Core Viewpoint - Four Corners Property Trust (FCPT) is set to release its financial results for the three and nine months ended September 30, 2025, after market close on October 28, 2025 [1] Company Summary - FCPT is a real estate investment trust (REIT) focused on owning and acquiring high-quality, net-leased restaurant and retail properties [1]

Core Viewpoint - Four Corners Property Trust (FCPT) has announced the acquisition of five Christian Brothers Automotive properties through a sale-leaseback transaction for a total of $22.6 million, indicating a strategic move to expand its portfolio in high-quality, net-leased restaurant and retail properties [1] Group 1: Acquisition Details - The acquisition involves five properties located in Alabama (1), Illinois (1), Nebraska (2), and Tennessee (1) [1] - The total investment for these properties is $22.6 million, showcasing FCPT's commitment to investing in strong retail locations [1] Group 2: Company Profile - FCPT is a real estate investment trust (REIT) primarily focused on owning and acquiring high-quality, net-leased restaurant and retail properties [1]

Core Viewpoint - Four Corners Property Trust (FCPT) has successfully acquired a Tires Plus property for $1.6 million, indicating its ongoing strategy to expand its portfolio of high-quality, net-leased restaurant and retail properties [1] Acquisition Details - The Tires Plus property is located in a strong retail corridor in Illinois, suggesting a favorable market position for the investment [1] - The property is corporate-operated under a triple net lease, which typically provides stable income for the landlord [1] - There are approximately four years remaining on the lease term, indicating a near-term opportunity for revenue generation [1]

Core Viewpoint - Four Corners Property Trust (FCPT) has successfully acquired a VCA Animal Hospital property for $3.4 million, indicating a strategic move to expand its portfolio in the healthcare sector [1] Acquisition Details - The acquired property is located in a high-traffic area in New Jersey, which is expected to enhance its value and accessibility [1] - The property is corporate-operated under a net lease, with approximately eight years remaining on the lease term, providing a stable income stream for the company [1]

Core Insights - Four Corners Property Trust (FCPT) has announced the acquisition of a VCA Animal Hospital property for $6.1 million, indicating a strategic move to expand its portfolio in the healthcare sector [1] Company Summary - FCPT is a real estate investment trust (REIT) focused on owning and acquiring high-quality, net-leased restaurant and retail properties, showcasing its commitment to diversifying its asset base [1] - The acquired property is located in a high-traffic area in Illinois, which is expected to enhance the value and visibility of the investment [1] - The transaction involves a corporate-operated facility under a long-term net lease, providing stability and predictable cash flows for the company [1]

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