Cuatro Esquinas Property Trust, Inc. (FCPT): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Four Corners Property Trust, Inc. (FCPT) surge como una potencia dinámica de inversión inmobiliaria, transformando estratégicamente el panorama de las propiedades de arrendamiento neto en los sectores de restaurantes y minoristas. Al aprovechar un modelo de negocio sofisticado que equilibra el riesgo, la estabilidad y los rendimientos consistentes, FCPT ofrece a los inversores una oportunidad única para aprovechar una cartera meticulosamente seleccionada de activos inmobiliarios comerciales de alto rendimiento. Su enfoque innovador combina la adquisición de propiedades estratégicas, los contratos de arrendamiento a largo plazo y la gestión de activos profesionales para crear un vehículo de inversión convincente que brinde ingresos predecibles y un crecimiento potencial en un mercado en constante evolución.

Four Corners Property Trust, Inc. (FCPT) - Modelo de negocio: asociaciones clave

Los propietarios de propiedades netas de arrendamiento y fideicomisos de inversión inmobiliaria (REIT)

A partir de 2024, Four Corners Property Trust posee 603 propiedades de restaurantes y minoristas en 46 estados. La cartera de la compañía incluye:

Tipo de propiedad	Número de propiedades	Área de lesiones gruesas totales (SQ FT)
Propiedades de restaurante	529	3,200,000
Propiedades minoristas	74	650,000

Operadores de la cadena de restaurantes y minoristas

Las asociaciones de inquilinos de restaurante clave de FCPT incluyen:

• Restaurantes Darden (37.5% del alquiler de cartera total)
• Chipotle Mexican Grill (12.3% del alquiler de cartera total)
• ¡Yum! Marcas (10.2% del alquiler de cartera total)

Corredores de bienes raíces comerciales y administradores de propiedades

FCPT colabora con múltiples proveedores de servicios inmobiliarios nacionales y regionales:

Proveedor de servicios	Servicios	Duración de la asociación
CBRE	Administración de propiedades	En curso desde 2015
Jll	Aviso de adquisición	En curso desde 2017

Instituciones financieras y asesores de inversiones

Detalles de la asociación financiera a partir de 2024:

• Facilidad de crédito: Línea de crédito giratorio de $ 500 millones
• Prestamistas principales: Bank of America, Wells Fargo
• Relación actual de deuda / capital: 0.45

Proveedores de servicios de construcción y mantenimiento

Las asociaciones de mantenimiento y construcción de FCPT incluyen:

Proveedor de servicios	Servicios especializados	Valor anual del contrato
Cushman & Wakefield	Mantenimiento de la propiedad	$ 3.2 millones
Construcción de Turner	Renovación de la propiedad	$ 5.7 millones

Four Corners Property Trust, Inc. (FCPT) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades de arrendamiento neto triple

A partir del cuarto trimestre de 2023, FCPT poseía 1,014 propiedades en 46 estados, con un área total de aproximadamente 5,7 millones de pies cuadrados. La cartera de propiedades de la compañía se valoró en $ 2.2 mil millones.

Métrico de propiedad	Número total
Propiedades totales	1,014
Estados cubiertos	46
Área gruesa de manera gruesa	5.7 millones de pies cuadrados
Valor de cartera	$ 2.2 mil millones

Diversificación de cartera en sectores de restaurantes y minoristas

Composición de cartera de FCPT a partir de 2023:

• Propiedades del restaurante: 94% de la cartera total
• Propiedades minoristas: 6% de la cartera total

Gestión de activos de propiedad e inversión estratégica

Métricas de inversión para 2023:

• Inversiones totales: $ 189.8 millones
• Inversión promedio por propiedad: $ 1.87 millones
• Tasa de ocupación: 99.7%

Mantenimiento de la relación de inquilino y negociaciones de arrendamiento

Característica de arrendamiento	Detalles
Término de arrendamiento promedio ponderado	10.4 años
Escaladas anuales de alquiler	1.7% en promedio
Tasa de retención de inquilinos	92.5%

Información financiera y relaciones con los inversores

Destacado de rendimiento financiero para 2023:

• Ingresos totales: $ 275.3 millones
• Ingresos netos: $ 124.6 millones
• Fondos de Operaciones (FFO): $ 186.2 millones
• Rendimiento de dividendos: 4.8%

Four Corners Property Trust, Inc. (FCPT) - Modelo de negocio: recursos clave

Cartera diversificada de propiedades de restaurantes y minoristas

A partir del cuarto trimestre de 2023, FCPT posee 1,025 propiedades en 46 estados. Área gruesa total, de 7,2 millones de pies cuadrados.

