restaurants, 14% casual dining restaurants, and 3% other retail by purchase price.



Dispositions



During the fourth quarter and twelve months ended December 31, 2025, FCPT did not sell any properties.



Liquidity and Capital Markets


Liquidity



On December 31, 2025, FCPT had approximately $402 million of available liquidity including $12 million of cash and cash equivalents, anticipated net proceeds of approximately $40 million under existing forward sale agreements and $350 million of capacity under the revolving credit facility.




On February 11, 2026, FCPT had approximately $367 million of available liquidity including approximately $17 million of cash and cash equivalents, no outstanding forward sale agreements and $350 million of capacity under the revolving credit facility.



Capital Raising



During the fourth quarter, the Company did not sell shares of Common Stock via the at-the-market (ATM) program.




In 2025, FCPT sold 6,108,008 shares of Common Stock via the ATM at an average gross price of $28.27 per share for anticipated gross proceeds of $172.7 million. As of February 11, 2026, no shares remain to be settled under existing forward sale agreements.



Credit Facility and Unsecured Notes



On December 31, 2025, FCPT had $1,215 million of outstanding debt, consisting of $590 million of term loans, $625 million of unsecured fixed rate notes and no outstanding revolver balance. FCPT’s leverage, as measured by the ratio of net debt to adjusted EBITDAre, was 5.1x at quarter-end, or 4.9x inclusive of outstanding equity under forward sales agreements as of December 31, 2025.



Conference Call Information


Company management will host a conference call and audio webcast on Thursday, February 12 at 12:00 p.m. Eastern Time to discuss the results.


Interested parties can listen to the call via the following:


Phone: 1 833 470 1428 (domestic) or 1 646 844 6383 (international), Call Access Code: 751891


Live webcast: https://events.q4inc.com/attendee/529803407


In order to pre-register for the call, investors can visit: NetRoadshow


Replay: Available through May 11, 2026 by dialing 1 866 813 9403 (domestic) or 1 929 458 6194 (international), Replay Access Code 769850


About FCPT


FCPT is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at fcpt.com.


Cautionary Note Regarding Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, announced transactions, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of the Company and the Company’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company’s public disclosure obligations, the Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.


Notice Regarding Non-GAAP Financial Measures:


In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the investor relations section of our website.


Supplemental Materials and Website:


Supplemental materials on the Fourth Quarter 2025 operating results and other information on the Company are available on the investors relations section of FCPT’s website at investors.fcpt.com.



 


Four Corners Property Trust


Consolidated Statements of Income





(In thousands, except share and per share data)










 




Three Months Ended December 31,

Twelve Months Ended December 31,





 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 









(Unaudited)






Revenues:










Rental revenue


$






67,844






 







$






60,734






 







$






262,648






 







$






237,134






 







Restaurant revenue


 






7,821






 







 






7,602






 







 






31,484






 







 






30,939






 







Total revenues


 






75,665






 







 






68,336






 







 






294,132






 







 






268,073






 







Operating expenses:










General and administrative


 






6,248






 







 






5,725






 







 






26,843






 







 






23,789






 







Depreciation and amortization


 






16,324






 







 






14,096






 







 






60,424






 







 






54,514






 







Property expenses


 






3,230






 







 






3,044






 







 






13,559






 







 






11,575






 







Restaurant expenses


 






7,296






 







 






7,099






 







 






29,442






 







 






29,024






 







Total operating expenses


 






33,098






 







 






29,964






 







 






130,268






 







 






118,902






 















 


Interest expense


 






(13,106






)







 






(12,302






)







 






(51,873






)







 






(49,231






)







Other income, net


 






107






 







 






242






 







 






800






 







 






963






 







Income tax expense


 






(98






)







 






(105






)







 






(303






)







 






(308






)







Net income


 






29,470






 







 






26,207






 







 






112,488






 







 






100,595






 















 


Net income attributable to noncontrolling interest


 






(31






)







 






(31






)







 






(124






)







 






(122






)







Net Income Attributable to Common Shareholders


$






29,439






 







$






26,176






 







$






112,364






 







$






100,473






 















 


Basic net income per share


$






0.28






 







$






0.27






 







$






1.09






 







$






1.07






 







Diluted net income per share


$






0.28






 







$






0.27






 







$






1.09






 







$






1.07






 







Regular dividends declared per share


$






0.3665






 







$






0.3550






 







$






1.4315






 







$






1.3900






 















 


Weighted-average shares outstanding:










Basic


 






106,270,287






 







