Four Corners Property Trust, Inc. (FCPT): Business Model Canvas [Dec-2025 Updated]

You're looking to quickly size up how Four Corners Property Trust, Inc. (FCPT) actually makes money, and honestly, it's a textbook example of a disciplined net-lease REIT. We're talking about a portfolio of 1,273 properties locked down by long-term, triple-net leases, which keeps landlord headaches low and cash flow steady, hitting about $255.6 million in annualized rent. With a strong balance sheet showing net debt to Adjusted EBITDA at just 4.7x as of late 2025, the model hinges on disciplined acquisitions, contractual rent escalators averaging 1.4% annually, and maintaining a near-perfect 99.5% occupancy rate. Dive below to see the nine blocks that explain exactly how Four Corners Property Trust, Inc. turns real estate into predictable shareholder returns.

Four Corners Property Trust, Inc. (FCPT) - Canvas Business Model: Key Partnerships

You're looking at how Four Corners Property Trust, Inc. (FCPT) builds and maintains its deal flow and capital structure through external relationships. This is all about who helps them buy properties and who guarantees the long-term income stream.

The core of the partnership strategy revolves around securing properties leased to creditworthy, nationally branded retail and restaurant operators. This focus on quality tenants ensures steady rent collection, which is the engine for the entire business.

Here are some key metrics reflecting the strength of these tenant relationships as of late 2025:

• Portfolio occupancy remained at a resilient 99.4% as of Q2 2025, and 99.5% as of Q3 2025.
• The portfolio includes 1,294 leases across 170 brands as of December 2025 data.
• The largest tenant, Darden Restaurants, shows a strong rent coverage ratio of 5.7x.
• As of February 2025, 53% of Annual Base Rent (ABR) came from investment grade tenants.
• A majority of the portfolio reported a very strong EBITDAR-to-rent coverage ratio of 5x in Q2 2025.

The quality of the tenant base translates directly into financial performance metrics:

Metric	Value (as of late 2025 data)	Source Period
Total Properties Owned	1,273	Q3 2025
Weighted Average Remaining Lease Term	7.1 years	December 2025 data
Average Annual Rent Escalator	1.4%	December 2025 data
Net Debt to Adjusted EBITDAre	4.7x	December 2025 data

Access to capital markets is managed through relationships with major financial institutions. These partnerships are crucial for funding acquisitions and refinancing debt maturities. In January 2025, Four Corners Property Trust, Inc. executed a significant credit facility upsize and extension, which highlights these banking relationships.

The institutional lenders supported the expansion of the facility to $940 million. This total is composed of a revolving credit facility capacity of $350 million and a new term loan of $225 million, both maturing in February 2029. This move was partly to pay down $150 million of loans maturing in November 2025.

The investment banks acting as key intermediaries in this debt capital market access include:

• J.P. Morgan Chase Bank, N.A. (Joint Bookrunner and Joint Lead Arranger)
• BofA Securities, Inc. (Joint Bookrunner and Joint Lead Arranger)
• Fifth Third Bank, N.A. (Other Joint Lead Arranger)
• The Huntington National Bank (Other Joint Lead Arranger)
• Truist Bank (Other Joint Lead Arranger)
• U.S. Bank, N.A. (Other Joint Lead Arranger)

The effective interest rate on the incremental portion of the term loan was set at 4.6%, reflecting the favorable terms secured with these partners. As of September 30, 2025, Four Corners Property Trust, Inc. had $1,226 million of total outstanding debt.

For deal sourcing, the partnership with real estate brokers and developers is evidenced by the active acquisition pipeline. Four Corners Property Trust, Inc. completed $141 million in acquisitions in the first half of 2025 at a blended capitalization rate of 6.7%. The second quarter of 2025 alone saw $84 million in acquisitions, with 68% coming from the automotive sector, showing a targeted sourcing strategy.

While specific names for title companies and legal firms executing the acquisition closings aren't detailed in the public financial summaries, their role is implicit in the execution of the 47 properties acquired in the first nine months of 2025. These transactions require the finalization services these professional partners provide.

