Four Corners Property Trust, Inc. (FCPT) 10-Year Financial Performance & Capital Metrics

FCPT • • REIT / Real Estate

Real EstateRetail REITsSpecialty Retail PropertiesConvenience & Restaurant Focus

AboutFCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.Show more

Revenue $268M +7.0%
FFO $155M +6.1%
FFO/Share 1.65 +0.1%
FFO Payout 82.66% +0.9%
FFO per Share 1.65 +0.1%
NOI Margin 84.86% +1.1%
FFO Margin 57.82% -0.8%
ROE 7.41% -6.8%
ROA 3.94% -4.0%
Debt/Assets 43.08% -5.6%
Net Debt/EBITDA 5.59 -4.8%
Book Value/Share 15.42 +8.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 10.5% TTM
✓High NOI margin of 84.9%
✓Healthy dividend yield of 5.5%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y31.23%

5Y10.84%

3Y10.37%

TTM8.28%

Profit (Net Income) CAGR

10Y123.71%

5Y6.71%

3Y5.49%

TTM10.51%

EPS CAGR

10Y105.41%

5Y0.19%

3Y-1.22%

TTM1.87%

ROCE

10Y Avg6.16%

5Y Avg6.4%

3Y Avg6.08%

Latest5.96%

Peer Comparison

Convenience & Restaurant Focus

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CURBCurbline Properties Corp.	2.53B	23.98	252.42	29.06%	11.74%	0.88%	1.44%	0.02
GTYGetty Realty Corp.	1.74B	30.15	24.12	9.44%	34.75%	7.35%	7.45%	0.96
FCPTFour Corners Property Trust, Inc.	2.64B	24.91	23.28	6.97%	38.04%	7.1%	5.45%	0.79

