Four Corners Property Trust (FCPT), a real estate investment trust based in Mill Valley, California, specializes in acquiring and leasing properties primarily ...
Four Corners Property Trust, Inc. (NYSE: FCPT) is a publicly traded real estate investment trust headquartered in Mill Valley, California. Founded in 2015 as a spin-off from Darden Restaurants, the company was established to own a portfolio of restaurant properties previously held by the restaurant operator. Since its inception, FCPT ...Four Corners Property Trust, Inc. (NYSE: FCPT) is a publicly traded real estate investment trust headquartered in Mill Valley, California. Founded in 2015 as a spin-off from Darden Restaurants, the company was established to own a portfolio of restaurant properties previously held by the restaurant operator. Since its inception, FCPT has expanded its portfolio through strategic acquisitions and now owns over 1,000 properties across the United States, primarily net-leased to restaurant operators and, to a lesser extent, retail tenants. The company's business model focuses on acquiring properties with strong credit profiles and long-term leases, generating stable and predictable rental income. As of the latest data, FCPT has a market capitalization of approximately $2.75 billion and trades on the New York Stock Exchange. The company is led by CEO William Howard Lenehan, who has guided its growth strategy. Financially, FCPT demonstrates robust operational performance with an EBITDA margin of 76.7% and a net profit margin of 38.7%. The company pays a dividend, with a trailing twelve-month yield of approximately 6.3%, and maintains a debt-to-equity ratio of 0.776, indicating a balanced capital structure. FCPT's portfolio is diversified, with Darden Restaurants exposure reduced to approximately 41% of total rent, reducing concentration risk. The company continues to pursue growth through acquisitions, focusing on high-quality properties in the restaurant and retail sectors. With a dedicated team of 496 employees, FCPT emphasizes shareholder value through disciplined capital allocation and a customer-centric approach to property management.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$294.1M
+9.7%
+0.3%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$112.4M
+11.8%
-1.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+95.4%
+12.4%
-10.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+55.7%
+0.1%
-0.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+38.2%
+1.9%
-1.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$192.3M
+33.4%
+7.4%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+65.4%
+21.6%
+7.1%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
74.4%
-5.7%
+6.7%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.30x
+51.0%
-50.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us, and welcome to Four Corners Property Trust's Second Quarter 2026 Conference Call. I will now hand the conference over to Patrick Wernig, CFO. Please go ahead.
Patrick Wernig: Thank you, Aidan. During the course of this call, we will make forward-looking statements, which are based on our beliefs and assumptions. Actual results will be affected by known and unknown factors that are beyond our control or ability to predict. Our assumptions are not a guarantee of future performance and some will prove to be incorrect. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found at fcpt.com. All the information presented on this call is current as of today, July 30, 2026. In addition, reconciliation to non-GAAP financial measures presented on this call, such as FFO and AFFO, can be found in the company's supplemental report. With that, I will turn the call over to Bill.
William Lenehan: Good morning. Following my initial remarks, Josh will comment on our investment activity, and Patrick will discuss financial results and capital position. It has been a remarkable time for FCPT. First, we are only through the first 7 months, and we've already exceeded our prior record annual investment volume. Year-to-date we've acquired $382 million of properties at a blended 6.6% cash cap rate. This investment activity has pushed us past an important diversification milestone as FCPT has now acquired over 1,000 properties since inception. Our original spin-off portfolio is now just 29% of the properties we own today. Since April, we have also completed 2 large financings with very low coupons for total proceeds of $600 million. Not only do these refinancings push our maturity schedule meaningfully, but also provide us with sufficient dry powder for our investments in 2026. It is also worth noting that the coupon represent approximately a 200 basis point spread to our historical investment yields. We encourage our analysts and investors to revisit their models given the major developments at FCPT, including those that occurred in July, closing after Q2. These major developments aren't yet reflected in our Q2 financials and have not been realized in our reported AFFO. For ease of reference, we have included a number of slides in our latest investor presentation with pro forma figures. Lastly, we also recently announced switching to a monthly dividend with the first monthly payment scheduled for August. This move aligns timing of rent payments from our tenants with distributions to our shareholders. We believe a monthly dividend is consistent with our long-standing focus on shareholder alignment, transparency and predictable cash flow generation. Moreover, this reflects our confidence in stable rent receipts from our fortress portfolio, and we believe the change will better match the income preferences of many retail investors. Switching over to an update on …