Finance: draft 13-week cash view by Friday.

Four Corners Property Trust, Inc. (FCPT) - Canvas Business Model: Key Activities

You're looking at the core engine of Four Corners Property Trust, Inc. (FCPT) as of late 2025. The key activities here are all about disciplined capital deployment and rigorous asset management to keep that net-lease cash flow steady and growing.

Disciplined acquisition of single-tenant, net-lease properties

Four Corners Property Trust, Inc. focuses on acquiring properties leased to nationally recognized brands. The underwriting process is selective, generally avoiding operators with fewer than 50 units or less than $75 million in revenue. This activity is measured by the capital deployed and the quality of the resulting lease.

Here are some recent acquisition metrics:

• Acquired 28 properties in Q3 2025.
• Q3 2025 acquisition volume totaled $82.0 million.
• Trailing 12-month acquisition volume reached $355 million.
• November 2025 acquisitions announced totaled $23.6 million.

Active portfolio management across 1,273 properties

Managing the existing asset base is crucial for a net-lease REIT. This involves ensuring tenants pay rent and maintaining high physical occupancy. As of September 30, 2025, the operational scale was substantial.

The portfolio snapshot as of September 30, 2025, looks like this:

Metric	Value	Source Period
Total Properties Owned	1,273	September 30, 2025
States Represented	48	September 30, 2025
Occupancy Rate (by square feet)	99.5%	September 30, 2025
Rent Collection Rate	99.9%	Q3 2025
Cash Rental Revenue (Q3)	$66.1 million	Q3 2025

The company also reported a high rent collection rate of 99.9% for the third quarter of 2025.

Securing long-term triple-net leases with rent escalators

The value proposition hinges on the lease structure. Four Corners Property Trust, Inc. secures long-term, triple-net leases, meaning the tenant handles most property expenses. The goal is to lock in predictable income with built-in growth.

Key lease characteristics as of late 2025 include:

• Weighted Average Remaining Lease Term: Approximately 7.1 years.
• Average Annual Rent Escalator: 1.4%.
• Number of Leases: 1,294.
• Investment Grade Tenant Exposure: 53%.
• Tenant EBITDAR Coverage: 5.1x.

The average remaining lease term was 13.4 years on the 24 properties acquired in Q2 2025, showing a focus on long duration when possible.

Capital raising and debt management to maintain low leverage

Maintaining a conservative balance sheet is a core activity, using liquidity to fund acquisitions while keeping leverage in check. Four Corners Property Trust, Inc. has a stated leverage target of 5.5x-6.0x maximum Net Debt to adjusted EBITDAre.

As of September 30, 2025, the leverage profile was:

Leverage Metric	Value	Reference Date
Net Debt to adjusted EBITDAre	4.7x	September 30, 2025
Debt-to-EBITDA (Annualized)	5.33	September 2025
Fixed Rate Debt Percentage	97%	July 2025
Available Liquidity	Approximately $490 million	September 30, 2025

The company actively raises equity to fund growth; year-to-date through July 29, 2025, they sold over 6.1 million shares via the ATM program for anticipated gross proceeds of $172.7 million. This helps them maintain that low leverage position.

Data-driven underwriting for new property investments

Four Corners Property Trust, Inc. uses a systematic approach to vet every potential deal. This isn't just about the tenant's name; it's about objective data scoring.

Underwriting focuses on several key data points for site selection:

• Prioritizing tenant credit and concept durability.
• Focusing on properties in robust retail corridors or outparcels.
• Analyzing traffic draw, using metrics like average daily vehicle count (e.g., 29,797 in one Q3 snapshot).
• Evaluating local demographics, such as median household income (e.g., $66,891 in one Q3 snapshot).

The initial weighted average cash yield for Q3 2025 acquisitions was 6.8%, showing the return they targeted on these data-backed investments.