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	33.46M	124.02M	133.21M	143.63M	160.23M	170.94M	199.38M	223.19M	250.61M	268.07M
Revenue Growth %	0.89%	2.71%	0.07%	0.08%	0.12%	0.07%	0.17%	0.12%	0.12%	0.07%
Property Operating Expenses	17M	17.85M	18.65M	19.01M	21.21M	19.59M	29.6M	35.81M	40.26M	40.6M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	5.61M	31.55M	34.07M	37.52M	40.25M	44.48M	52.48M	61.51M	73.41M	78.3M
G&A Expenses	1.86M	10.98M	12.26M	13.64M	13.93M	15.05M	17.65M	20.04M	22.68M	23.79M
EBITDA+	14.6M	108.4M	113.46M	142.13M	125.09M	136.31M	152.16M	167.34M	187.67M	203.69M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	3.76M	48.62M	52.44M	55.04M	26.31M	29.43M	34.83M	41.47M	50.73M	54.51M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	10.85M	59.78M	61.02M	87.1M	98.78M	106.88M	117.33M	125.87M	136.94M	149.17M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	2.2M	14.83M	19.47M	19.96M	26.52M	29.23M	32.55M	36.41M	44.61M	49.23M
Interest Coverage	4.92x	4.03x	3.13x	4.36x	3.73x	3.66x	3.60x	3.46x	3.07x	3.03x
Non-Operating Income	0	-16.72M	-10.63M	-16.05M	-944K	-170K	-467K	-8.68M	-3.26M	-963K
Pretax Income+	8.64M	76.5M	71.87M	83.19M	73.2M	77.81M	85.21M	98.14M	95.59M	100.9M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	2.94M	-80.35M	-18K	262K	265K	247K	-534K	237K	130K	308K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	5.7M	156.81M	71.39M	82.4M	72.62M	77.33M	85.58M	97.77M	95.34M	100.47M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	177.09%	26.52%	-0.54%	0.15%	-0.12%	0.06%	0.11%	0.14%	-0.02%	0.05%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	9.57%	20.72%	-0.4%	0.11%	-0.28%	0.08%	0.13%	0.16%	0.05%	0.06%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.11	2.63	1.18	1.28	1.06	1.08	1.11	1.20	1.07	1.07
EPS Growth %	-	22.91%	-0.55%	0.08%	-0.17%	0.02%	0.03%	0.08%	-0.11%	0%
EPS (Basic)	0.11	2.75	1.18	1.29	1.06	1.08	1.12	1.20	1.08	1.07
Diluted Shares Outstanding	51.3M	59.57M	60.7M	64.39M	68.63M	71.61M	76.84M	81.81M	88.75M	94.06M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	929.44M	937.15M	1.07B	1.34B	1.45B	1.67B	1.9B	2.2B	2.45B	2.65B
Asset Growth %	76.78%	0.01%	0.14%	0.26%	0.08%	0.15%	0.14%	0.16%	0.12%	0.08%
Real Estate & Other Assets+	2.67M	-2.4B	-2.6B	-3.11B	-591.21M	1.55B	1.78B	2.01B	2.21B	2.51B
PP&E (Net)	828.69M	894.26M	966.11M	1.19B	3.81M	5.4M	4.92M	4.43M	3.92M	3.4M
Investment Securities	165K	1000K	1000K	1000K	1000K	0	0	1000K	1000K	0
Total Current Assets+	98.07M	26.64M	71.94M	96.82M	10.72M	19.34M	12.29M	40.13M	30.55M	10.52M
Cash & Equivalents	98.07M	26.64M	64.47M	92.04M	5.08M	11.06M	6.3M	26.3M	16.32M	4.08M
Receivables	70K	162K	383K	782K	380K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	4.91M	1.2M	0	0	0	0	8.46M	0
Intangible Assets	0	1.77M	3.87M	19M	57.92M	96.29M	104.25M	106.21M	118.03M	123.61M
Total Liabilities	487.8M	467.03M	546.39M	644.13M	719.33M	823.68M	939.09M	1.06B	1.19B	1.2B
Total Debt+	392.3M	438.89M	515.54M	615.89M	674.34M	762.3M	885.15M	1B	1.12B	1.14B
Net Debt	294.23M	412.25M	451.07M	523.85M	669.26M	751.24M	878.85M	974.32M	1.1B	1.14B
Long-Term Debt	392.3M	438.89M	515.54M	615.89M	669.94M	753.88M	877.59M	995.48M	1.06B	1.14B
Short-Term Borrowings	0	0	0	0	0	0	0	9K	1000K	0
Capital Lease Obligations	0	0	0	0	4.4M	8.42M	7.56M	5.14M	5.84M	5.1M
Total Current Liabilities+	3.89M	14.52M	27.97M	24.25M	34.55M	38.18M	40.87M	47.18M	49.71M	53.28M
Accounts Payable	922K	726K	1.05M	986K	799K	376K	550K	766K	1.26M	931K
Deferred Revenue	7.94M	7.97M	8.29M	1.61M	10.46M	11.93M	11.31M	11.71M	0	6.74M
Other Liabilities	10.87M	-5.14M	9.63M	2.28M	1.75M	11.27M	13.07M	11.03M	65.93M	0
Total Equity+	441.64M	470.12M	522.27M	698.96M	726.74M	844.5M	963.89M	1.14B	1.26B	1.45B
Equity Growth %	48.08%	0.06%	0.11%	0.34%	0.04%	0.16%	0.14%	0.18%	0.11%	0.15%
Shareholders Equity	441.64M	465.02M	514.49M	691.1M	721.05M	841.44M	961.67M	1.14B	1.26B	1.45B
Minority Interest	0	5.1M	7.78M	7.87M	5.69M	3.06M	2.22M	2.26M	2.21M	2.18M
Common Stock	4K	6K	6K	7K	7K	8K	8K	9K	9K	10K
Additional Paid-in Capital	436.7M	438.86M	473.69M	639.12M	686.18M	840.46M	958.74M	1.1B	1.26B	1.48B
Retained Earnings	5.26M	25.94M	36.32M	46.02M	38.4M	26.67M	12.75M	576K	-26.28M	-57.73M
Preferred Stock	0	25.94M	36.32M	46.02M	0	0	0	0	0	0
Return on Assets (ROA)	0.01%	0.17%	0.07%	0.07%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%
Return on Equity (ROE)	0.03%	0.34%	0.14%	0.13%	0.1%	0.1%	0.09%	0.09%	0.08%	0.07%
Debt / Assets	0.42%	0.47%	0.48%	0.46%	0.47%	0.46%	0.47%	0.46%	0.46%	0.43%
Debt / Equity	0.89x	0.93x	0.99x	0.88x	0.93x	0.90x	0.92x	0.88x	0.89x	0.79x
Net Debt / EBITDA	20.15x	3.80x	3.98x	3.69x	5.35x	5.51x	5.78x	5.82x	5.87x	5.59x
Book Value per Share	8.61	7.89	8.60	10.86	10.59	11.79	12.54	13.91	14.20	15.42

