Group 1 - Four Corners Property Trust (FCPT) reported quarterly funds from operations (FFO) of $0.44 per share, matching the Zacks Consensus Estimate and showing an increase from $0.43 per share a year ago [1] - The company posted revenues of $71.48 million for the quarter ended March 2025, which was a slight miss of 0.10% compared to the Zacks Consensus Estimate, and an increase from $66.47 million year-over-year [2] - The stock has gained approximately 2.6% since the beginning of the year, contrasting with a decline of -5.5% in the S&P 500 [3] Group 2 - The future performance of Four Corners Property's stock will largely depend on management's commentary during the earnings call and the outlook for FFO [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.44 on revenues of $74.03 million, and for the current fiscal year, it is $1.77 on revenues of $300.51 million [7] - The Zacks Industry Rank places the REIT and Equity Trust - Other sector in the bottom 36% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Management Comments](index=1&type=section&id=Management%20Comments) FCPT demonstrated strong performance in Q1 2025, achieving the highest first-quarter acquisition volume in company history, significantly enhancing liquidity, and reducing leverage to a seven-year low - The company achieved its highest first-quarter acquisition volume in history during Q1 2025, acquiring over **$56 million** in properties[2](index=2&type=chunk) - The company enhanced liquidity to a record high and reduced leverage to a seven-year low through equity issuance and an increased revolving credit facility[2](index=2&type=chunk) [Rent Collection Update](index=1&type=section&id=Rent%20Collection%20Update) As of March 31, 2025, the company's portfolio achieved a contractual base rent collection rate of 99.5% Q1 2025 Rent Collection Rate | Metric | Q1 2025 | | :--- | :--- | | Rent Collection Rate | 99.5% | [Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Rental Revenue and Net Income Attributable to Common Shareholders](index=1&type=section&id=Rental%20Revenue%20and%20Net%20Income%20Attributable%20to%20Common%20Shareholders) Q1 2025 rental revenue increased by 8.4% year-over-year to **$63.5 million**, with net income attributable to common shareholders at **$26.2 million** and diluted EPS remaining flat compared to the prior year Q1 2025 Rental Revenue and Net Income | Metric | Q1 2025 (millions USD) | Q1 2024 (millions USD) | YoY Change | | :--- | :--- | :--- | :--- | | Rental Revenue | $63.5 | $58.573 | +8.4% | | Net Income Attributable to Common Shareholders | $26.2 | $24.0 | +9.2% | | Diluted Net Income Per Share | $0.26 | $0.26 | 0% | [Funds from Operations (FFO)](index=1&type=section&id=Funds%20from%20Operations%20%28FFO%29) Diluted FFO per share, as defined by NAREIT, was **$0.41** in Q1 2025, consistent with Q1 2024 Q1 2025 FFO | Metric | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Diluted FFO Per Share | $0.41 | $0.41 | 0% | [Adjusted Funds from Operations (AFFO)](index=1&type=section&id=Adjusted%20Funds%20from%20Operations%20%28AFFO%29) Diluted AFFO per share was **$0.44** in Q1 2025, an increase of **$0.01** from Q1 2024 Q1 2025 AFFO | Metric | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Diluted AFFO Per Share | $0.44 | $0.43 | +$0.01 | [General and Administrative (G&A) Expense](index=1&type=section&id=General%20and%20Administrative%20%28G%26A%29%20Expense) Q1 2025 G&A expense totaled **$7.6 million**, including **$2.8 million** in equity-based compensation, an increase from the prior year, while cash G&A as a percentage of cash rental revenue slightly decreased Q1 2025 General and Administrative Expense | Metric | Q1 2025 (millions USD) | Q1 2024 (millions USD) | YoY Change (millions USD) | | :--- | :--- | :--- | :--- | | General and Administrative Expense | $7.6 | $6.2 | +$1.4 | | Equity-Based Compensation Expense | $2.8 | $1.6 | +$1.2 | | Cash General and Administrative Expense | $4.9 | $4.6 | +$0.3 | | Cash G&A as % of Cash Rental Revenue | 7.7% | 7.9% | -0.2% | [Dividends](index=1&type=section&id=Dividends) FCPT declared a Q1 2025 common stock dividend of **$0.3550** per share Q1 2025 Dividends | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Common Stock Dividend Per Share | $0.3550 | $0.3450 | [Real Estate Portfolio & Activity](index=2&type=section&id=Real%20Estate%20Portfolio%20%26%20Activity) [Real Estate Portfolio Overview](index=2&type=section&id=Real%20Estate%20Portfolio) As of March 31, 2025, the company's portfolio comprised **1,221** properties across **47** states, with an occupancy rate of **99.4%** and a weighted average remaining lease term of approximately **7.3 years** Real Estate Portfolio Overview as of March 31, 2025 | Metric | Data | | :--- | :--- | | Number