$FCPT

Four Corners Property Trust, Inc.

CIK:0001650132|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Rental revenue	$ 70,035	$ 64,814	$ 139,848	$ 128,296
Restaurant revenue	8,383	8,028	16,736	16,022
Total revenues	78,418	72,842	156,584	144,318
Operating expenses:
General and administrative	7,241	6,440	14,726	14,079
Depreciation and amortization	16,564	14,620	32,750	29,049
Total operating expenses	35,227	31,807	70,150	64,695
Interest expense	(13,813)	(13,081)	(26,934)	(25,812)
Other income	684	113	1,026	505
Income tax expense	(67)	(112)	(165)	(175)
Net income	29,995	27,955	60,361	54,141
Net income attributable to noncontrolling interest	(31)	(31)	(63)	(61)
Net Income Available to Common Shareholders	$ 29,964	$ 27,924	$ 60,298	$ 54,080
Basic net income per share (in usd per share)	$ 0.27	$ 0.28	$ 0.55	$ 0.54
Diluted net income per share (in usd per share)	$ 0.27	$ 0.28	$ 0.55	$ 0.54
Weighted average number of common shares outstanding:
Basic (in shares)	109,495,491	100,820,074	109,388,849	100,267,510
Diluted (in shares)	109,794,308	101,168,231	109,703,005	100,631,217
Dividends declared per common share (in usd per share)	$ 0.3665	$ 0.355	$ 0.733	$ 0.71
Property
Operating expenses:
Expenses	$ 3,623	$ 3,386	$ 6,998	$ 6,651
Restaurant
Operating expenses:
Expenses	$ 7,799	$ 7,361	$ 15,676	$ 14,916

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows - operating activities
Net income	$ 60,361	$ 54,141
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	32,750	29,049
Gain on exchange of nonfinancial assets	(377)	0
Non-cash revenue adjustments	1,011	964
Amortization of financing costs	1,688	1,568
Stock-based compensation expense	5,068	4,761
Deferred income taxes	(76)	(69)
Changes in assets and liabilities:
Derivative assets and liabilities	(25)	(37)
Straight-line rent adjustment	(1,248)	(1,563)
Rent received in advance	(1,684)	8,843
Intangible assets (lease incentive payments)	(48)	(70)
Other assets and liabilities	409	(2,268)
Net cash provided by operating activities	97,829	95,319
Cash flows - investing activities
Purchases of real estate investments	(85,515)	(144,322)
Changes in acquisition deposits	(4,600)	(350)
Net cash used in investing activities	(90,115)	(144,672)
Cash flows - financing activities
Proceeds from ATM equity issuance, net of issuance costs	39,136	61,993
Payment of deferred financing costs	(2,498)	(6,712)
Proceeds from term loan borrowing	50,000	75,000
Proceeds from revolving credit facility	4,000	88,000
Repayment of revolving credit facility	(4,000)	(93,000)
Payment of dividends to shareholders	(79,696)	(70,767)
Distributions to non-controlling interests	(85)	(81)
Employee shares withheld for taxes	(1,925)	(3,180)
Net cash provided by financing activities	4,932	51,253
Net increase in cash and cash equivalents, including restricted cash	12,646	1,900
Cash and cash equivalents, including restricted cash, at beginning of period	12,144	4,081
Cash and cash equivalents, including restricted cash, at end of period	24,790	5,981
Supplemental disclosures:
Interest paid	27,105	29,012
Income taxes paid	448	503
Operating lease payments received (lessor)	133,876	121,064
Operating lease payments remitted (lessee)	463	426
Non-cash activities:
Dividends declared but not paid	80,369	36,210
Change in fair value of derivative instruments	$ 10,526	$ (13,826)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate investments:
Land	$ 1,532,635	$ 1,499,059
Buildings, equipment and improvements	2,040,779	1,998,573
Total real estate investments	3,573,414	3,497,632
Less: accumulated depreciation	(839,554)	(816,992)
Total real estate investments, net	2,733,860	2,680,640
Intangible real estate assets, net	128,392	129,371
Total real estate investments and intangible real estate assets, net	2,862,252	2,810,011
Cash and cash equivalents	24,790	12,144
Straight-line rent adjustment	72,959	71,765
Derivative assets	15,302	9,385
Deferred tax assets	1,755	1,679
Other assets	19,305	15,742
Total Assets	2,996,363	2,920,726
Liabilities:
Term loan and revolving credit facility, net of deferred financing costs	630,744	581,880
Senior unsecured notes, net of deferred financing costs	622,616	622,291
Dividends payable	80,369	39,567
Rent received in advance	16,255	17,939
Derivative liabilities	446	5,055
Other liabilities	23,578	24,155
Total liabilities	1,374,008	1,290,887
Equity:
Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding	0	0
Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 109,756,406 and 108,188,605 shares issued and outstanding, respectively	11	11
Additional paid-in capital	1,755,885	1,713,606
Accumulated deficit	(153,755)	(93,555)
Accumulated other comprehensive income	18,155	7,665
Noncontrolling interest	2,059	2,112
Total equity	1,622,355	1,629,839
Total Liabilities and Equity	$ 2,996,363	$ 2,920,726