Investment Highlights - FCPT acquired $355 million of investments over the last 12 months as of September 30, 2025, with $82 million invested in Q3 2025 at a 6.8% cap rate[7] - The company raised $173 million in 2025 as of September 30, 2025, and has a total liquidity of $446 million, including $100 million of unsettled equity forwards as of October 28, 2025[7] - Annual base rent has grown from $94 million in 2015 to $256 million today, a 2.7x increase[8] - Enterprise value has increased from $1.3 billion in 2015 to $3.8 billion today, a 2.9x increase[8] Portfolio Composition - Olive Garden accounts for 32% of the Annual Base Rent (ABR), while LongHorn Steakhouse accounts for 9%[7] - The top 5 brands now represent approximately 53% of ABR, compared to 100% at inception[7] - The portfolio consists of 1,294 leases across 170 brands, generating an annual base rent of $255.6 million[26] - Restaurant properties make up 75% of the annual base rent, with 32% from Olive Garden, 9% from LongHorn, and 7% from Chili's[82, 25] Financial Position - Approximately 97% of total debt is fixed rate through Q3 2027 as of July 29[7] - The company has $339 million undrawn revolver and $144 million unsettled forward equity as of September 30, 2025[17] - Net debt to adjusted EBITDAre is 4.7x as of September 30, 2025[17] - The company maintains a conservative dividend payout ratio of approximately 80% of AFFO[69]

Core Insights - Four Corners Property Trust (FCPT) reported quarterly funds from operations (FFO) of $0.45 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 $74.15 million for the quarter ended September 2025, slightly missing the Zacks Consensus Estimate by 0.06%, but up from $66.79 million year-over-year [2] - The stock has underperformed, losing about 10.3% since the beginning of the year compared to the S&P 500's gain of 16.9% [3] Financial Performance - FCPT's FFO for the last quarter was consistent with expectations, as it was anticipated to be $0.44 per share and the actual result was $0.44 [1] - The company has not surpassed consensus revenue estimates in the last four quarters, indicating a trend of underperformance in revenue generation [2] Future Outlook - The future performance of FCPT's stock will largely depend on management's commentary during the earnings call and the outlook for FFO in upcoming quarters [3][4] - Current consensus FFO estimate for the next quarter is $0.45 on revenues of $75.78 million, and for the current fiscal year, it is $1.78 on revenues of $294.54 million [7] Industry Context - The REIT and Equity Trust - Other industry, to which FCPT belongs, is currently ranked in the top 35% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in estimate revisions, which could impact FCPT's stock performance [5][6]

Financial Performance - Rental revenue for Q3 2025 increased by 12.2% year-over-year to $66.5 million, consisting of $66.1 million in cash rents and $0.4 million in non-cash rent adjustments[6] - Net income attributable to common shareholders for Q3 2025 was $28.8 million, or $0.28 per diluted share, compared to $25.6 million, or $0.27 per diluted share in Q3 2024[6] - Total revenues for Q3 2025 were $74.1 million, up from $66.8 million in Q3 2024[22] - Net income for Q3 2025 increased to $28,877 million, up from $25,612 million in Q3 2024, representing a growth of 8.8%[26] - Funds from operations (FFO) for Q3 2025 reached $43,865 million, compared to $39,184 million in Q3 2024, reflecting a year-over-year increase of 6.9%[26] - Adjusted Funds from Operations (AFFO) for Q3 2025 was $46,448 million, up from $41,080 million in Q3 2024, indicating a growth of 13.5%[26] - FFO per diluted share for Q3 2025 was $0.42, slightly up from $0.41 in Q3 2024, marking a 2.4% increase[26] - AFFO per diluted share for Q3 2025 increased to $0.45 from $0.43 in Q3 2024, representing a growth of 4.7%[26] - For the nine months ended September 30, 2025, net income was $83,018 million, up from $74,388 million in the same period of 2024, reflecting an increase of 11.7%[26] Property and Portfolio Management - The company acquired 28 properties for a total of $82 million during Q3 2025, with an initial weighted average cash yield of 6.8% and a weighted average remaining lease term of 11.6 years[10] - As of September 30, 2025, the company achieved a rent collection rate of 99.9% for its portfolio[3] - The company's rental portfolio consisted of 1,273 properties across 48 states, with an occupancy rate of 99.5% and a weighted average remaining lease term of approximately 7.1 years[9] Expenses and Dividends - General and administrative expenses for Q3 2025 were $6.5 million, compared to $5.8 million in Q3 2024[14] - The company declared a dividend of $0.3550 per common share for Q3 2025, an increase from $0.3450 in Q3 2024[8] - Total depreciation and amortization expenses for Q3 2025 were $14,988 million, compared to $13,572 million in Q3 2024, an increase of 10.4%[26] - Stock-based compensation for Q3 2025 was $2,208 million, an increase from $1,815 million in Q3 2024, representing a growth of 21.7%[26] Liquidity - The company had approximately $490 million in available liquidity as of September 30, 2025, including $7 million in cash and cash equivalents[12] Other Financial Metrics - Adjusted Funds from Operations (AFFO) per diluted share for Q3 2025 was $0.45, reflecting a $0.02 increase compared to Q3 2024[6] - The weighted average fully diluted shares outstanding increased to 104,282,333 in Q3 2025 from 94,992,554 in Q3 2024, a rise of 9.8%[26] - The company reported a decrease in straight-line rental revenue, which was $(856) million in Q3 2025 compared to $(1,056) million in Q3 2024[26]