of Properties | 1,221 | | States Covered | 47 | | Occupancy Rate | 99.4% | | Weighted Average Remaining Lease Term | 7.3 Years | [Acquisitions](index=2&type=section&id=Acquisitions) In Q1 2025, FCPT acquired **23** properties for a total purchase price of **$56.5 million**, with an initial weighted average cash yield of **6.7%** and a weighted average remaining lease term of **17.4 years**, primarily consisting of quick-service restaurants and auto service properties Q1 2025 Acquisition Details | Metric | Data | | :--- | :--- | | Number of Properties Acquired | 23 | | Total Purchase Price (millions USD) | $56.5 | | Initial Weighted Average Cash Yield | 6.7% | | Weighted Average Remaining Lease Term | 17.4 Years | | Property Type Composition | 83% Quick-Service Restaurants, 17% Auto Service | [Dispositions](index=2&type=section&id=Dispositions) FCPT did not dispose of any properties in Q1 2025 - The company did not complete any property dispositions in Q1 2025[12](index=12&type=chunk) [Liquidity and Capital Markets](index=2&type=section&id=Liquidity%20and%20Capital%20Markets) [Capital Raising](index=2&type=section&id=Capital%20Raising) The company raised capital by selling a significant number of common shares through its ATM program, with additional shares remaining to be settled under existing forward sale agreements 2025 Capital Raising Activity | Metric | Q1 2025 | As of April 30, 2025 | | :--- | :--- | :--- | | Common Shares Sold via ATM Program | 5,266,452 Shares | 5,978,769 Shares | | Average Gross Price Per Share | $28.30 | $28.28 | | Expected Gross Proceeds (millions USD) | $149.0 | $169.1 | | Shares Remaining to be Settled Under Existing Forward Sale Agreements | - | 9,009,344 Shares | | Expected Gross Proceeds Under Existing Forward Sale Agreements (millions USD) | - | $253.6 | [Liquidity Position](index=2&type=section&id=Liquidity) As of March 31, 2025, FCPT had approximately **$617 million** in available liquidity, comprising cash, expected net proceeds from forward sale agreements, and revolving credit facility capacity Available Liquidity as of March 31, 2025 | Component | Amount (millions USD) | | :--- | :--- | | Cash and Cash Equivalents | $22 | | Expected Net Proceeds from Existing Forward Sale Agreements | $245 | | Revolving Credit Facility Availability | $350 | | **Total Available Liquidity** | **$617** | [Credit Facilities and Unsecured Notes](index=2&type=section&id=Credit%20Facility%20and%20Unsecured%20Notes) The company amended its credit facility, increasing the total capacity to **$940 million** and adding a **$225 million** term loan; total outstanding debt was **$1.215 billion** at quarter-end, with a net debt to adjusted EBITDAre ratio of **5.6x** - The company entered into a Fourth Amended and Restated Revolving Credit and Term Loan Agreement, increasing the total facility from **$765 million** to **$940 million**, with the revolving credit facility increasing to **$350 million** and a new **$225 million** term loan[16](index=16&type=chunk) Debt Profile as of March 31, 2025 | Metric | Amount (millions USD) | | :--- | :--- | | Total Outstanding Debt | $1,215 | | Term Loans | $590 | | Unsecured Fixed Rate Notes | $625 | | Revolving Credit Balance | $0 | | Net Debt to Adjusted EBITDAre Ratio | 5.6x (4.4x including equity under forward sale agreements) | [Additional Information](index=3&type=section&id=Additional%20Information) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Company management will host a conference call and webcast on May 1, 2025, at 12:00 PM ET to discuss Q1 results, with detailed access and replay information provided - The conference call and webcast will be held on **May 1, 2025, at 12:00 PM ET**, offering dial-in and webcast access, with replay services available until **July 30, 2025**[17](index=17&type=chunk)[18](index=18&type=chunk) [About FCPT](index=3&type=section&id=About%20FCPT) FCPT is a Mill Valley, California-based Real Estate Investment Trust (REIT) focused on owning, acquiring, and leasing restaurant and retail properties, aiming to expand its portfolio through net lease arrangements - FCPT is a Real Estate Investment Trust focused on acquiring and leasing restaurant and retail properties, expanding its portfolio through a net lease model[19](index=19&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This press release contains forward-looking statements as defined by federal securities laws, covering expectations for company operations, financial performance, announced transactions, distributions, and dividend payments, cautioning investors that actual results may differ materially - Forward-looking statements cover operations, financial performance, transactions, and dividend payments, subject to risks and uncertainties, with