Four Corners Property Trust Stock Earnings Reports

FCPT reported a solid Q3 2025 with continued disciplined acquisitive activity, portfolio resilience and conservative capital management. Key operational highlights: $82M of Q3 acquisitions (28 properties) at a blended 6.8% cap rate and ~12-year WA lease term; 2025 YTD acquisitions of $229M (77 properties) at a 6.8% blended cap. Portfolio diversification has continued (casual dining down from 94% at spin to 41% today; automotive 13%, QSR 11%, medical retail 10%); occupancy 99.5% and base rent collection of 99.9% in Q3. Financial and balance-sheet highlights: Q3 AFFO $0.45/sh (up 3% YoY), annualized cash base rent $255.6M (up ~12.6% YoY for the quarter), weighted average 5-year escalator 1.4%, cash G&A expected at low end of $18–18.5M guidance. Capital position: net debt/adjusted EBITDA of 4.7x (including equity forwards) or 5.3x excluding forwards; management lowered the operational leverage target to 5.0x–6.0x; roughly $270M of combined dry powder (equity forwards, debt capacity and retained cash flow) before reaching mid-5x leverage; 97% of debt stack fixed with a blended cash interest rate ~3.9% and 95% of floating rate debt hedged through Nov 2027 at ~3%. Management emphasized disciplined underwriting, ability to modulate acquisition pace with cost of capital, strong tenant credit (no bad-debt expense YTD) and increased transparency (full property list published). Outlook: management is constructive on the deal pipeline, expects Q4 to be active, and is positioned to opportunistically deploy capital while protecting accretive spreads.