Core Viewpoint - Four Corners Property Trust, Inc. reported strong portfolio growth for the third quarter of 2025, highlighting successful property acquisitions and alignment with underwriting objectives [1]. Financial Performance - The company acquired properties worth $82 million during the quarter, focusing on core retail sectors [1]. - The properties are leased to nationally branded operators, ensuring strong operational performance [1]. Strategic Focus - The acquisitions are diversified across various retail sectors, indicating a strategic approach to portfolio management [1]. - Rent and pricing for the acquired properties are aligned with the company's underwriting objectives, suggesting a disciplined investment strategy [1].

Performance Summary - Four Corners Property Trust (NYSE: FCPT) has underperformed the Vanguard Real Estate Index Fund ETF (VNQ) in 2025, with a loss of approximately 5%, compared to a gain of around 6% for the broader U.S. REIT ETF [1] Investment Approach - The investment strategy focuses on fundamental long-term perspectives, primarily in REITs, preferred stocks, and high-yield bonds, with a recent combination of long stock positions, covered calls, and cash secured puts [1] Coverage Focus - The company primarily covers REITs and financials, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Performance Summary - Four Corners Property Trust (NYSE: FCPT) has underperformed the Vanguard Real Estate Index Fund ETF (VNQ) in 2025, with a loss of approximately 5%, compared to a gain of around 6% for the broader U.S. REIT ETF [1] Investment Approach - The investment strategy focuses on a fundamental long-term perspective, primarily involving REITs, preferred stocks, and high-yield bonds, with recent strategies including long stock positions combined with covered calls and cash secured puts [1] Coverage Focus - The company primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Core Viewpoint - Four Corners Property Trust (FCPT) has successfully acquired an Outback Steakhouse property for $2.4 million, indicating a strategic move to enhance its portfolio of high-quality, net-leased restaurant and retail properties [1] Acquisition Details - The acquired property is located in a highly trafficked corridor in Missouri, which is expected to provide strong foot traffic and visibility [1] - The property is corporate-operated under a triple net lease, ensuring stable income for the company [1] - The lease has approximately eight years remaining, providing a long-term revenue stream for FCPT [1]

Core Viewpoint - Four Corners Property Trust (FCPT) has successfully acquired a Heartland Dental property for $3.3 million, indicating the company's ongoing strategy to expand its portfolio of high-quality, net-leased properties [1] Acquisition Details - The acquired property is situated in a highly trafficked corridor in Oklahoma, which is expected to enhance its value and rental income potential [1] - The property operates under a triple net lease, providing a stable income stream for the company [1] - There are approximately four years remaining on the lease term, which adds to the predictability of cash flows from this investment [1]

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]