actual results potentially differing materially from expectations[20](index=20&type=chunk) [Notice Regarding Non-GAAP Financial Measures](index=4&type=section&id=Notice%20Regarding%20Non-GAAP%20Financial%20Measures) This press release and supplemental financial report include non-GAAP financial measures, which are supplementary to, not substitutes for, GAAP financial measures and should be read in conjunction with the most comparable GAAP metrics - Non-GAAP financial measures supplement, rather than replace, GAAP metrics and should be read in conjunction with them; reconciliation tables are available in the investor relations section of the company's website[21](index=21&type=chunk) [Supplemental Materials and Website](index=4&type=section&id=Supplemental%20Materials%20and%20Website) Q1 2025 operating results and other company information are available on FCPT's investor relations website - Q1 2025 operating results and other company information are accessible on the investor relations website at investors.fcpt.com[22](index=22&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) In Q1 2025, the company reported total revenue of **$71.5 million**, net income of **$26.2 million**, and diluted net income per share of **$0.26** Consolidated Statements of Income Summary (as of March 31) | Metric (thousand USD) | 2025 | 2024 | | :--- | :--- | :--- | | Rental Revenue | $63,482 | $58,573 | | Restaurant Revenue | $7,994 | $7,894 | | **Total Revenue** | **$71,476** | **$66,467** | | General and Administrative Expense | $7,639 | $6,213 | | Depreciation and Amortization | $14,429 | $13,467 | | **Total Operating Expenses** | **$32,888** | **$30,325** | | Interest Expense | $(12,731) | $(12,281) | | **Net Income** | **$26,186** | **$24,074** | | Net Income Attributable to Common Shareholders | $26,156 | $24,044 | | Diluted Net Income Per Share | $0.26 | $0.26 | | Declared Common Stock Dividend Per Share | $0.3550 | $0.3450 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, the company reported total assets of **$2.711 billion**, total liabilities of **$1.278 billion**, and total equity of **$1.433 billion** Consolidated Balance Sheets Summary (as of March 31) | Metric (thousand USD) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Real Estate Investments | $2,469,737 | $2,423,139 | | Cash and Cash Equivalents | $22,263 | $4,081 | | **Total Assets** | **$2,711,152** | **$2,653,026** | | Term Loans and Revolving Credit | $580,157 | $516,250 | | Senior Unsecured Notes | $621,802 | $621,639 | | **Total Liabilities** | **$1,278,315** | **$1,202,236** | | Additional Paid-in Capital | $1,482,287 | $1,482,698 | | **Total Equity** | **$1,432,837** | **$1,450,790** | [FFO and AFFO](index=7&type=section&id=FFO%20and%20AFFO) In Q1 2025, the company reported FFO of **$40.58 million** and AFFO of **$43.86 million**, with diluted FFO per share at **$0.41** and diluted AFFO per share at **$0.44** FFO and AFFO Summary (as of March 31) | Metric (thousand USD) | 2025 | 2024 | | :--- | :--- | :--- | | Net Income | $26,186 | $24,074 | | Depreciation and Amortization | $14,392 | $13,430 | | **FFO (NAREIT Defined)** | **$40,578** | **$37,504** | | Equity-Based Compensation Expense | $2,760 | $1,640 | | **Adjusted Funds from Operations (AFFO)** | **$43,862** | **$39,128** | | Diluted FFO Per Share | $0.41 | $0.41 | | Diluted AFFO Per Share | $0.44 | $0.43 |

Core Viewpoint - Investing in dividend stocks, particularly real estate investment trusts (REITs), can provide a lucrative and steadily rising income stream, turning idle cash into passive income. Group 1: Dividend Stocks Overview - Four Corners Property Trust, VICI Properties, and NNN REIT are highlighted as strong income options with dividend yields of 5% or more, significantly higher than the S&P 500's average yield of less than 1.5% [2] - These REITs focus on properties secured by long-term net leases, generating stable rental income that supports attractive dividends [12] Group 2: Four Corners Property Trust - Four Corners Property Trust owns approximately 1,200 properties leased to 163 brands, with a significant portion of its rent coming from restaurants [4] - The REIT's dividend yield is around 5%, supported by stable rental income from long-term leases averaging 7.3 years remaining [3] - The company has increased its dividend by 2.9% recently and has raised it by over 45% since its spin-off from Darden in 2015 [5] Group 3: VICI Properties - VICI Properties specializes in experiential real estate, such as casinos, with long-term triple-net leases averaging 41 years remaining, providing stable cash flow [6] - A growing percentage of VICI's net leases are linked to inflation, expected to rise from 42% this year to 90% by 2035, ensuring steady rental income growth [7] - The REIT has consistently raised its dividend for seven consecutive years, with a compound annual growth rate of 7% [8] Group 4: NNN REIT - NNN REIT focuses on single-tenant retail properties, with a dividend yield of 5.7%, supported by long-term NNN leases averaging 10 years remaining [9] - The REIT has a strong track record, having increased its dividend for 35 consecutive years, ranking it among the top in the REIT sector [11] - Approximately 73% of NNN REIT's investment volume since 2007 has come from existing tenant relationships, enhancing its acquisition strategy [10]