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Propiedades de restaurante	853	83.2%
Propiedades minoristas	172	16.8%

Balance general fuerte y capital financiero

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado: $ 2.4 mil millones
• Activos totales: $ 1.83 mil millones
• Deuda total: $ 896 millones
• Relación neta de deuda/EBITDA: 5.2x

Equipo de gestión experimentado

Equipo de liderazgo con experiencia inmobiliaria promedio de 18 años.

Puesto ejecutivo	Años en bienes raíces
CEO	22 años
director de Finanzas	15 años

Distribución estratégica de propiedades geográficas

Distribución de la propiedad en las regiones estadounidenses:

• Sur: 42%
• Oeste: 27%
• Medio oeste: 18%
• Noreste: 13%

Tecnología de gestión de propiedades

Inversión tecnológica en 2023: $ 3.2 millones

• Software de gestión de arrendamiento avanzado
• Análisis de rendimiento de propiedad en tiempo real
• Sistemas de seguimiento de mantenimiento digital

Four Corners Property Trust, Inc. (FCPT) - Modelo de negocio: propuestas de valor

Ingresos estables y predecibles a través de contratos de arrendamiento neto a largo plazo

A partir del cuarto trimestre de 2023, FCPT posee 1,022 propiedades de arrendamiento neto de arrendamiento y minorista en 45 estados. El plazo promedio de arrendamiento es de 12.4 años, con una tasa de ocupación del 99.6%. Los ingresos de alquiler para 2023 fueron de $ 214.5 millones, con una expiración de arrendamiento promedio ponderada en 2034.

Métrico	Valor
Propiedades totales	1,022
Término de arrendamiento promedio	12.4 años
Tasa de ocupación	99.6%
2023 Ingresos de alquiler	$ 214.5 millones

Modelo de inversión inmobiliaria de bajo riesgo

La cartera de FCPT está diversificada en las mejores marcas de restaurantes como Darden Restaurants, que representa el 31.4% de los ingresos totales de alquiler. Los 10 principales inquilinos representan el 80.4% de la renta base anualizada, mitigando el riesgo de incumplimiento del inquilino.

• Concentración superior del inquilino: Restaurantes Darden (31.4%)
• Cobertura de alquiler de los 10 mejores inquilinos: 80.4%
• Calidad crediticia del inquilino: inquilinos de grado de inversión

Pagos de dividendos consistentes para los accionistas

En 2023, FCPT pagó dividendos trimestrales por un total de $ 1.44 por acción, lo que representa un rendimiento de dividendos de 4.2%. Los dividendos totales distribuidos fueron de $ 86.3 millones para el año.

Exposición a un crecimiento de restaurantes y mercados de propiedades minoristas

La cartera de FCPT incluye 89.7% de propiedades de restaurantes y 10.3% de propiedades minoristas. El segmento de restaurantes generó $ 192.1 millones en ingresos por alquiler en 2023, con un crecimiento continuo en comidas informales y segmentos de restaurantes de servicio rápido.

Tipo de propiedad	Porcentaje	Ingreso de alquiler
Propiedades de restaurante	89.7%	$ 192.1 millones
Propiedades minoristas	10.3%	$ 22.4 millones

Gestión de propiedades profesionales y optimización de activos

El equipo de gestión de FCPT mantiene una estrategia de inversión disciplinada con $ 1.2 mil millones en activos totales. Los gastos de administración de la propiedad fueron del 3.2% de los ingresos por alquiler totales en 2023, lo que indica una gestión operativa eficiente.

