Core Viewpoint - Four Corners Property Trust (FCPT) has announced the acquisition of Left Lane Auto property for $3.0 million, expanding its portfolio in the net-leased restaurant and retail property sector [1] Group 1: Company Overview - FCPT is a real estate investment trust focused on owning and acquiring high-quality, net-leased restaurant and retail properties [1] - The company operates in the real estate sector, specifically targeting properties that generate stable income through long-term leases [1] Group 2: Acquisition Details - The acquisition of Left Lane Auto property was completed for a total of $3.0 million [1] - Left Lane Auto operates auto repair shops across 13 states, currently managing 67 units under various brands [1]

Core Points - Four Corners Property Trust, Inc. (FCPT) announced a quarterly cash dividend of $0.3550 per share for Q3 2025, which translates to an annual dividend of $1.42 per share [1] - The dividend is scheduled to be paid on October 15, 2025, to shareholders who are on record as of September 30, 2025 [1] - FCPT is a real estate investment trust (REIT) based in Mill Valley, California, focusing on ownership, acquisition, and leasing of properties [1]

Core Insights - Four Corners Property Trust (FCPT) has acquired four Burger King properties for $8.1 million through a sale-leaseback arrangement, indicating its strategy to diversify and enhance portfolio quality through acquisitions [1][7] Acquisition Details - The newly acquired properties are situated in strong retail corridors in Ohio, Kentucky, and Virginia, with a cap rate of 6.8% on rent at the closing date, excluding transaction costs [2] - These properties are under long-term, triple-net leases with 19 years remaining, which will help secure long-term cash flows for the company [2][7] Historical Acquisition Performance - FCPT has a history of acquisitions, having expanded its portfolio with total acquisitions worth $84 million at a 6.7% cap rate in the second quarter of 2025 [3] - Over the past 12 months, as of June 30, 2025, the company has acquired properties totaling $344 million at attractive pricing [3][7] Portfolio Diversification - Through recent acquisitions, FCPT has diversified more than half of its portfolio into new restaurant brands, medical retail, and auto service, ensuring stable revenue generation [4] - The company's portfolio mainly consists of outparcel properties in high-density retail corridors, with around 76% of its rent featuring unique benefits compared to regular net leases [5] Financial Considerations - The expansion efforts may encounter challenges due to a high-interest-rate environment, which could lead to elevated borrowing costs for the company [6]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The strategy of matching expenses with dividend income from companies can lead to financial independence and a sense of automatic discounts [2] Group 2 - The article emphasizes the importance of defensive stocks with a medium- to long-term investment horizon [2]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents FCPT's unaudited consolidated financial statements for Q2 2025, along with detailed accounting notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--------------------------------------- | :------------ | :---------------- | | Total Assets | $2,765,517 | $2,653,026 | | Total Liabilities | $1,282,575 | $1,202,236 | | Total Equity | $1,482,942 | $1,450,790 | | Real estate investments, net | $2,538,855 | $2,423,139 | | Cash and cash equivalents | $5,981 | $4,081 | | Term loan and revolving credit facility, net | $580,780 | $516,250 | | Senior unsecured notes, net | $621,965 | $621,639 | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Statements of Income Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenues | $72,842 | $66,479 | $144,318 | $132,946 | | Total operating expenses | $31,807 | $29,517 | $64,695 | $59,842 | | Net income | $27,955 | $24,702 | $54,141 | $48,776 | | Net Income Available to Common Shareholders | $27,924 | $24,672 | $54,080 | $48,716 | | Basic net income per share | $0.28 | $0.27 | $0.54 | $0.53 | | Diluted net income per share | $0.28 | $0.27 | $0.54 | $0.53 | | Dividends declared per common share | $0.3550 | $0.3450 | $0.7100 | $0.6900 | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Consolidated Statements of Comprehensive Income Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $27,955 | $24,702 | $54,141 | $48,776 | | Other comprehensive income (loss) | $(5,594) | $98 | $(13,863) | $5,666 | | Comprehensive income | $22,361 | $24,800 | $40,278 | $54,442 | | Comprehensive Income Attributable to Common Shareholders | $22,336 | $24,770 | $40,233 | $54,375 | [Consolidated Statements of Changes in Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Consolidated Statements of Changes in Equity Highlights (in thousands) | Metric | June 30, 2025 (Six Months, in thousands) | December 31, 2024 (in thousands) | | :--------------------------------------- | :------------------------- | :---------------- | | Balance at beginning of period | $1,450,790 | $1,259,863 | | Net income | $54,141 | $48,776 | | Other comprehensive income (loss) | $(13,863) | $5,666 | | ATM proceeds, net of issuance costs | $61,993 | $9,283 | | Dividends and distributions to equity holders | $(71,700) | $(63,430) | | Stock-based compensation, net | $1,581 | $1,254 | | Balance at June 30, 2025 | $1,482,942 | $1,261,412 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $95,319 | $67,299 | | Net cash used in investing activities | $(144,672) | $(63,410) | | Net cash provided by (used in) financing activities | $51,253 | $(11,505) | | Net increase (decrease) in cash and cash equivalents | $1,900 | $(7,616) | | Cash and cash equivalents at end of period | $5,981 | $17,167 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [NOTE 1 – ORGANIZATION](index=9&type=section&id=NOTE%201%20%E2%80%93%20ORGANIZATION) FCPT is a publicly traded REIT, owning and leasing restaurant and retail properties on a triple-net basis - FCPT is a publicly traded REIT focused on owning, acquiring, and leasing restaurant and retail properties on a triple-net basis[21](index=21&type=chunk) - The company operates primarily through Four Corners Operating Partnership, LP (FCPT OP), with FCPT GP as its sole general partner[21](index=21&type=chunk) - FCPT intends to maintain its REIT qualification, requiring distribution of at least **90% of its REIT taxable income** to shareholders[24](index=24&type=chunk) [NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=9&type=section&id=NOTE%202%20%E2%80%93%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Details FCPT's key accounting policies for consolidation, segments, real estate, leases, debt, and new standards - FCPT operates in two reportable segments: real estate operations and restaurant operations, with performance monitored by the CEO[27](index=27&type=chunk) - Real estate acquisitions are accounted for as asset acquisitions, with purchase price allocated to land, building, and improvements based on fair values[32](index=32&type=chunk)[33](index=33&type=chunk) - The company uses interest rate derivatives for risk management, primarily cash flow hedges, to manage interest rate variability[47](index=47&type=chunk) - New accounting standards ASU 2023-09 (Income Tax Disclosures) and ASU 2024-03 (Expense Disaggregation Disclosures) are being evaluated for potential impact, with effective dates in 2024 and 2026/2027 respectively[76](index=76&type=chunk)[77](index=77&type=chunk) [NOTE 3 – CONCENTRATION OF CREDIT RISK](index=18&type=section&id=NOTE%203%20%E2%80%93%20CONCENTRATION%20OF%20CREDIT%20RISK) FCPT faces significant credit risk concentration from Darden leases, Olive Garden brands, and Texas properties - Darden leases represent approximately **46.5% of FCPT's scheduled base rents**, indicating significant tenant concentration[80](index=80&type=chunk) - Olive Garden branded locations account for approximately **33.0% of revenues** received under leases, highlighting brand concentration[81](index=81&type=chunk) - Texas is a concentrated state, contributing approximately **10.2% of total rental revenue**[81](index=81&type=chunk) [NOTE 4 – REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET](index=18&type=section&id=NOTE%204%20%E2%80%93%20REAL%20ESTATE%20INVESTMENTS%2C%20NET%20AND%20INTANGIBLE%20ASSETS%20AND%20LIABILITIES%2C%20NET) Details FCPT's real estate investments and intangibles, totaling **$2.54 billion** net, with significant H1 2025 acquisitions Real Estate Investments, Net (in thousands) | Category | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--------------------------------------- | :------------ | :---------------- | | Total gross real estate investments | $3,334,117 | $3,198,644 | | Less: accumulated depreciation | $(795,262) | $(775,505) | | Real estate investments, net | $2,538,855 | $2,423,139 | | Int

Financial Data and Key Metrics Changes - The company reported AFFO per share of $0.44, which is up 2.8% from Q2 last year [23] - Rental income for Q2 was $64.5 million, representing growth of over 11% compared to the previous year [23] - Cash G&A expense, excluding stock-based compensation, was $4.4 million, representing 6.9% of cash rental income for the quarter, down from 7.4% in the same quarter last year [24] Business Line Data and Key Metrics Changes - In Q2, the company acquired 24 properties for $84 million at a blended cap rate of 6.7% [14] - The automotive sector accounted for 68% of total acquisition volume, indicating a strong focus on this area [14] - The company has diversified its portfolio, with 34% of rent now coming from sectors outside casual dining [10] Market Data and Key Metrics Changes - The company reported a rent coverage ratio of five times for the majority of its portfolio, one of the strongest in the net lease industry [8] - The average age of passenger vehicles in the U.S. is now at a record 14 years, which is expected to drive demand for automotive services [16] Company Strategy and Development Direction - The company aims to maintain a defensive portfolio focused on central retail and services, which are seen as tariff resistant [11] - The strategy includes modulating acquisitions based on cost of capital, with a focus on high-quality assets [6][7] - The company is committed to maintaining a strong balance sheet, with a net debt to adjusted EBITDAre ratio of 4.5 times [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's resilience, highlighting a strong track record with low bad debt expense [65] - The company is well-positioned to execute its strategy regardless of near-term market conditions, with significant liquidity available for acquisitions [65] Other Important Information - The company has raised nearly $505 million in equity over the last twelve months, providing significant capacity for acquisitions [20] - The portfolio occupancy remains strong at 99.4%, with 99.8% of base rent collected for Q2 [25] Q&A Session Summary Question: Inquiry about acquisition team capacity - Management indicated that the team is appropriately staffed and has the capacity to do more acquisitions if favorable pricing is available [29] Question: Impact of cap rate changes on acquisition opportunities - A 25 basis point decrease in cap rates could potentially increase acquisition volume by $100 million to $200 million [31] Question: Darden exposure and acquisition strategy - Management confirmed that while they have diversified Darden exposure, they will still acquire Darden-related assets if the pricing is favorable [33] Question: Deal flow and competitive landscape - Management noted that deal flow has been consistent, but pricing remains a key factor in determining acquisition activity [48] Question: Outlook for veterinary retail property acquisitions - Management expressed interest in the veterinary retail space, indicating potential for more deals in the future [61]

