Four Corners Property Trust, Inc.

Listed Company

FCPTCIK 0001650132NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$294.13M

Net Income

$112.36M

Total Assets

$2.92B

Equity

$1.63B

Shares Out

109.75M

Op. Cash Flow

$192.28M

Business

Four Corners Property Trust, Inc. is a real estate investment trust that acquires, owns and leases properties for use in the restaurant and retail industries. It primarily offers net-leased restaurant and retail real estate and operates a small restaurant operations business (Kerrow) under franchise agreements. The company reports two key segments: real estate operations (rental and portfolio management) and restaurant operations (Kerrow Restaurant Operating Business conducted through a TRS). Its portfolio consists of freestanding properties distributed across 47 states in the continental United States and revenues are generated mainly through direct net leases to tenants and franchise arrangements.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental	263	237	220	194	173
Restaurant	31	31	31	30	27
Total revenues	294	268	251	223	199
General and administrative	27	24	23	20	18
Depreciation and amortization	60	55	51	41	35
Total operating expenses	130	119	114	97	82
Interest expense	−52	−49	−45	−36	−33
Other income, net	800,000	963,000	919,000	542,000	36,000
Realized gain on sale, net	0	0	2	8	431,000
Income tax expense	−303,000	−308,000	−130,000	−237,000	534,000
Net income	112	101	95	98	86
Net income attributable to noncontrolling interest	−124,000	−122,000	−122,000	−136,000	−164,000
Net Income Available to Common Shareholders	112	100	95	98	86
Basic net income per share (in usd per share)	1.09	1.07	1.08	1.2	1.12
Diluted net income per share (in usd per share)	1.09	1.07	1.07	1.2	1.11
Basic (in shares)	103	94	89	82	77
Diluted (in shares)	103	94	89	82	77
Dividends declared per common share (in usd per share)	1.43	1.39	1.37	1.34	1.29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	1,499	1,361	1,241	1,116	967
Buildings, equipment and improvements	1,999	1,838	1,709	1,540	1,438
Total real estate investments	3,498	3,199	2,949	2,656	2,404
Less: accumulated depreciation	−817	−776	−739	−707	−682
Real estate investments, net	2,681	2,423	2,210	1,949	1,722
Intangible real estate assets, net	129	124	118	106	104
Total real estate investments and intangible real estate assets, net	2,810	2,547	2,329	2,055	1,826
Cash and cash equivalents	12	4	16	26	6
Straight-line rent adjustment	72	69	65	61	55
Derivative assets	9	21	21	35	3
Deferred tax assets	2	1	1	988,000	864,000
Other assets	16	11	20	12	12
Total Assets	2,921	2,653	2,452	2,199	1,903
Term loan and revolving credit facility, net of deferred financing costs	582	516	442	424	—
Senior unsecured notes, net of deferred financing costs	622	622	671	571	—
Dividends payable	40	35	32	29	27
Rent received in advance	18	7	14	12	11
Derivative liabilities	5	473,000	3	9,000	8
Other liabilities	24	22	30	24	16
Total liabilities	1,291	1,202	1,192	1,060	939
Preferred stock, par value $0.0001 per share, 25,000,000 authorized, zero shares issued and outstanding.	0	0	0	0	—
Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 108,188,605 and 99,825,119 shares issued and outstanding, respectively	11,000	10,000	9,000	9,000	—
Additional paid-in capital	1,714	1,483	1,262	1,105	959
Accumulated deficit	−94	−58	−26	576,000	13
Accumulated other comprehensive income	8	24	22	31	−10
Noncontrolling interest	2	2	2	2	2
Total equity	1,630	1,451	1,260	1,138	964
Total Liabilities and Equity	2,921	2,653	2,452	2,199	1,903

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	60	55	51	41	35
Impairment of long-lived assets	827,000	0	0	—	—
Gain on disposal of land, building, and equipment	0	0	−2	−8	−431,000
Non-cash revenue adjustments	2	2	2	2	2
Amortization of financing costs	3	3	2	2	2
Stock-based compensation expense	9	7	6	5	4
Deferred income taxes	−231,000	−200,000	−259,000	−125,000	−864,000
Derivative assets and liabilities	−64,000	−618,000	8	633,000	—
Straight-line rent adjustment	−3	−4	−6	−6	−8
Rent received in advance	11	−8	3	399,000	−615,000
Intangible assets (lease incentives)	−97,000	−2	−1	72,000	−1
Other assets and liabilities	−2	−9	7	7	1
Net cash provided by operating activities	192	144	165	142	122
Purchases of real estate investments	−326	−273	−341	−296	−268
Proceeds from sale of real estate investments	0	0	28	25	3
Other	250,000	100,000	508,000	—	—
Net cash used in investing activities	−325	−273	−313	−271	−265
Proceeds from ATM equity issuance, net of issuance costs	225	216	153	142	117
Proceeds from issuance of senior notes	0	0	100	125	100
Repayment of senior notes	0	−50	0	—	—
Proceeds from term loan borrowing	75	85	0	30	0
Payment of deferred financing costs	−7	−1	−1	−3	−5
Proceeds from revolving credit facility	187	217	145	28	191
Repayment of revolving credit facility	−192	−228	−129	−64	−165
Payment of dividend to shareholders	−144	−128	−120	−108	−97
Distribution to non-controlling interests	−164,000	−159,000	−157,000	−153,000	−176,000
Shares withheld for taxes upon vesting	−3	−2	−2	−1	−3
Net cash provided by financing activities	141	108	146	149	138
Net increase (decrease) in cash and cash equivalents, including restricted cash	8	−21	−2	20	−5
Interest paid	58	59	49	31	23
Taxes paid	564,000	449,000	369,000	332,000	314,000
Operating lease payments received (lessor)	249	225	207	183	163
Operating lease payments remitted (lessee)	794,000	926,000	905,000	903,000	878,000
Change in fair value of derivative instruments	−16	2	−17	40	13

Filings

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