Group 1 - Four Corners Property Trust (FCPT) has acquired an automotive service property for $5.3 million, indicating its expansion and diversification efforts aimed at future revenue growth [1] - The property is leased to a national operator under a long-term, triple-net lease, priced at a 6.8% cap rate on rent, which will help secure FCPT's long-term cash flows [2] - FCPT primarily focuses on high-quality, net-leased restaurant and retail properties, with a history of acquisitions, including a recent purchase of ten Burger King properties for $22 million [3] Group 2 - The acquisitions align with FCPT's strategy to build a portfolio resilient to various economic cycles, although the company may face challenges due to high-interest rates affecting borrowing costs [4] - Over the past three months, FCPT's shares have increased by 0.4%, while the industry has seen a decline of 0.1%, with analysts showing a bullish outlook on the stock [5] - The Zacks Consensus Estimate for FCPT's 2025 funds from operations (FFO) per share has been slightly revised upward to $1.77 [5]

Core Insights - Four Corners Property Trust (FCPT) has acquired a Burger King property for $2.1 million through a sale-leaseback from Ampler Restaurant Group, marking the tenth property purchase from this group and totaling $22 million in March [1][4] - The property is situated in strong retail corridors in Kentucky, with a cap rate of 6.8% on rent and a long-term, triple-net lease with 20 years remaining, which will secure long-term cash flows for the company [2][5] - FCPT's strategy focuses on acquiring high-quality, net-leased restaurant and retail properties to ensure stable revenues over the long term [3][5] Acquisition History - In March 2025, FCPT acquired nine additional Burger King properties from Ampler Restaurant Group for $19.9 million, also through a sale-leaseback, located in strong retail corridors in Tennessee with similar lease terms [4] - In 2024, FCPT acquired a total of 87 properties for approximately $265 million, reinforcing its strategy of building a diversified portfolio [5] Market Performance - Over the past three months, FCPT's shares have increased by 3.5%, while the industry has seen a decline of 0.6%, indicating a positive market sentiment towards the stock [6] - Analysts have revised the Zacks Consensus Estimate for FCPT's 2025 funds from operations (FFO) per share upward to $1.77 over the past two months, reflecting bullish sentiment [6]

Core Viewpoint - Four Corners Property Trust (FCPT) is actively diversifying its portfolio through strategic acquisitions, including the recent purchase of nine Burger King properties for $19.9 million, which reflects its commitment to enhancing portfolio quality [1][2]. Acquisition Details - The nine Burger King properties are situated in strong retail corridors in Tennessee and were acquired at a 6.8% cap rate on rent, exclusive of transaction costs. These properties are under long-term, triple-net leases with 20 years remaining, which will help secure long-term cash flows for FCPT [2]. - In March 2025, FCPT also acquired six Whataburger properties for $16.8 million, similarly structured under long-term, triple-net leases with 20 years remaining, located in strong retail corridors in Alabama [4]. Historical Performance - In 2024, FCPT acquired a total of 87 properties, representing an investment of approximately $265 million, indicating a strategy focused on building a diverse portfolio to ensure stable revenues [5]. - Over the past three months, FCPT's shares have increased by 7.1%, outperforming the industry growth of 4.6%. Analysts have revised the Zacks Consensus Estimate for its 2025 funds from operations (FFO) per share upward by 1.1% to $1.77 [6]. Market Position - FCPT operates as a real estate investment trust (REIT) primarily focused on high-quality, net-leased restaurant and retail properties, showcasing a strong track record of acquisitions [3]. - Other REITs in the sector, such as Welltower and Cousins Properties, are also performing well, with their 2025 FFO per share estimates being revised upward, indicating a positive outlook for the broader REIT market [7].