• Activos totales: $ 1.2 mil millones
• Gastos de administración de la propiedad: 3.2% de los ingresos por alquiler
• Estrategia de gestión de cartera activa

Four Corners Property Trust, Inc. (FCPT) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con inquilinos establecidos

A partir del cuarto trimestre de 2023, FCPT mantiene una cartera de 603 propiedades de arrendamiento neto con un Plazo de arrendamiento promedio de 10.4 años. La base del inquilino consta principalmente de operadores de restaurantes, con clientes clave que incluyen:

Arrendatario	Número de propiedades	Expiración de arrendamiento
Restaurantes de Darden	134	2028-2033
Wendy's	92	2029-2034
Oliva	67	2027-2032

Mantenimiento y soporte de propiedad proactiva

FCPT implementa una estrategia integral de mantenimiento de propiedades con 100% de los contratos de arrendamiento, incluida la responsabilidad del inquilino, para el mantenimiento de la propiedad. Las métricas de soporte de mantenimiento clave incluyen:

• Tasa anual de inspección de la propiedad: 95%
• Tiempo de respuesta de mantenimiento: dentro de las 48 horas
• Asignación del presupuesto de reparación de propiedades: $ 3.2 millones anuales

Informes financieros y operativos regulares

Frecuencia de información financiera y métricas de transparencia para 2023:

Tipo de informes	Frecuencia	Canales de divulgación
Ganancias trimestrales	4 veces al año	Sitio web de los inversores, presentaciones de la SEC
Informe anual	1 vez por año	Documentación financiera integral

Comunicación transparente con inversores e inquilinos

Métricas de comunicación FCPT para 2023:

• Llamadas de conferencia de inversores: 4 por año
• Solicitudes de reuniones de inversores manejadas: 87
• Puntos de contacto de comunicación del inquilino: trimestralmente

Estructuras de arrendamiento personalizadas adaptadas a las necesidades del inquilino

Métricas de flexibilidad de estructura de arrendamiento:

Tipo de personalización de arrendamiento	Porcentaje de cartera
Escalas de alquiler fijas	68%
Escaladas vinculadas al IPC	22%
Términos personalizados negociados	10%

Four Corners Property Trust, Inc. (FCPT) - Modelo de negocios: canales

Equipo directo de relaciones con los inversores

A partir del cuarto trimestre de 2023, FCPT mantiene un equipo dedicado de relaciones con inversores de 3 profesionales. Puntos de contacto de comunicación total de los inversores: 87 interacciones directas por trimestre.

Canal de comunicación	Interacciones trimestrales	Tiempo de respuesta promedio
Consultas telefónicas	42	24 horas
Comunicaciones por correo electrónico	35	12 horas
Reuniones directas	10	N / A

Plataformas de informes financieros

FCPT utiliza múltiples plataformas de informes financieros para comunicación transparente.

• Plataforma de archivos de Sec Edgar
• Sitio web de relaciones con los inversores
• Distribución de informes anuales
• Transmisión web de ganancias trimestrales

Conferencias de inversión inmobiliaria

Participación anual de la conferencia: 6-8 conferencias, que representan la capitalización de mercado de $ 4.2 mil millones.

Tipo de conferencia	Participación anual	Compromiso de los inversores
Conferencia nareit	1	125 inversores institucionales
Conferencias de inversión regionales	5-7	250-300 Total de inversores

Sitio web de relaciones con inversores en línea

Métricas del sitio web para inversor.fcpt.com a partir de 2023:

• Visitantes únicos mensuales: 12,500
• Tiempo promedio en el sitio: 4.3 minutos
• Tasa de descarga de documentos: 37% por visita

Listado de bolsa y comunicaciones de mercado

Detalles del listado de NYSE: Ticker FCPT, listado desde 2015.

Canal de comunicación	Frecuencia	Alcanzar
Comunicados de prensa	12-15 anualmente	500+ medios de comunicación financiera
Llamadas de ganancias	Trimestral	200-250 analistas/inversores

Four Corners Property Trust, Inc. (FCPT) - Modelo de negocio: segmentos de clientes

Operadores de la cadena de restaurantes

A partir de 2024, FCPT posee 1,043 propiedades de arrendamiento neto arrendadas principalmente a operadores de restaurantes. Los inquilinos clave del restaurante incluyen:

Cadena de restaurantes	Número de propiedades	Porcentaje de cartera
Restaurantes de Darden	242 propiedades	23.2%
Wendy's	186 propiedades	17.8%
Oliva	157 propiedades	15.1%

Negocios minoristas

La cartera de propiedades minoristas de FCPT incluye:

• Propiedades minoristas totales: 87
• Tasa de ocupación: 99.5%
• Término de arrendamiento promedio: 10.3 años

Inversores institucionales

Detalles de la propiedad de los inversores institucionales:

Tipo de inversor	Porcentaje de propiedad	Acciones mantenidas
Grupo de vanguardia	8.2%	5,642,000 acciones
Roca negra	6.7%	4,613,000 acciones
State Street Corporation	5.3%	3,652,000 acciones

