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Sep 30
FCPT Q3 2025 Earnings Report
FCPT reported strong third quarter 2025 financial and operating results, including increased rental revenue and net income.
Key Takeaways
Four Corners Property Trust delivered a strong third quarter, marked by significant portfolio growth with $82 million in property acquisitions. The company reported a 12.2% increase in rental revenue year-over-year, reaching $66.5 million, and net income attributable to common shareholders of $28.8 million, or $0.28 per diluted share. FFO and AFFO per diluted share also saw increases compared to the prior year, demonstrating consistent performance and a healthy financial position with low leverage and significant liquidity.
Rental revenue increased by 12.2% year-over-year to $66.5 million in Q3 2025.
Net income attributable to common shareholders rose to $28.8 million, or $0.28 per diluted share, up from $25.6 million in Q3 2024.
AFFO per diluted share increased by $0.02 to $0.45, and FFO per diluted share increased by $0.01 to $0.42 compared to the prior year's quarter.
The company acquired 28 properties for $82.0 million during the quarter, diversifying its portfolio across core retail sectors.
FCPT
FCPT
FCPT Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comRestaurant Revenue
CapyFin.com Forward Guidance
FCPT continues to focus on disciplined deal sourcing and expects to fund further growth through its strong liquidity and low leverage profile. The company has also been active in its at-the-market (ATM) program year-to-date, raising significant gross proceeds.
Positive Outlook
- Continued focus on disciplined deal sourcing for property acquisitions.
- Maintained one of the lowest leverage profiles in the company's history.
- Access to significant liquidity and optionality to fund future growth.
- Successfully utilized the ATM program year-to-date to raise capital.
- No properties were sold during the third quarter, indicating retention of assets.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- The report does not detail potential challenges in the acquisition market.
- No explicit mention of potential interest rate impacts on future debt.
- No specific concerns raised regarding tenant performance or rent collection trends.
- The report does not outline any anticipated increases in G&A expenses.