Four Corners Property Trust, Inc. (FCPT) reported a total revenue of $268.1 million for the fiscal year ended December 31, 2024, marking an increase of 6.9% from $250.6 million in 2023. The growth was primarily driven by a $17.3 million rise in rental revenue, which reached $237.1 million, attributed to a full year of revenue from properties acquired in 2023 and the addition of 87 new properties in 2024. The company's net income available to common shareholders was $100.5 million, up from $95.3 million in the previous year, reflecting a net income margin of approximately 37.5%.
In terms of operational metrics, FCPT maintained a high occupancy rate of 99.6% across its portfolio of 1,198 properties, which collectively offer 8.0 million square feet of leasable space in 47 states. The average remaining lease term was reported at 7.3 years, with an average annual rent escalation of 1.4% through 2029. The company also noted that 56% of its tenants are investment-grade rated, which contributes to the stability of its rental income.
Strategically, FCPT has focused on diversifying its portfolio beyond its primary tenant, Darden Restaurants, which accounted for approximately 47.7% of its annual cash base rent. The company engaged in various real estate transactions totaling $273 million in 2024, acquiring properties across 31 brands, including non-restaurant retail properties. This diversification strategy aims to reduce reliance on Darden and enhance the overall resilience of its revenue streams.
The company’s financial position remains strong, with $4.1 million in cash and $245 million available under its revolving credit facility as of December 31, 2024. FCPT's total debt stood at $1.1 billion, with a weighted average interest rate of 3.84%. The company has also implemented interest rate swaps to hedge against fluctuations in interest rates, effectively fixing $435 million of its variable-rate debt. Looking ahead, FCPT plans to continue its acquisition strategy while maintaining a disciplined approach to capital management, with a focus on enhancing shareholder value through consistent dividend payments and strategic growth initiatives.
About Four Corners Property Trust, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.