Four ners Property Trust(FCPT) - 2025 Q3 - Earnings Call Presentation

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]