Financial Data and Key Metrics Changes - The company reported AFFO per share of $0.44, which is up 2.8% from Q2 last year [20] - Rental income for Q2 was $64.5 million, representing growth of over 11% compared to the same quarter last year [20] - The net debt to adjusted EBITDAre was 4.5 times, which is below the stated guidance of 5.5 to 6 times [18] Business Line Data and Key Metrics Changes - In Q2, the company acquired 24 properties for $84 million at a blended cap rate of 6.7% [12] - The automotive sector accounted for 68% of total acquisition volume, indicating a strong focus on this area [12] - The company has diversified its portfolio, with 34% of rent now coming from sectors outside casual dining [8] Market Data and Key Metrics Changes - The company noted that same-store sales for Olive Garden and LongHorn grew nearly 7% for the quarter ended May 2025 [8] - Chili's reported a same-store sales growth of 32% for the quarter ended March 2025, indicating strong performance in the casual dining sector [7] Company Strategy and Development Direction - The company aims to maintain a defensive portfolio focused on central retail and services, which are seen as tariff resistant [9] - The strategy includes modulating acquisitions based on the cost of capital, allowing the company to protect spreads without compromising portfolio quality [6] - The company is committed to maintaining high-quality standards in acquisitions and has a strong competitive advantage in its ability to fluctuate acquisition volumes [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's resilience, highlighting a strong track record with low bad debt expense and effective releasing results [65] - The company anticipates a pullback in consumer spending due to potential recession or high inflation but believes it is well-positioned with low rents [9] - Management indicated that the current market conditions allow for continued execution of the company's strategy, with significant available capital for acquisitions [65] Other Important Information - The company has raised nearly $505 million in equity over the last twelve months, providing significant capacity for acquisitions [17] - The portfolio occupancy remains strong at 99.4%, with 99.8% of base rent collected for Q2 [22] Q&A Session Summary Question: Inquiry about acquisition team capacity - Management stated that the company is appropriately staffed and has the capacity to do more acquisitions if favorable pricing is available [25][27] Question: Impact of cap rate changes on acquisition opportunities - Management indicated that a 25 basis point decrease in cap rates could significantly increase acquisition opportunities, potentially by $100 million to $200 million [29][30] Question: Darden exposure and acquisition strategy - Management confirmed that while they have diversified Darden exposure, they will not hesitate to acquire Darden-related assets if the pricing is favorable [31][32] Question: Deal flow and competitive landscape - Management noted that deal flow has been consistent, but pricing remains a key factor in determining acquisition activity [48][49] Question: Future of veterinary retail property acquisitions - Management expressed interest in the veterinary retail sector, indicating it is a space they are comfortable exploring further [61]

Financial Performance & Growth - FCPT's annual base rent has grown 2.7x from $94 million in 2015 to $250 million in Q2 2025[8, 12] - The company's enterprise value has increased 3.0x from $1.3 billion in 2015 to $3.9 billion in Q2 2025[8, 10] - FCPT raised $173 million in 2025 and has a total liquidity of $500 million[7] - FCPT reported AFFO per share of $0.44 in Q2 2025[18] Portfolio Composition & Diversification - FCPT's portfolio consists of 1,245 properties across 165 brands[8] - Olive Garden accounts for 33% of Annual Base Rent (ABR), while LongHorn Steakhouse accounts for 9%[7, 31] - The top 5 brands now represent approximately 54% of ABR[7, 8] - The company has a 99.4% occupancy rate[20, 36] Acquisitions & Capital Allocation - FCPT acquired $344 million in assets over the last 12 months as of June 30, 2025, at a 6.9% cap rate[7, 18] - In Q2 2025, FCPT acquired $84 million in assets at a 6.7% cap rate[7, 18] Debt & Financial Stability - Approximately 97% of FCPT's total debt is fixed rate through Q3 2027 as of July 29[7] - Net debt to adjusted EBITDAre ratio is 4.5x as of June 30, 2025[20, 76]