Four Corners Property Trust, Inc. (FCPT) - Canvas Business Model: Key Resources

You're looking at the core assets that power Four Corners Property Trust, Inc. (FCPT)'s operations as of late 2025. These aren't just line items; they are the tangible and intangible foundations that generate the long-term, predictable cash flow this business is built on. Honestly, for a net-lease REIT, the quality and structure of these resources are everything.

The physical assets are the bedrock. As of September 30, 2025, Four Corners Property Trust, Inc. owned a diversified portfolio of 1,273 properties in 48 states. This geographic spread helps mitigate localized economic risks. These properties are almost entirely locked down under long-term net leases with a 7.1-year weighted average remaining term as of that same date. That lease duration is a key resource because it provides revenue visibility.

Here's a quick look at the portfolio health as of the third quarter end:

• Portfolio occupancy rate (by square feet): 99.5%.
• Portfolio contractual base rent collection rate for Q3 2025: 99.9%.
• Total acquisitions in the trailing 12 months ending September 30, 2025: $355 million.
• Acquisitions in Q3 2025: $82.0 million.
• Initial weighted average cash yield on Q3 2025 acquisitions: 6.8%.

The financial structure is another critical resource. Four Corners Property Trust, Inc. maintains a strong balance sheet with low net debt to Adjusted EBITDAre of 4.7x as of September 30, 2025, inclusive of outstanding equity under forward sales agreements. This low leverage gives the company breathing room. Furthermore, they report access to significant liquidity and capital markets, which is essential for funding growth.

Let's break down the debt and liquidity picture from that same date:

Metric	Amount / Ratio	Date / Context
Net Debt to Adjusted EBITDAre	4.7x	As of September 30, 2025 (inclusive of forward sales)
Total Outstanding Debt	$1,226 million	As of September 30, 2025
Revolving Credit Facility Capacity	$350 million	Increased in January 2025
Available Capital for Acquisitions	$500 million	Outlook for continued growth
Debt Fixed Through November 2027	95%	Term debt fixed

Finally, the human capital-the experienced management team focused on net-lease real estate-is an intangible but vital resource. CEO Bill Lenehan has guided the company through its growth, emphasizing disciplined deal sourcing. Their focus on specific, non-problematic sectors like auto service, medical retail, and quick service restaurants, while reducing exposure to sectors like theaters and big-box retail, shows a clear, experienced strategy in action. The team's ability to execute capital raising, such as selling over $172.7 million in Common Stock via the ATM year-to-date through October 28, 2025, demonstrates operational capability in accessing capital markets.

Finance: draft Q4 2025 capital deployment forecast by next Tuesday.

Four Corners Property Trust, Inc. (FCPT) - Canvas Business Model: Value Propositions

You're looking at how Four Corners Property Trust, Inc. (FCPT) delivers value to its partners and investors. It's a model built on long-term, predictable income streams derived from high-quality, service-oriented real estate leased on a net basis. The core value is stability, backed by concrete numbers from their latest reports.

High portfolio occupancy rate of 99.5%

The most immediate value proposition is the sheer stability of the income stream, evidenced by the portfolio's near-perfect occupancy. As of the third quarter of 2025, Four Corners Property Trust, Inc. maintained a 99.5% occupancy rate across its 1,273 properties in 48 states. This high rate translates directly into reliable cash flow. Furthermore, rent collection for the quarter ending September 30, 2025, stood at an exceptional 99.9% of contractual base rent.

Minimal landlord responsibility due to triple-net lease structure

The structure of the leases themselves is a major component of the value offered to tenants and the stability offered to shareholders. Four Corners Property Trust, Inc. focuses on triple-net (NNN) leases. This means the tenant is responsible for the majority of property operating expenses, which typically include property taxes, insurance, and maintenance. This structure provides you with a very clean, predictable revenue stream.

Here are the key elements of that structure:

• Tenants cover property taxes, insurance, and maintenance.
• Leases are long-term, ensuring revenue visibility.
• Focus on corporate-operated or guaranteed leases adds credit quality.