Fondos de inversión inmobiliaria

Características de inversión del fondo inmobiliario:

• Total de tenencias de fondos de inversión inmobiliaria: $ 215 millones
• Inversión promedio por fondo: $ 12.3 millones
• Número de fondos invertidos: 17

Inversores minoristas individuales

Detalles del segmento de inversores individuales:

Característica del inversor	Estadística
Accionistas individuales totales	12,500
Propiedad promedio de acciones	1.250 acciones
Valor de inversión promedio	$45,000

Four Corners Property Trust, Inc. (FCPT) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del cuarto trimestre de 2023, FCPT reportó costos totales de adquisición de propiedades de $ 32.4 millones. La estrategia de adquisición de la compañía se centra en las propiedades de restaurantes alquilados de red de un solo inquilino.

Métrica de adquisición	Cantidad
Gasto total de adquisición (2023)	$ 32.4 millones
Costo promedio de adquisición de propiedades	$ 1.85 millones por propiedad
Número de propiedades adquiridas	17 propiedades

Costos de mantenimiento y renovación de la propiedad

Los gastos de mantenimiento de la propiedad de FCPT para 2023 totalizaron $ 5.6 millones, lo que representa aproximadamente el 2.3% del valor total de la cartera de propiedades.

• Presupuesto de mantenimiento anual: $ 5.6 millones
• Porcentaje del valor de la cartera: 2.3%
• Costo de renovación típico por propiedad: $ 75,000- $ 125,000

Gestión y gastos generales administrativos

En 2023, FCPT reportó gastos generales y administrativos totales de $ 12.3 millones.

Categoría de gastos	Cantidad
Gastos totales de G&A	$ 12.3 millones
Compensación ejecutiva	$ 4.2 millones
Costos de personal administrativo	$ 3.7 millones

Distribuciones de dividendos a los accionistas

FCPT mantuvo una estrategia de distribución de dividendos consistente en 2023.

• Dividendo anual por acción: $ 1.76
• Distribuciones de dividendos totales: $ 44.6 millones
• Rendimiento de dividendos: 4.5%

Gastos de financiamiento e intereses

Los costos de financiación de la compañía para 2023 reflejaron su estrategia de gestión de la deuda.

Métrico de financiamiento	Cantidad
Deuda total	$ 475.6 millones
Gasto de interés	$ 22.1 millones
Tasa de interés promedio	4.65%

Four Corners Property Trust, Inc. (FCPT) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades de arrendamiento neto

A partir del cuarto trimestre de 2023, Four Corners Property Trust reportó ingresos por alquiler totales de $ 69.6 millones. La compañía posee 603 propiedades de arrendamiento neto en 45 estados, con un enfoque en las propiedades de restaurantes y minoristas.

Tipo de propiedad	Número de propiedades	Ingreso de alquiler
Propiedades de restaurante	521	$ 58.4 millones
Propiedades minoristas	82	$ 11.2 millones

Cláusulas de escalada de arrendamiento de propiedades

Los contratos de arrendamiento de FCPT incluyen cláusulas anuales de escalada de alquiler que promedian 1.8% por año, generando ingresos adicionales a través de aumentos incorporados.

• Tasa de escalada de alquiler anual promedio: 1.8%
• Término de arrendamiento promedio ponderado: 10.4 años
• Tasa de vencimiento de arrendamiento: menos del 1% por año

Ingresos del contrato de arrendamiento a largo plazo

Los contratos de arrendamiento a largo plazo de la compañía proporcionan flujos de ingresos estables y predecibles con un Tasa de ocupación del 99.5% Al 31 de diciembre de 2023.

Duración del arrendamiento	Porcentaje de cartera	Ingresos anuales
Más de 10 años	72%	$ 49.7 millones
5-10 años	28%	$ 19.9 millones

Apreciación de la propiedad de la cartera

Al 31 de diciembre de 2023, el valor total de la cartera era de $ 1.38 mil millones, con una tasa de apreciación de la propiedad de 3.2% año tras año.

Ganancias potenciales de venta de propiedades

En 2023, FCPT obtuvo $ 12.3 millones de las disposiciones de la propiedad, con una ganancia neta de $ 4.5 millones de las ventas de propiedades.

Año	Propiedades vendidas	Activos de venta total	Ganancia neta
2023	17 propiedades	$ 12.3 millones	$ 4.5 millones

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.