[Company Overview & Highlights](index=1&type=section&id=Company%20Overview%20%26%20Highlights) FCPT reported strong Q2 2025 momentum with significant property acquisitions, high rent collection, and robust financial positioning [Management Comments](index=1&type=section&id=Management%20Comments) FCPT reported strong momentum in Q2 2025, acquiring over $84 million in properties, contributing to over $344 million in acquisitions over the past 12 months. The company maintains significant liquidity and a low leverage profile for future growth - Acquired over **$84 million** of properties in Q2 2025[2](index=2&type=chunk) - Acquired over **$344 million** of properties over the past 12 months[2](index=2&type=chunk) - Entering Q3 with significant liquidity and a low leverage profile to fuel further growth[2](index=2&type=chunk) [Rent Collection Update](index=1&type=section&id=Rent%20Collection%20Update) As of June 30, 2025, FCPT achieved a high rent collection rate, receiving 99.8% of its portfolio contractual base rent for the quarter - Rent collection rate: **99.8%** of contractual base rent for Q2 2025[3](index=3&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) FCPT achieved significant year-over-year growth in rental revenue and net income, alongside increases in FFO and AFFO per diluted share for Q2 2025 [Rental Revenue and Net Income Attributable to Common Shareholders](index=1&type=section&id=Rental%20Revenue%20and%20Net%20Income%20Attributable%20to%20Common%20Shareholders) FCPT reported a 10.7% increase in Q2 2025 rental revenue year-over-year, reaching $64.8 million. Net income attributable to common shareholders also grew to $27.9 million, or $0.28 per diluted share, for the quarter Rental Revenue and Net Income Attributable to Common Shareholders (Q2) | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | YoY Change | | :----- | :-------------------- | :-------------------- | :--------- | | Rental Revenue | $64.8 | $58.5 | +10.7% | | Net Income Attributable to Common Shareholders | $27.9 | $24.7 | +13.0% | | Diluted EPS (Net Income) | $0.28 | $0.27 | +$0.01 | Net Income Attributable to Common Shareholders (H1) | Metric | H1 2025 (in millions) | H1 2024 (in millions) | YoY Change | | :----- | :-------------------- | :-------------------- | :--------- | | Net Income Attributable to Common Shareholders | $54.1 | $48.7 | +11.1% | | Diluted EPS (Net Income) | $0.54 | $0.53 | +$0.01 | [Funds from Operations (FFO)](index=1&type=section&id=Funds%20from%20Operations%20%28FFO%29) NAREIT-defined FFO per diluted share increased by $0.01 to $0.42 for Q2 2025 compared to the prior year, while FFO per diluted share for the six months ended June 30, 2025, remained flat at $0.82 NAREIT-defined FFO per Diluted Share (Q2) | Metric | Q2 2025 ($) | Q2 2024 ($) | YoY Change ($) | | :----- | :---------- | :---------- | :------------- | | NAREIT-defined FFO per diluted share | $0.42 | $0.41 | +$0.01 | NAREIT-defined FFO per Diluted Share (H1) | Metric | H1 2025 ($) | H1 2024 ($) | YoY Change ($) | | :----- | :---------- | :---------- | :------------- | | NAREIT-defined FFO per diluted share | $0.82 | $0.82 | Flat | [Adjusted Funds from Operations (AFFO)](index=1&type=section&id=Adjusted%20Funds%20from%20Operations%20%28AFFO%29) AFFO per diluted share for Q2 2025 increased by $0.01 to $0.44 year-over-year, and for the six months ended June 30, 2025, it increased by $0.02 to $0.88 AFFO per Diluted Share (Q2) | Metric | Q2 2025 ($) | Q2 2024 ($) | YoY Change ($) | | :----- | :---------- | :---------- | :------------- | | AFFO per diluted share | $0.44 | $0.43 | +$0.01 | AFFO per Diluted Share (H1) | Metric | H1 2025 ($) | H1 2024 ($) | YoY Change ($) | | :----- | :---------- | :---------- | :------------- | | AFFO per diluted share | $0.88 | $0.86 | +$0.02 | [General and Administrative (G&A) Expense](index=2&type=section&id=General%20and%20Administrative%20%28G%26A%29%20Expense) G&A expense for Q2 2025 was $6.4 million, including $2.0 million in stock-based compensation, an increase from $6.0 million in Q2 2024. Cash G&A expense as a percentage of cash rental income decreased to 6.9% from 7.4% in the prior year General and Administrative Expense (Q2) | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | YoY Change (in millions) | | :----- | :-------------------- | :-------------------- | :----------------------- | | Total G&A Expense | $6.4 | $6.0 | +$0.4 | | Stock-based Compensation | $2.0 | $1.7 | +$0.3 | | Cash G&A Expense | $4.4 | $4.3 | +$0.1 | | Cash G&A as % of Cash Rental Income | 6.9% | 7.4% | -0.5 ppts | [Dividends](index=2&type=section&id=Dividends) FCPT declared a quarterly dividend of $0.3550 per common share for Q2 2025 - Q2 2025 dividend declared: **$0.3550** per common share[8](index=8&type=chunk) [Real Estate Portfolio & Investment Activities](index=2&type=section&id=Real%20Estate%20Portfolio%20%26%20Investment%20Activities) FCPT maintained a robust real estate portfolio with high occupancy and actively expanded through strategic acquisitions in Q2 2025 [Real Estate Portfolio](index=2&type=section&id=Real%20Estate%20Portfolio) As of June 30, 2025, FCPT's portfolio comprised 1,245 properties across 48 states, with a high occupancy rate of 99.4% and a weighted average remaining lease term of approximately 7.2 years - Total properties: **1,245** located in **48 states**[9](index=9&type=chunk) - Occupancy rate: **99.4%** (measured by square feet)[9](index=9&type=chunk) - Weighted average remaining lease term: approximately **7.2 years**[9](index=9&type=chunk) [Acquisitions](index=2&type=section&id=Acquisitions) In Q2 2025, FCPT acquired 24 properties for $84.4 million, with an initial weighted average cash yield of 6.7% and a weighted average remaining lease term of 13.4 years. The acquisitions were primarily auto service (68%), casual dining (28%), and quick service restaurants (4%) - Number of properties acquired in Q2: **24**[10](index=10&type=chunk) - Combined purchase price: **$84.4 million**[10](index=10&type=chunk) - Initial weighted average cash yield: **6.7%**, with a weighted average remaining lease term of **13.4 years**[10](index=10&type=chunk) - Acquisition breakdown by purchase price: **68%** auto service, **28%** casual dining, and **4%** quick service restaurants[10](index=10&type=chunk) [Dispositions](index=2&type=section&id=Dispositions) FCPT did not sell any properties during the second quarter of 2025 - No properties sold in Q2 2025[11](index=11&type=chunk) [Liquidity and Capital Structure](index=2&type=section&id=Liquidity%20and%20Capital%20Structure) FCPT maintained strong liquidity of $562 million, actively raised capital through ATM sales, and managed its debt with a leverage ratio of 5.4x [Liquidity](index=2&type=section&id=Liquidity) As of June 30, 2025, FCPT had approximately $562 million in available liquidity, including cash, anticipated net proceeds from forward sale agreements, and revolving credit facility capacity Liquidity Components (as of June 30, 2025) | Liquidity Component | Amount (in millions) | | :---------------------------------------- | :------------------- | | Total Available Liquidity | $562 | | Cash and Cash Equivalents | $6 | | Anticipated Net Proceeds (Forward Sale Agreements) | ~$206 | | Revolving Credit Facility Capacity | $350 | [Capital Raising](index=2&type=section&id=Capital%20Raising) During Q2 2025, FCPT sold 841,556 shares via its ATM program for $23.6 million gross proceeds. Year-to-date through July 29, 2025, the company sold 6,108,008 shares for $172.7 million gross proceeds, with $146.1 million in anticipated gross proceeds remaining from unsettled forward sale agreements - Q2 2025 ATM sales: **841,556 shares** at an average gross price of **$28.08**, for **$23.6 million** gross proceeds[16](index=16&type=chunk) - YTD (through July 29, 2025) ATM sales: **6,108,008 shares** at an average gross price of **$28.27**, for **$172.7 million** gross proceeds[16](index=16&type=chunk) - Remaining unsettled shares under existing forward sale agreements (as of July 29, 2025): **5,163,790 shares** for **$146.1 million** anticipated gross proceeds[16](index=16&type=chunk) [Credit Facility and Unsecured Notes](index=2&type=section&id=Credit%20Facility%20and%20Unsecured%20Notes) As of June 30, 2025, FCPT had $1,215 million in outstanding debt, consisting of term