Four Corners Property Trust, Inc. FCPT
The Company was incorporated in Maryland in July 2015. The Company was formed as a wholly owned subsidiary of Darden Restaurants, Inc. ("Darden") and became an independent publicly traded company four months later following the completion of its separation from Darden in November 2015.
We are a real estate investment trust ("REIT") which owns, acquires and leases properties for use in the restaurant and retail industries. Substantially all of our business is conducted through Four Corners Operating Partnership, LP ("FCPT OP"), a Delaware limited partnership of which we are a majority limited partner and our wholly owned subsidiary, Four Corners GP, LLC ("FCPT GP"), is its sole general partner. We believe that we have operated in conformity with the requirements for qualification and taxation as a REIT for the taxable year ended December 31, 2025, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.5M | $30.9M | $30.7M | $29.6M | $26.6M | $16.2M | $160.2M | $143.6M | $133.2M | $124.0M |
| SG&A | $26.8M | $23.8M | $22.7M | $20.0M | $17.6M | $15.0M | $13.9M | $13.2M | $12.0M | $11.0M |
| Total operating expenses | $130.3M | $118.9M | $113.7M | $97.3M | $82.1M | $64.1M | $61.5M | $56.5M | $52.7M | $64.2M |
| Interest expense | $51.9M | $49.2M | $44.6M | $36.4M | $32.6M | $29.2M | $26.5M | $20.0M | $19.5M | $14.8M |
| Pre-tax income | $112.8M | $100.9M | $95.6M | $98.1M | $86.3M | $77.6M | $72.9M | $83.2M | $71.9M | $76.5M |
| Income tax | $303.0K | $308.0K | $130.0K | $237.0K | $534.0K | $247.0K | $265.0K | $262.0K | $18.0K | $80.3M |
| Net income | $112.5M | $100.6M | $95.5M | $97.9M | $85.7M | $77.3M | $72.6M | $82.4M | $71.4M | $156.8M |
| EPS, basic | 1.09 | 1.07 | 1.08 | 1.20 | 1.12 | 1.08 | 1.06 | 1.29 | 1.18 | 2.75 |
| EPS, diluted | 1.09 | 1.07 | 1.07 | 1.20 | 1.11 | 1.08 | 1.06 | 1.28 | 1.18 | 2.63 |
| Shares, diluted (wtd. avg.) | $102.9M | $94.1M | $88.7M | $81.8M | $76.8M | $71.6M | $68.6M | $64.4M | $60.7M | $59.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $12.1M | $4.1M | $16.3M | $26.3M | $6.3M | $11.1M | $5.1M | $93.2M | $69.4M | $26.6M |
| Inventory | $246.0K | $221.0K | $238.0K | $274.0K | $252.0K | $183.0K | $196.0K | $183.0K | $186.0K | $202.0K |
| Other intangibles | $129.4M | $123.6M | $118.0M | $106.2M | $104.3M | $96.3M | $57.9M | $19.0M | $3.8M | $1.8M |
| Total assets | $2.92B | $2.65B | $2.45B | $2.20B | $1.90B | $1.67B | $1.45B | $1.34B | $1.07B | $937.2M |
| Long-term debt | $1.20B | $1.14B | $1.11B | — | — | — | — | — | — | — |
| Total liabilities | $1.29B | $1.20B | $1.19B | $1.06B | $939.1M | $823.7M | $719.3M | $644.1M | $546.4M | $467.0M |
| Retained earnings | -$93.6M | -$57.7M | -$26.3M | $576.0K | $12.8M | $26.7M | $38.4M | $46.0M | $36.3M | $25.9M |
| Total equity | $1.63B | $1.45B | $1.26B | $1.14B | $963.9M | $844.5M | $726.7M | $699.0M | $522.3M | $470.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $192.3M | $144.1M | $165.1M | $142.0M | $122.4M | $91.5M | $104.7M | $80.9M | $78.9M | $70.9M |
| Depreciation and amortisation | $59.6M | $54.5M | $50.7M | $41.5M | $34.8M | $29.4M | $26.3M | $23.9M | $21.8M | $20.6M |
| Stock-based compensation | $8.9M | $7.0M | $6.3M | $5.0M | $3.9M | $3.4M | $3.6M | $4.0M | $2.7M | $1.6M |
| Capital expenditure | — | — | — | $296.3M | $268.4M | $230.5M | $205.2M | $268.3M | $95.1M | $83.3M |
| Investing cash flow | -$325.2M | -$272.9M | -$312.8M | -$270.9M | -$264.9M | -$229.1M | -$207.4M | -$247.0M | -$80.4M | -$59.3M |
| Financing cash flow | $141.0M | $108.1M | $146.2M | $148.9M | $137.7M | $143.6M | $14.5M | $190.0M | $44.2M | -$83.0M |
| Dividends paid | $144.0M | $128.1M | $119.7M | $107.5M | $96.9M | $86.3M | $78.5M | $69.5M | $58.7M | $121.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-015137.
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