Four Corners Property Trust, Inc. Q2 2025 Earnings Recap

FCPT continues its strong momentum in Q2 2025 with $84 million in property acquisitions at a 6.7% blended cap rate, underscoring robust rental coverage and a diversified portfolio positioned for resilience amid economic headwinds.

Key Takeaways

• Achieved $84 million in acquisitions with a 6.7% blended cap rate, bringing total acquisitions in the last year to $344 million.
• Rent coverage across the portfolio stands at an impressive 5x, among the best in the net lease sector.
• Diversified from 418 properties across 5 brands to 1,260 leases spanning 165 brands, with 34% of rental income now outside casual dining.
• Maintained minimal bad debt of $1.76 million over the past nine years against $1.5 billion of rent collected, reflecting strong tenant credit quality.
• Equity raised over the last 12 months totals nearly $0.5 billion, enhancing capital capacity for future expansions.