Q4 2025 Four Corners Property Trust Inc Earnings Call Transcript

Feb 12, 2026 / 05:00 PM GMT

Release Date Price: $24.42 (-3.29%)

Transcript 10-K8-K

Key Points

Positve

Four Corners Property Trust Inc (FCPT) celebrated its 10-year anniversary, showcasing significant growth from 418 properties to 1,325 leases.
In Q4 2025, FCPT acquired $95 million of net lease properties at a 7% blended cap rate, contributing to a total of $318 million in acquisitions for the year.
The company maintains a strong portfolio with zero exposure to problematic retail sectors and minimal vacancy, demonstrating robust rent coverage of 5.1 times.
FCPT's core tenants, including Olive Garden, Longhorn, and Chili's, reported impressive same-store sales growth, enhancing portfolio metrics.
The company has a diversified portfolio with 37% of rents coming from outside casual dining, including automotive service, quick service restaurants, and medical retail.

Negative

FCPT faces potential challenges with the Bahama Breeze brand, which Darden is shutting down, although discussions for conversions are ongoing.
The company has a rare impairment on a Hardee's property, indicating difficulties in re-leasing certain assets.
FCPT's stock valuation lags behind the private market cap rates of its properties, suggesting a potential undervaluation in the public market.
The company has a high concentration of rent from a few tenants, with Olive Garden and Longhorn accounting for a significant portion of the portfolio.
There is ongoing scrutiny over potential credit issues with tenants like Red Lobster, although the company reports no immediate concerns.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

FCPT.N - Four Corners Property Trust Inc
Q4 2025 Four Corners Property Trust Inc Earnings Call
Feb 12, 2026 / 05:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome everyone. The SCPT 4th quarter 2025 financial results conference call will begin shortly. In the meantime, if you would like to pre-register to ask a question, please press followed by 1 on your telephone keypad. If you change your mind, please press followed by 2.

Thank you.

Hello everyone and thank you for joining the FCPT 4th quarter 2025 financial results conference call. My name is Claire and I will be coordinating your call today. During the presentation, you can register a question by pressing followed by 1 on your telephone keypad. If you change your mind, please press followed by 2 on your telephone keypad. I will now hand over to Patrick Warnick, Chief Financial Officer, to

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