loans and unsecured fixed-rate notes, with no outstanding revolver balance. The company's leverage (net debt to adjusted EBITDAre) was 5.4x, or 4.5x including outstanding equity under forward sales agreements - Total outstanding debt (June 30, 2025): **$1,215 million**[14](index=14&type=chunk) - Debt composition: **$590 million** of term loans and **$625 million** of unsecured fixed rate notes, with no outstanding revolver balance[14](index=14&type=chunk) - Leverage (net debt to adjusted EBITDAre): **5.4x** (**4.5x** inclusive of outstanding equity under forward sales agreements)[14](index=14&type=chunk) [Additional Information](index=3&type=section&id=Additional%20Information) This section provides details on FCPT's upcoming conference call, company overview, and important disclaimers regarding forward-looking statements and non-GAAP financial measures [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) FCPT will host a conference call and audio webcast on July 30, 2025, at 12:00 p.m. ET to discuss the results, with details provided for live access and replay - Conference call and audio webcast scheduled for Wednesday, July 30, 2025, at **12:00 p.m. Eastern Time**[17](index=17&type=chunk) - Access details for phone, live webcast, pre-registration, and replay are provided[18](index=18&type=chunk) [About FCPT](index=3&type=section&id=About%20FCPT) FCPT is a real estate investment trust (REIT) primarily engaged in the ownership, acquisition, and leasing of restaurant and retail properties on a net basis - FCPT is a real estate investment trust (**REIT**)[19](index=19&type=chunk) - Primary business: ownership, acquisition, and leasing of restaurant and retail properties on a net basis[19](index=19&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) The press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially. The company disclaims any obligation to update these statements, except as required by law - The press release contains forward-looking statements subject to federal securities laws[20](index=20&type=chunk) - Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially[20](index=20&type=chunk) - The Company disclaims any obligation to publicly release updates or revisions to forward-looking statements, except in the normal course of public disclosure obligations[20](index=20&type=chunk) [Notice Regarding Non-GAAP Financial Measures](index=4&type=section&id=Notice%20Regarding%20Non-GAAP%20Financial%20Measures) The press release and supplemental materials include non-GAAP financial measures, which are presented in addition to, not as a substitute for, GAAP measures. Reconciliations are available in the supplemental report - Non-GAAP financial measures are included in addition to, not as a substitute for, GAAP measures[21](index=21&type=chunk) - Reconciliations to comparable GAAP financial measures are available in the supplemental financial and operating report[21](index=21&type=chunk) [Supplemental Materials and Website](index=4&type=section&id=Supplemental%20Materials%20and%20Website) Supplemental materials for Q2 2025 operating results and other company information are available on FCPT's investor relations website - Supplemental materials on Second Quarter 2025 operating results are available on investors.fcpt.com[22](index=22&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents FCPT's detailed consolidated statements of income and balance sheets, highlighting revenue growth, net income, and changes in assets and liabilities [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) The consolidated statements of income show detailed revenues, operating expenses, interest expense, and net income for the three and six months ended June 30, 2025, compared to the prior year. Key figures include total revenues of $72.8 million for Q2 2025 and net income attributable to common shareholders of $27.9 million Consolidated Statements of Income | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | H1 2025 (in thousands) | H1 2024 (in thousands) | | :-------------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | **Revenues:** | | | | | | Rental revenue | $64,814 | $58,539 | $128,296 | $117,112 | | Restaurant revenue | 8,028 | 7,940 | 16,022 | 15,834 | | **Total revenues** | **72,842** | **66,479** | **144,318** | **132,946** | | **Operating expenses:** | | | | | | General and administrative | 6,440 | 6,004 | 14,079 | 12,217 | | Depreciation and amortization | 14,620 | 13,345 | 29,049 | 26,812 | | Property expenses | 3,386 | 2,836 | 6,651 | 5,917 | | Restaurant expenses | 7,361 | 7,332 | 14,916 | 14,896 | | **Total operating expenses** | **31,807** | **29,517** | **64,695** | **59,842** | | Interest expense | (13,081) | (12,324) | (25,812) | (24,605) | | Net income | 27,955 | 24,702 | 54,141 | 48,776 | | Net Income Attributable to Common Shareholders | $27,924 | $24,672 | $54,080 | $48,716 | | Diluted net income per share | $0.28 | $0.27 | $0.54 | $0.53 | | Regular dividends declared per share | $0.3550 | $0.3450 | $1.3900 | $0.6900 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets present FCPT's financial position as of June 30, 2025, and December 31, 2024. Total assets increased to $2,765.5 million from $2,653.0 million, driven by growth in real estate investments. Total liabilities also increased to $1,282.6 million Consolidated Balance Sheets | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------- | :--------------------------- | :------------------------------- | | **ASSETS:** | | | | Total real estate investments, net | $2,538,855 | $2,423,139 | | Cash and cash equivalents | 5,981 | 4,081 | | **Total Assets** | **$2,765,517** | **$2,653,026** | | **LIABILITIES:** | | | | Term loan and revolving credit facility | $580,780 | $516,250 | | Senior unsecured notes | 621,965 | 621,639 | | Dividends payable | 36,210 | 35,358 | | **Total liabilities** | **1,282,575** | **1,202,236** | | **EQUITY:** | | | | Total equity | 1,482,942 | 1,450,790 | | **Total Liabilities and Equity** | **$2,765,517** | **$2,653,026** | [Non-GAAP Financial Measures Reconciliation](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section provides a detailed reconciliation of net income to FFO and AFFO, key non-GAAP financial measures, for the three and six months ended June 30, 2025 and 2024 [FFO and AFFO Reconciliation](index=7&type=section&id=FFO%20and%20AFFO%20Reconciliation) This section provides a reconciliation of net income to FFO and AFFO for the three and six months ended June 30, 2025 and 2024. FFO (as defined by NAREIT) was $42.5 million for Q2 2025, and AFFO was $45.0 million for the same period FFO and AFFO Reconciliation | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | H1 2025 (in thousands) | H1 2024 (in thousands) | | :-------------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Net income | $27,955 | $24,702 | $54,141 | $48,776 | | Depreciation and amortization | 14,582 | 13,309 | 28,974 | 26,740 | | **FFO (as defined by NAREIT)** | **$42,537** | **$38,011** | **$83,115** | **$75,516** | | Stock-based compensation | 2,001 | 1,731 | 4,761 | 3,371 | | **Adjusted Funds from Operations (AFFO)** | **$44,989** | **$39,795** | **$88,851** | **$78,923** | | FFO per diluted share | $0.42 | $0.41 | $0.82 | $0.82 | | AFFO per diluted share | $0.44 | $0.43 | $0.88 | $0.86 |

Group 1 - Four Corners Property Trust (FCPT) announced the acquisition of LongHorn Steakhouse property for $2.5 million, emphasizing its expansion and diversification efforts to support future revenue growth [1][6] - The property is situated in a high-traffic area in Michigan and was acquired at a 6.5% cap rate on rent, under a long-term triple-net lease [1][6] - FCPT's strategy includes structuring a portfolio resilient to various economic cycles, although it may face challenges due to elevated interest rates impacting borrowing costs [3] Group 2 - FCPT has a history of acquisitions, including the recent purchase of four Cheddar's Scratch Kitchen properties for $14.7 million [2] - In the past six months, FCPT's shares have increased by 1.9%, while the industry has seen an 8.8% rise [3] - Other better-ranked stocks in the REIT sector include SBA Communications and Omega Healthcare Investors, both currently rated Zacks Rank 2 (Buy) [4]