Four ners Property Trust(FCPT) - 2025 Q3 - Quarterly Results

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]