Four Corners Property Trust Inc
fcpt.comWhat Do They Do?
Owns, acquires and leases restaurant and retail properties to tenants, and operates the Kerrow restaurant business under franchise agreements with Darden.
10-K for FY2025, filed Feb 12, 2026We are a real estate investment trust (โREITโ) which owns, acquires and leases properties for use in the restaurant and retail industries.โฆView โ
Our revenues are primarily generated by leasing properties to tenants through net lease arrangements under which the tenants are primarilyโฆView โ
How Do They Make Money?
Most revenue comes from leasing restaurant and retail properties to tenants under net leases, with rent paid over the lease term. FCPT also earns sales revenue from operating the Kerrow restaurant business.
10-K for FY2025, filed Feb 12, 2026Our revenues are primarily generated by leasing properties to tenants through net lease arrangements under which the tenants are primarilyโฆView โ
Our real estate operations segment consists of rental revenues primarily generated by leasing restaurant and retail properties to tenantsโฆView โ
Our restaurant operations segment is conducted through a taxable REIT subsidiary (โTRSโ) and consists of our Kerrow Restaurant OperatingโฆView โ
For those net leases that provide for periodic and determinable increases in base rent, base rental revenue is recognized on aโฆView โ
We operate in two segments, real estate operations and restaurant operations. Our real estate operations generate rental income from leasesโฆView โ
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10-K for FY2025, filed Feb 12, 2026
FY2025 revenue by reportable segment โ
$294.1M
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10-K for FY2025, filed Feb 12, 2026
$294.1M โ
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Real Estate Operations
Recurring
10-K for FY2025, filed Feb 12, 2026 |
89%
FY2022: 85%
|
Real Estate Operations, FY2025
$262.2M Sources
|
Recurring |
|
Restaurant Operations
|
11%
FY2022: 13%
|
Restaurant Operations, FY2025
$31.5M Sources
|
|
|
Other
|
0.1%
FY2022: 1.5%
|
Other, FY2025
$400K Sources
|
Who Are Their Customers?
Restaurant and retail operators lease properties from FCPT under net leases; FCPT also operates the Kerrow restaurant business.
10-K for FY2025, filed Feb 12, 2026Our revenues are primarily generated by leasing properties to tenants through net lease arrangements under which the tenants are primarilyโฆView โ
Our restaurant operations segment is conducted through a taxable REIT subsidiary (โTRSโ) and consists of our Kerrow Restaurant OperatingโฆView โ
Do Revenues Turn Into Profits?
Yes. It kept 38 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 12, 2026
10-K for FY2025, filed Feb 12, 2026
$112.4MView โ
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView โ
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Jul 29, 2026
Acquired Mission Pet Health veterinary properties
The portfolio includes 102 buildings and cost $268 million.
Sources
8-K, filed Jul 29, 2026
โFCPT delivered strong results in the second quarter of 2026 and, through July, has already surpassed its prior record for total annualโฆView โ
Growing. Revenue grew 48% in 4 years, from $199.4M in FY2021 to $294.1M in FY2025, about 10% a year.
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