Four Corners Property Trust Reports 9.5% Revenue Growth in Q2 2025

Four Corners Property Trust, Inc. (FCPT) reported its financial results for the second quarter of 2025, showing a total revenue of $72.8 million, a 9.5% increase from $66.5 million in the same period last year. The growth was primarily driven by a rise in rental revenue, which reached $64.8 million, up from $58.5 million, reflecting a 10% increase attributed to the acquisition of 113 leased properties over the past year. The company also reported restaurant revenue of $8 million, a slight increase from $7.9 million in the prior year. Net income for the quarter was $28 million, or $0.28 per diluted share, compared to $24.7 million, or $0.27 per diluted share, in the previous year.

In terms of operational metrics, FCPT's total assets increased to $2.77 billion as of June 30, 2025, up from $2.65 billion at the end of 2024. The company’s real estate investments, net of depreciation, rose to $2.54 billion, compared to $2.42 billion at the end of the previous fiscal year. The increase in assets was supported by a significant investment of $144.3 million in 47 properties during the first half of 2025, with a weighted average remaining lease term of 14.9 years. The occupancy rate across the portfolio remained high at 99.4%, with 99.8% of contractual base rent collected during the quarter.

FCPT's total liabilities also increased, reaching $1.28 billion, up from $1.20 billion at the end of 2024. This rise was primarily due to an increase in the term loan and revolving credit facility, which amounted to $580.8 million, compared to $516.3 million previously. The company declared dividends of $0.355 per share for the second quarter, slightly up from $0.345 per share in the same quarter last year, reflecting a commitment to returning value to shareholders.

Looking ahead, FCPT remains focused on expanding its portfolio through strategic acquisitions, aiming to reduce reliance on its primary tenant, Darden Restaurants, which currently accounts for approximately 46.5% of its rental revenue. The company plans to leverage its ATM program, which allows for the issuance of up to $500 million in common stock, to fund future acquisitions and enhance its capital structure. Management expressed confidence in maintaining its REIT status and continuing to deliver value to shareholders through disciplined growth and operational efficiency.