Four Corners Property Trust, Inc. (FCPT) FY2025 10-K Annual Report
Four Corners Property Trust, Inc. (FCPT) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Four Corners Property Trust, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: REIT owning, acquiring, leasing restaurant and retail properties via net leases with tenants responsible for property costs
- • 2025 acquisitions: 105 properties totaling $325.5 million investment, 713.9k square feet added to 1,303 properties portfolio across 48 states
- • Strategic emphasis on diversification beyond Darden, raising non-restaurant retail share to 26% of revenues, down from restaurant concentration
- • Key metric: 99.6% occupancy on 8.8 million leasable square feet, weighted average lease term 6.9 years, 1.5% average annual rent escalation through 2030
- • Employee count rise to 496 as of Feb 2026, with 451 at Kerrow Restaurant Operating Business, reflecting growth in restaurant operations segment
Management Discussion & Analysis
- • Revenue $294.1M in 2025, up $26.1M YoY; rental revenue $262.6M (+$25.5M), restaurant revenue $31.5M (+$0.5M)
- • Net income available to common shareholders $112.4M, up $11.9M; no explicit margin % given
- • Best performing segment: real estate operations, rental revenue $262.6M with 99.6% occupancy; worst: restaurant operations, revenue $31.5M with minimal growth
- • Capital investment $325.5M in 2025 acquiring 105 properties; interest expense $51.9M (+$2.6M) linked to $75M term loan increase
- • Forward outlook focused on acquisition strategy reducing reliance on Darden, maintaining REIT qualification, with rising state income taxes as acquisition expands
Risk Factors
- • Regulatory risk: Compliance with Americans with Disabilities Act (ADA) may require unanticipated expenditures adversely impacting cash flow
- • Geopolitical/macroeconomic risk: Geographic concentration in Texas accounts for 10.0% of annualized base rent, exposed to economic downturns or natural disasters
- • Operational risk: Dependence on Olive Garden brand with 316 restaurants creates revenue concentration risk affecting portfolio value if brand perception declines
- • Competitive risk: Intense competition among national, regional, and local restaurant chains may negatively impact lease rates upon renewals
- • Financial risk: $590 million variable-rate debt exposure with only $560 million hedged, increasing vulnerability to rising interest rates and inflation impacts
Four Corners Property Trust, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$31M
▲ +1.8% YoY
Net Income
$112M
▲ +11.8% YoY
Net Margin
356.9%
▲ +3215bp YoY
ROE
6.9%
▼ -3bp YoY
Total Assets
$2.9B
▲ +10.1% YoY
EPS (Diluted)
$1.09
▲ +1.9% YoY
Operating Cash Flow
$192M
▲ +33.4% YoY
Source: XBRL data from Four Corners Property Trust, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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