Provides tenants with capital via sale-leaseback transactions

For operators like restaurant groups or service providers, Four Corners Property Trust, Inc. acts as a capital partner. They execute sale-leaseback transactions, allowing the operator to sell a property they own and immediately lease it back, freeing up capital for other uses, like expansion or debt reduction. You see this strategy actively deployed with specific dollar amounts:

Transaction Type	Tenant/Brand Example	Acquisition Amount (2025)	Remaining Lease Term
Sale-Leaseback	Christian Brothers Automotive	$22.6 million	Long-term, guaranteed by corporate entity
Sale-Leaseback	Burger King (Ampler Restaurant Group)	$8.1 million	Weighted average 19 years
Sale-Leaseback	VIVE Collision (Automotive Service)	$4.7 million	Approximately 20 years
Sale-Leaseback	Hawaiian Bros (Stine Enterprises)	$5.9 million	Weighted average 11.6 years

The company acquired $82 million worth of properties in the third quarter of 2025 alone, maintaining a focus on disciplined deal sourcing. This activity directly supports the value proposition for tenants needing to unlock capital.

Diversification across multiple retail sectors (auto, medical, dining)

While Four Corners Property Trust, Inc. started heavily weighted toward restaurants, its growth strategy actively diversifies the portfolio away from that core. This diversification is a key stabilizer against sector-specific downturns. As of the third quarter 2025 acquisitions, the purchase price allocation showed a clear shift:

Sector	Q3 2025 Acquisition Allocation (by Purchase Price)
Medical Retail	39%
Auto Service	36%
Quick Service Restaurants	16%
Casual Dining Restaurants	9%

This is moving the needle; non-restaurant exposure reached 24% by Q2 2025. Even with this diversification, the largest tenant concentration remains casual dining, with Olive Garden accounting for 33% of leases and LongHorn Steakhouse at 9% as of October 2025. Recent November 2025 acquisitions further emphasized essential services, including veterinary clinics.

Stable, predictable cash flow for shareholders (REIT structure)

For you as an investor, the REIT structure is designed to pass through rental income as distributions. The results for the third quarter of 2025 demonstrate this predictability. Rental revenue increased 12.2% year-over-year to $66.5 million. The company declared a dividend of $0.3550 per common share for the quarter. The operational efficiency supporting this is reflected in the Adjusted Funds from Operations (AFFO) per diluted share, which reached $0.45 in Q3 2025. You also have the backing of significant liquidity, reported at $490 million available as of Q3 2025. This financial posture supports consistent shareholder returns. Finance: draft 13-week cash view by Friday.

Four Corners Property Trust, Inc. (FCPT) - Canvas Business Model: Customer Relationships

Four Corners Property Trust, Inc. (FCPT) structures its customer relationships around long-term, contractual commitments with creditworthy operators, which is the bedrock of its net lease model.

The relationships are inherently long-term and contractual. As of September 30, 2025, the rental portfolio consisted of 1,273 properties across 48 states. These properties are almost entirely occupied at 99.5%, under leases with a weighted average remaining term of approximately 7.1 years. This long duration provides highly predictable cash flows.

The self-service nature of the relationship is defined by the lease structure. FCPT primarily uses triple-net (NNN) leases, meaning the tenant is responsible for property expenses like taxes, insurance, and maintenance. This shifts the operational burden away from Four Corners Property Trust, Inc. (FCPT) and simplifies the landlord role to pure asset ownership and rent collection.

Repeat business is evident through consistent, significant transactions with established operators. For instance, Four Corners Property Trust, Inc. (FCPT) has actively acquired properties from Christian Brothers Automotive, including a sale-leaseback of four locations for $16.9 million in May 2025. This follows prior deals, such as acquiring six of their properties for $24.8 million in late 2024. This pattern suggests a strong, repeatable deal flow with key tenants.

The quality of the tenant relationships is underscored by financial performance metrics. For the quarter ending September 30, 2025, Four Corners Property Trust, Inc. (FCPT) received rent payments representing 99.9% of its portfolio contractual base rent. Furthermore, the majority of the portfolio reports a very strong EBITDAR-to-rent coverage ratio of 5x.