Revenue and Income - Total revenues for the year ended December 31, 2024, increased to $268.1 million, up from $250.6 million in 2023, representing a growth of approximately 6.9%[199] - The company recorded a net income of $100.5 million for the year ended December 31, 2024, compared to $95.3 million in 2023, reflecting an increase of approximately 5.4%[199] - Restaurant revenues increased slightly by $0.2 million to $30.9 million in 2024, primarily due to higher net pricing despite reduced foot traffic[213] - Funds from Operations (FFO) for 2024 were $155 million, up from $143.7 million in 2023, with FFO per diluted share at $1.65[253] - Adjusted Funds from Operations (AFFO) for 2024 were $162.8 million, compared to $148.7 million in 2023, with AFFO per diluted share at $1.73[253] Property and Lease Information - Rental revenue rose by $17.3 million to $237.1 million in 2024, attributed to a full year of revenue from 92 properties acquired in 2023 and the acquisition of 87 properties in 2024[202] - The lease portfolio as of December 31, 2024, included 1,198 properties with a 99.6% occupancy rate and an average remaining lease term of 7.3 years[197] - 99.8% of the contractual base rent was collected for the year ended December 31, 2024, indicating strong revenue collection performance[197] - The company assesses the collectability of lease receivables based on factors such as payment history and current economic conditions, adjusting revenue accordingly if collectability is in doubt[228] - Lease intangibles are amortized over the remaining initial term of the related lease, impacting rental revenue recognition[222] - The company has not experienced significant early terminations of leases, which would otherwise result in impairment losses[222] - The company recognizes rental revenue on a straight-line basis for net leases with periodic increases, leading to deferred rent receivables[226] Expenses and Debt - General and administrative expenses increased by $1.1 million to $23.8 million in 2024, primarily due to higher personnel costs and professional fees[204] - Depreciation and amortization expenses rose by approximately $3.8 million to $54.5 million in 2024, driven by the acquisition of new properties[205] - Interest expense increased by approximately $4.6 million to $49.2 million in 2024, mainly due to the issuance of an additional $85 million term loan[208] - The company's total debt as of December 31, 2024, was $515 million in non-amortizing term loans, $5 million in outstanding borrowings under the revolving credit facility, and $625 million in senior unsecured fixed rate notes[232] - As of December 31, 2024, the company had total outstanding notes payable of $625 million, with interest rates ranging from 2.74% to 6.44%[242] Financing and Liquidity - As of December 31, 2024, the company had $4.1 million in cash and cash equivalents and $245.0 million of borrowing capacity under its revolving credit facility[231] - The company expects to fund short-term liquidity needs primarily through cash provided by operating activities, with a $250 million revolving credit facility available for acquisitions and capital expenditures[243] - The company has a new ATM program allowing for the sale of up to $500 million in common stock, replacing a previous program that raised $404.8 million[244] - In 2024, the company executed forward sale agreements for 7,796,890 shares at an average sales price of $27.88, resulting in net proceeds of $214.9 million from total shares sold under the ATM programs[247] - The company’s total indebtedness included $625 million in senior unsecured fixed-rate notes and $520 million in variable-rate obligations, with $435 million effectively fixed through interest rate swaps[262] Interest Rate Management - The weighted average interest rate on term loans as of December 31, 2024, was 3.84%, compared to 3.69% as of December 31, 2023[236] - The company entered into an Incremental Amendment to its Loan Agreement on March 14, 2024, utilizing an accordion feature to secure an additional $85 million term loan[235] - The Amended Loan Agreement provides for a revolving credit facility of $350 million and a term loan facility of $590 million, with various maturity dates ranging from 2026 to 2029[237] - The company has entered into interest rate swaps to hedge against interest rate variability, with notional amounts ranging from $25,000 to $50,000 and fixed rates between 0.44% and 4.42%[239] - The company’s interest rate risk management policy aims to match fixed-rate assets with fixed-rate liabilities, mitigating exposure to interest rate fluctuations[261]

