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10-K annual report · filed Feb 12, 2026

Four Corners Property Trust, Inc. (FCPT) FY2025 10-K Annual Report

FCPT overviewOriginal on SEC EDGAR
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Four Corners Property Trust, Inc. (FCPT) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $31M (+1.8% year over year) and net income of $112M.

  • Top risk flagged: Regulatory risk: Compliance with Americans with Disabilities Act (ADA) may require unanticipated expenditures adversely impacting cash flow

FY2025 key financial metrics · XBRL

Revenue
$31M
+1.8% YoY
Net income
$112M
+11.8% YoY
EPS (diluted)
$1.09
+1.9% YoY
ROE
6.9%
−0.0 pp YoY
Operating cash flow
$192M
+33.4% YoY

Source: XBRL data from the Four Corners Property Trust, Inc. (FCPT) FY2025 10-K on SEC EDGAR. USD.

Four Corners Property Trust, Inc. FY2025 10-K analysis

AI summary of each section, grounded in the filing text

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

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