The acquisition strategy supports these relationships by focusing on high-quality, durable assets. In the first nine months of 2025, Four Corners Property Trust, Inc. (FCPT) completed the acquisition of 75 properties for $228.2 million. The focus is on acquiring assets that are accretive to the cost of capital, often secured through direct relationships or sale-leaseback arrangements that keep the operator in place.

Here's a quick look at the portfolio metrics defining the customer base as of late 2025:

Portfolio Metric	Value (as of Q3 2025)
Total Properties	1,273
Occupancy Rate	99.5%
Weighted Average Remaining Lease Term	7.1 years
Rent Collection Rate (Q3 2025)	99.9%
Tenant EBITDAR Coverage (Majority)	5x
Investment Grade Tenant Base Percentage (Earlier 2025)	54%

The company's focus on specific subsectors like auto service, medical retail, and restaurants, which meet strict underwriting criteria, helps ensure the tenants are creditworthy and their locations are resilient. For example, acquisitions in Q2 2025 were 68% auto service by purchase price.

The structure inherently promotes a low-touch, self-service model for Four Corners Property Trust, Inc. (FCPT) due to the triple-net lease structure, where tenants manage the day-to-day property expenses.

Finance: draft 13-week cash view by Friday.

Four Corners Property Trust, Inc. (FCPT) - Canvas Business Model: Channels

Direct sale-leaseback transactions with corporate tenants are a primary channel for Four Corners Property Trust, Inc. (FCPT) to grow its portfolio. The company executed several such deals through late 2025.

Specific sale-leaseback transactions announced include:

• Acquisition via sale-leaseback of four Christian Brothers Automotive properties for $16.9 million in May 2025.

• Acquisition via sale-leaseback of four Burger King properties from Ampler Restaurant Group for $8.1 million in August 2025.

• Acquisition via sale-leaseback of a portfolio of automotive service properties from VIVE Collision for $4.7 million in June 2025.

• Sale-Leaseback of two Hawaiian Bros Properties from Stine Enterprises for $5.9 million in November 2025.

• Sale-Leaseback of three Automotive Service Properties for $5.9 million in November 2025.

The total acquisition volume over the past 12 months leading up to Q3 2025 exceeded $344 million.

The following table summarizes recent property acquisitions which utilized this channel or direct sourcing:

Date Announced	Property Type/Tenant Example	Number of Properties	Purchase Price	Cap Rate (Initial Weighted Avg Cash Yield)
December 5, 2025	Baptist Health Property	1	$4.7 million	6.8%
November 26, 2025	Hawaiian Bros (Sale-Leaseback)	2	$5.9 million	In range with prior deals
November 18, 2025	Caliber Collision Property	1	$4.9 million	Not specified
November 17, 2025	Automotive Service (Sale-Leaseback)	3	$5.9 million	Not specified
Q3 2025 (Total)	Diversified (Medical Retail, Auto Service, QSR, CD)	28	$82.0 million	6.8%

Real estate brokers and intermediary networks for acquisitions support the pipeline, feeding into the overall acquisition strategy that saw Four Corners Property Trust, Inc. (FCPT) close $70 million in Q1 2025, the highest first-quarter volume in company history.

The company acquired 24 properties for $84.4 million in the second quarter of 2025 and 28 properties for $82.0 million in the third quarter of 2025.

Investor relations and SEC filings for capital markets are critical for funding the acquisition channel. Four Corners Property Trust, Inc. (FCPT) raised over $169 million in equity in the first part of 2025, on top of $318 million in 2024.

Specific capital market activity in Q2 2025 included selling 841,556 shares of Common Stock via the at-the-market (ATM) program at an average gross price of $28.08 per share for anticipated gross proceeds of $23.6 million.

As of June 30, 2025, Four Corners Property Trust, Inc. (FCPT) had approximately $562 million of available liquidity, including $350 million of capacity under its revolving credit facility.

The leverage ratio, as measured by the ratio of net debt to adjusted EBITDA re, stood at 5.3x as of September 30, 2025.