Financial Data and Key Metrics Changes - The company reported Q4 FFO of $0.44 per share, up 2.3% from Q4 last year [31] - Full-year 2024 FFO per share was $1.73, an increase of 3.6% from 2023 [31] - Q4 cash rental income was $60.8 million, representing growth of 6.6% compared to last year [31] - Full-year 2024 cash rent was $235.4 million, an increase of 8.8% versus 2023 [31] - The weighted average five-year annual cash rent escalator remains at 1.4% [31] Business Line Data and Key Metrics Changes - In Q4, the company acquired 45 properties for $133 million at a 7% cap rate [17] - For the full year 2024, acquisitions totaled $265 million, with restaurants making up approximately 42%, medical retail at 30%, and auto service at 28% [19][22] - The company did not sell any properties in 2024 but is contemplating strategic dispositions [22] Market Data and Key Metrics Changes - The Boulder Group's net lease market report indicated a 26.6% year-over-year increase in single-tenant retail properties on the market in Q4 [24] - The company noted that transaction volumes are recovering across the industry, anticipating an expanding pool of opportunities in 2025 [24] Company Strategy and Development Direction - The company aims to continue building its investment team in 2025 to enhance capabilities [11] - The focus remains on small box net lease with strong brands, quality credit, and attractive real estate [8] - The company is committed to maintaining its conservative underwriting criteria and is not compromising on asset quality [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the acquisition outlook for 2025, citing substantial capital raised during favorable conditions [60] - The company has not experienced material tenancy issues or significant impacts from inflation or labor issues [13] - Management is monitoring potential impacts from political changes but has not seen significant effects on operations [80] Other Important Information - The company has a portfolio occupancy rate of 99.6% and collected 99.4% of base rent for Q4 [35] - Cash G&A expense for Q4 was $3.9 million, representing 6.5% of cash rental income [32] - The company successfully renewed or re-tenanted 95% of properties with 2024 lease expirations [33] Q&A Session Summary Question: Trends in underlying areas - Management noted no notable standout trends, with casual dining brands generally growing [38] Question: Acquisition pipeline and public bond issuance - Management indicated they are preparing for potential public bond issuance but currently have attractive private market options [42][44] Question: Non-restaurant retail segment growth - Management expects similar trends to continue, with a focus on casual dining and medical retail [50] Question: Impact of labor policies on tenants - Management has not observed any significant impacts from new administration policies on tenants [74] Question: G&A expectations for 2025 - Management expects G&A to remain low while scaling operations with new hires [91] Question: Visibility of transaction pipeline - Management indicated a strong pipeline but does not typically provide specific guidance on it [93]

Four Corners Property Trust NYSE: FCPT INVESTOR PRESENTATION FEBRUARY 2025 FORWARD LOOKING STATEMENTS AND DISCLAIMERS Cautionary note regarding forward-looking statements: This presentation 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 perfo ...

分组1 - Four Corners Property Trust (FCPT) reported quarterly funds from operations (FFO) of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.42 per share, and showing a slight increase from $0.43 per share a year ago, resulting in an FFO surprise of 4.76% [1] - The company posted revenues of $68.34 million for the quarter ended December 2024, which was 2.10% below the Zacks Consensus Estimate, compared to $65.14 million in the same quarter last year [2] - Over the last four quarters, FCPT has surpassed consensus FFO estimates two times and topped consensus revenue estimates only once [2] 分组2 - The stock's immediate price movement will largely depend on management's commentary during the earnings call and future FFO expectations [3] - FCPT shares have increased approximately 3% since the beginning of the year, slightly underperforming the S&P 500's gain of 3.2% [3] - The current consensus FFO estimate for the upcoming quarter is $0.43 on revenues of $72.42 million, and for the current fiscal year, it is $1.76 on revenues of $298.09 million [7] 分组3 - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 33% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]