 






96,614,382






 







 






102,691,563






 







 






93,643,129






 







Diluted


 






106,537,791






 







 






97,168,769






 







 






102,948,617






 







 






94,064,498






 















 



Four Corners Property Trust


Consolidated Balance Sheets


(In thousands, except share data)






 




December 31, 2025

December 31, 2024


ASSETS






Real estate investments:






Land


$






1,499,059






 







$






1,360,772






 







Buildings, equipment and improvements


 






1,998,573






 







 






1,837,872






 







Total real estate investments


 






3,497,632






 







 






3,198,644






 







Less: Accumulated depreciation


 






(816,992






)







 






(775,505






)







Total real estate investments, net


 






2,680,640






 







 






2,423,139






 







Intangible lease assets, net


 






129,371






 







 






123,613






 







Total real estate investments and intangible lease assets, net


 






2,810,011






 







 






2,546,752






 







Cash and cash equivalents


 






12,144






 







 






4,081






 







Straight-line rent adjustment


 






71,765






 







 






68,562






 







Derivative assets


 






9,385






 







 






20,733






 







Deferred tax assets


 






1,679






 







 






1,448






 







Other assets


 






15,742






 







 






11,450






 







Total Assets


$






2,920,726






 







$






2,653,026






 











 


LIABILITIES AND EQUITY










 


Liabilities:






Term loan and revolving credit facility ($590,000 and $520,000 of principal, respectively)


$






581,880






 







$






516,250






 







Senior unsecured notes


 






622,291






 







 






621,639






 







Dividends payable


 






39,567






 







 






35,358






 







Rent received in advance


 






17,939






 







 






6,738






 







Derivative liabilities


 






5,055






 







 






473






 







Other liabilities


 






24,155






 







 






21,778






 







Total liabilities


 






1,290,887






 







 






1,202,236






 











 


Equity:






Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding


 






-






 







 






-






 







Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 108,188,605 and 99,825,119 shares issued and outstanding, respectively


 






11






 







 






10






 







Additional paid-in capital


 






1,713,606






 







 






1,482,698






 







Accumulated other comprehensive income


 






7,665






 







 






23,633






 







Noncontrolling interest


 






2,112






 







 






2,178






 







Accumulated deficit


 






(93,555






)







 






(57,729






)







Total equity


 






1,629,839






 







 






1,450,790






 







Total Liabilities and Equity


$






2,920,726






 







$






2,653,026






 











 



Four Corners Property Trust


FFO and AFFO


(Unaudited)


(In thousands, except share and per share data)










 





Three Months Ended December 31,






 






Twelve Months Ended December 31,










 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 







Funds from operations (FFO):










Net income


$






29,470






 







$






26,207






 







$






112,488






 







$






100,595






 







Depreciation and amortization


 






15,421






 







 






14,060






 







 






59,383






 







 






54,372






 







Provision for impairment


 






827






 







 






-






 







 






827






 







 






-






 







FFO (as defined by NAREIT)


$






45,718






 







$






40,267






 







$






172,698






 







$






154,967






 







Straight-line rental revenue


 






(784






)







 






(467






)







 






(3,203






)







 






(3,810






)







Deferred income tax benefit (1)


 






(62






)







 






(47






)







 






(231






)







 






(200






)







Stock-based compensation


 






1,885






 







 






1,801






 







 






8,854






 







 






6,987






 







Non-cash amortization of deferred financing costs


 






799






 







 






653






 







 






3,158






 







 






2,597






 







Non-real estate investment depreciation


 






76






 







 






36






 







 






214






 







 






142






 







Other non-cash revenue adjustments


 






481






 







 






509






 







 






1,923






 







 






2,072






 







Adjusted Funds from Operations (AFFO)


$






48,113






 







$






42,752






 







$






183,413






 







$






162,755






 















 


Weighted average fully diluted shares outstanding (2)


 






106,652,350






 







 






97,283,328






 







 






103,063,176






 







 






94,179,057






 















 


FFO per diluted share


$






0.43






 







$






0.41






 







$






1.68






 







$






1.65






 















 


AFFO per diluted share


$






0.45






 







$






0.44






 







$






1.78






 







$






1.73






 















 


(1) Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business


(2) Assumes the issuance of common shares for OP units held by non-controlling interest


 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260211556769/en/
FCPT

Bill Lenehan, 415-965-8031

CEO

Patrick Wernig, 415-965-8038

CFO


Original: FCPT Announces Fourth Quarter 2025 Financial and Operating Results