The corporate website and press releases serve as the direct channel for announcing acquisition activity and financial updates to the market. The company maintains a dedicated section at investors.fcpt.com for supplemental materials.

Four Corners Property Trust, Inc. (FCPT) issued investor presentations on April 30, 2025, July 29, 2025, and October 28, 2025, alongside its quarterly results.

The portfolio as of September 30, 2025, consisted of 1,273 properties across 48 states.

Four Corners Property Trust, Inc. (FCPT) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Four Corners Property Trust, Inc. (FCPT) as of late 2025, which is built on single-tenant, operationally essential retail properties leased on a net basis. The portfolio as of September 30, 2025, consisted of 1,273 properties located across 48 states, maintaining a high occupancy rate of 99.5% by square feet.

The customer segments are heavily weighted toward necessity-based retail and service providers. For context on the overall rent roll as of mid-2025, Darden Restaurants, which operates Olive Garden and LongHorn Steakhouse, accounted for 46% of FCPT's Annual Base Rent (ABR). Non-restaurant tenants, which include auto service and medical retail, represented nearly one quarter, or 24%, of the ABR at that time. Furthermore, 54% of FCPT's tenant base carries investment-grade credit ratings.

Here is a breakdown of the specific customer segments, using the allocation by purchase price for properties acquired in the third quarter of 2025 to show where Four Corners Property Trust, Inc. is actively growing its customer base:

Customer Segment	Q3 2025 Acquisitions by Purchase Price	Portfolio Context (ABR/Leases)
Medical Retail facilities (e.g., Baptist Health, VCA Animal Hospital)	39%	Part of the 24% non-restaurant ABR
Automotive Service and Repair operators (e.g., Caliber Collision, Tires Plus)	36%	68% of Q2 2025 acquisitions by purchase price
Quick Service Restaurants (QSR) and other essential retail	16%	4% of Q2 2025 acquisitions by purchase price
Casual Dining Restaurants (e.g., Olive Garden, LongHorn)	9%	Darden Restaurants accounted for 46% of ABR as of September 30, 2025

The focus on service-oriented retail is clear in the recent transaction activity. For example, during the second quarter of 2025, acquisitions were heavily weighted toward the auto service sector, making up 68% of the purchase price for that quarter's $84.4 million in deals.

You can see the general health of these customer relationships through coverage metrics. The majority of the portfolio reports a strong EBITDAR-to-rent coverage ratio of 5x.

• Total properties as of September 30, 2025: 1,273.
• Weighted average remaining lease term for the portfolio as of September 30, 2025: approximately 7.1 years.
• Rent payments received for the quarter ending September 30, 2025: 99.9% of contractual base rent.
• Q3 2025 acquisitions were completed at a weighted average cash yield of 6.8%.

Finance: draft the Q4 2025 acquisition pipeline breakdown by segment by next Tuesday.

Four Corners Property Trust, Inc. (FCPT) - Canvas Business Model: Cost Structure

You're looking at the hard costs Four Corners Property Trust, Inc. (FCPT) faces to keep the lights on and the properties running, which is key for any net-lease REIT. These costs are primarily driven by capital structure and operational overhead.

Interest expense on outstanding debt and credit facilities

The cost of capital is a major component here, given FCPT's reliance on debt to fund acquisitions. As of September 30, 2025, FCPT reported $1,226 million of outstanding debt, split between term loans and unsecured fixed rate notes. For the nine months ended September 30, 2025, the total interest expense hit $38,767 thousand. To give you a granular view of the borrowing cost, the all-in cash interest rate on the portion of the term loan that was fixed was approximately 3.7% for 2025. That's a concrete number to track against your cost of capital assumptions.

