US Market News
1月前
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
US Market News
4月前
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
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