Four Corners Property Trust, Inc. (FCPT) SEC Filings & Earnings Calls

Tenant Concentration Risk

“Darden leases represent approximately 43.8% of the scheduled base rents as of June 30, 2026.”

Interest Rate Exposure

“The weighted average interest rate on the term loans before consideration of the interest rate hedge was 4.6% at June 30, 2026.” · word for word

Concentration risk in Darden restaurants reduced but still significant at ~41% of total rent.

“reduced our Darden exposure to approximately 41% of total rent.” · word for word

Leverage at 5.2x net debt/EBITDAre, moderate but could increase with further acquisitions.

“FCPT’s leverage, as measured by the ratio of net debt to adjusted EBITDAre, was 5.2x at quarter-end.” · word for word

Increased debt load could raise leverage, but management targets under 6.0x net debt/EBITDA.

“FCPT will have full availability under its $350 million senior unsecured revolving facility and benefit from a well-laddered maturity schedule. We remain within our stated leverage targets and under 6.0x leverage.” · word for word

Concentration risk in veterinary properties; integration and management of larger portfolio.

“Diversification into veterinary properties; record acquisition volume may strain integration capabilities.”

Acquisition subject to due diligence and closing conditions; may not close.

“Closing of the purchase of the Properties is subject to the completion of due diligence and the satisfaction of customary closing conditions.” · word for word

Tenant credit risk in net lease portfolio, particularly in restaurant and retail segments.

“Acquisitions included 23% casual dining restaurants and 23% quick service restaurants by purchase price.”

Interest rate sensitivity: floating-rate term loan exposes to rising rates, though spread is attractive.

“Closed on an attractively priced $200 million Term Loan to fund the investment pipeline at a 200+ basis point spread to historical acquisition yields.” · word for word

Increased leverage from new debt; though within target range, higher debt could amplify interest rate sensitivity.

“Pro forma leverage 5.4x; 98% fixed rate through Nov 2027 mitigates near-term rate risk.”

Tenant concentration (Darden)

“Rents received or accrued by us from Darden and other tenants will not be treated as qualifying rent for purposes of these requirements if our leases are not respected as true leases” · word for word

REIT qualification risk

“If we do not qualify as a REIT, or fail to remain qualified as a REIT, we will be subject to U.S. federal income tax as a regular corporation and could face a substantial tax liability” · word for word

No material risk identified.

Potential dilution from ATM equity offerings.

“Equity Distribution Agreement... for an at-the-market offering program.”

Interest Rate Exposure

“Interest expense increased by $0.6 million, or 5%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to the $75 million net increase in term loans in January 2025.” · word for word

Tenant Concentration

“We also generate revenues by operating seven LongHorn Steakhouse restaurants located in the San Antonio, Texas area (the 'Kerrow Restaurant Operating Business') pursuant to franchise agreements with Darden Restaurants, Inc.” · word for word

Property Vacancy Costs

“The increase in property expenses is primarily due to abandoned deal costs and vacancy-related expenses, and non-reimbursed property costs such as repair costs.” · word for word

Interest rate sensitivity: Floating-rate debt exposure and refinancing risk on $1.226B debt.

“Outstanding debt includes $590M term loans and $11M revolver; net debt/EBITDA 5.3x.”

Acquisition execution risk: Rapid growth may lead to integration or underwriting challenges.

“$355M trailing 12-month acquisitions; reliance on ATM equity for funding.”

Tenant concentration: Retail/restaurant tenants may face consumer spending shifts.

“Portfolio includes QSR, casual dining, auto service, medical retail; 99.9% rent collection suggests low current risk.”