General and Administrative (G&A) expenses, expected $18.0M to $18.5M for 2025

General and Administrative (G&A) expenses cover the day-to-day running of the corporate side of Four Corners Property Trust, Inc. (FCPT). For the nine months ended September 30, 2025, the total G&A expense was $20,595 thousand. This means the actual nine-month spend already surpassed the initial full-year expectation you mentioned of $18.0M to $18.5M for 2025, so you should definitely adjust that expectation upward for the full year based on this trend. For just the third quarter of 2025, total G&A was $6,516 thousand, which included $2.2 million in stock-based compensation. The cash G&A expense (excluding stock-based compensation) for Q3 2025 was $4.3 million.

Property acquisition and due diligence costs

Acquisitions are a core growth driver, but they come with upfront costs. In the third quarter of 2025 alone, Four Corners Property Trust, Inc. (FCPT) acquired properties for a combined purchase price of $82.0 million. This followed a second quarter in 2025 where the company bought 24 properties for $84.4 million. Due diligence costs are embedded within these transactions, often categorized under property expenses or deal-related costs, which for Q3 2025 were $3,678 thousand.

Here's a quick look at recent acquisition activity costs:

Period Ended	Acquisition Purchase Price (USD)	Property Expenses (USD in thousands)
Q3 2025	$82.0 million	$3,678
Q2 2025	$84.4 million	(Data not explicitly isolated for Q2)

Dividend distributions to maintain REIT status

As a REIT, Four Corners Property Trust, Inc. (FCPT) must distribute a significant portion of its taxable income. The cost here is the actual cash paid out to shareholders. The Board declared a quarterly cash dividend of $0.3665 per share for the fourth quarter of 2025. This translates to an annualized rate of $1.4660 per share. For context, the dividend for the third quarter of 2025 was $0.3550 per share.

The dividend history shows a clear commitment to payouts:

• Q4 2025 Declared Dividend per Share: $0.3665
• Q3 2025 Declared Dividend per Share: $0.3550
• Annualized Dividend based on Q4 2025 rate: $1.4660
• Dividend Growth (Q4 2025 vs. prior quarter): 3.2% increase
• Cash flow payout ratio (based on estimates): 80.23%

The company has increased its dividend for 7 successive years as of late 2025. Finance: draft 13-week cash view by Friday.

Four Corners Property Trust, Inc. (FCPT) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Four Corners Property Trust, Inc. (FCPT)'s financial performance, which is almost entirely driven by rental income derived from its portfolio of long-term, triple-net leases. This structure means tenants are generally responsible for property taxes, insurance, and maintenance, creating a very stable revenue base for FCPT.

For the third quarter ending September 30, 2025, the reported total rental revenue was $66.5 million. Breaking that down, the cash component was quite strong, coming in at $66.1 million for the quarter. This cash rental income represented a year-over-year growth of 12.6% for the third quarter of 2025. It's a predictable stream, which is what investors in this space look for.

Here's a quick look at the key revenue metrics as of the Q3 2025 reporting period:

Metric	Amount/Rate
Annualized Cash-Based Rent (Leases in Place as of Q3 2025)	$255.6 million
Q3 2025 Total Rental Revenue	$66.5 million
Q3 2025 Cash Rents Component	$66.1 million
Weighted Average 5-Year Annual Cash Rent Escalator	1.4%

That annualized cash-based rent figure, which stands at $255.6 million as of the quarter end, shows the run-rate income based on current leases. The contractual rent escalators are key to organic growth; the weighted average five-year annual cash rent escalator is set at 1.4%. Furthermore, the collection efficiency is high; as of September 30, 2025, Four Corners Property Trust, Inc. (FCPT) had received rent payments representing 99.9% of its portfolio contractual base rent for that quarter.

You can also see the impact of acquisitions on this revenue stream; for instance, the Q3 2025 rental revenue of $66.5 million included $0.4 million from straight-line and other non-cash rent adjustments. The company's strategy is clearly focused on growing that base rent through disciplined deal sourcing, evidenced by the $82 million in property acquisitions during the third quarter of 2025.

• Rental revenue is the primary source, stemming from net lease arrangements.
• Contractual rent escalators provide built-in annual revenue uplift.
• High rent collection rates support revenue predictability.
• Acquisitions directly increase the annualized cash base rent figure.