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	21.69M	70.94M	78.94M	80.88M	104.67M	91.46M	122.42M	142M	165.1M	144.1M
Operating CF Growth %	21.57%	2.27%	0.11%	0.02%	0.29%	-0.13%	0.34%	0.16%	0.16%	-0.13%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	5.7M	156.85M	71.89M	82.93M	72.94M	77.57M	85.75M	97.91M	95.46M	100.59M
Depreciation & Amortization	3.76M	20.58M	21.81M	22.35M	26.31M	29.43M	34.83M	41.47M	50.73M	54.51M
Stock-Based Compensation	101K	1.55M	2.68M	3.97M	3.6M	3.38M	3.95M	4.98M	6.27M	6.99M
Other Non-Cash Items	290K	-15.03M	-8.24M	1.83M	2.21M	3.43M	4.06M	-3.88M	2.03M	4.67M
Working Capital Changes	10.65M	-12.32M	-8.99M	-16.23M	-388K	-22.35M	-5.29M	1.65M	10.87M	-22.46M
Cash from Investing+	-556K	-59.32M	-85.32M	-247.05M	-207.35M	-229.07M	-264.92M	-270.9M	-312.79M	-272.92M
Acquisitions (Net)	0	76.18M	96.47M	0	0	-813K	0	0	0	0
Purchase of Investments	-556K	-76.18M	-97.42M	-268.27M	0	-230.53M	-268.39M	0	0	0
Sale of Investments	0	1000K	1000K	1000K	0	0	1000K	0	0	0
Other Investing	556K	-150K	-4.91M	81K	-207.35M	2.27M	129K	-270.9M	-312.79M	-272.92M
Cash from Financing+	76.93M	-83.05M	44.2M	190.03M	14.52M	143.6M	137.74M	148.9M	146.18M	108.11M
Dividends Paid	-314.99M	-121.6M	-58.7M	-69.49M	-78.49M	-86.33M	-96.9M	-107.54M	-119.72M	-128.11M
Common Dividends	-314.99M	-121.6M	-58.7M	-69.49M	-78.49M	-86.33M	-96.9M	-107.54M	-119.72M	-128.11M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	0	0	0	-393K	0	0	0	0	0	0
Other Financing	-8.09M	0	-6.95M	-2.33M	-6.22M	-4.82M	-7.87M	-4.39M	-3.51M	-3.69M
Net Change in Cash+	98.07M	-71.43M	37.82M	23.87M	-88.16M	5.98M	-4.76M	20M	-1.51M	-20.7M
Exchange Rate Effect	0	0	0	1K	0	0	0	0	0	0
Cash at Beginning	7K	98.07M	26.64M	69.37M	93.24M	5.08M	11.06M	6.3M	26.3M	24.78M
Cash at End	98.07M	26.64M	64.47M	93.24M	5.08M	11.06M	6.3M	26.3M	24.78M	4.08M
Free Cash Flow+	21.14M	-12.32M	-16.17M	-166.16M	104.67M	91.46M	122.42M	142M	165.1M	144.1M
FCF Growth %	22.33%	-1.58%	-0.31%	-9.28%	1.63%	-0.13%	0.34%	0.16%	0.16%	-0.13%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	0.18	3.45	2.04	2.13	1.44	1.49	1.57	1.7	1.65	1.65
FFO Payout Ratio	3330.71%	59.2%	47.4%	50.57%	79.34%	80.86%	80.48%	77.23%	81.96%	82.66%
NOI Margin	49.2%	85.6%	86%	86.76%	86.76%	88.54%	85.15%	83.96%	83.94%	84.86%
Net Debt / EBITDA	20.15x	3.80x	3.98x	3.69x	5.35x	5.51x	5.78x	5.82x	5.87x	5.59x
Debt / Assets	42.21%	46.83%	48.24%	45.86%	46.63%	45.7%	46.51%	45.51%	45.62%	43.08%
Interest Coverage	4.92x	4.03x	3.13x	4.36x	3.73x	3.66x	3.60x	3.46x	3.07x	3.03x
Book Value / Share	8.61	7.89	8.6	10.86	10.59	11.79	12.54	13.91	14.2	15.42
Revenue Growth	89.07%	270.69%	7.41%	7.83%	11.56%	6.68%	16.63%	11.95%	12.28%	6.97%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Real Estate Operations	-	-	-	-	-	-	-	-	-	236.26M
Real Estate Operations Growth	-	-	-	-	-	-	-	-	-	-
Restaurant Operations	-	-	38.54M	-	-	-	-	-	-	30.94M
Restaurant Operations Growth	-	-	-	-	-	-	-	-	-	-
Other	-	-	-	-	-	-	-	-	-	870K
Other Growth	-	-	-	-	-	-	-	-	-	-
Restaurant	-	-	-	-	20.55M	16.22M	26.57M	29.58M	30.73M	-
Restaurant Growth	-	-	-	-	-	-21.06%	63.76%	11.36%	3.86%	-
Rental Revenue	-	-	-	123.67M	139.68M	154.72M	-	-	-	-
Rental Revenue Growth	-	-	-	-	12.95%	10.77%	-	-	-	-
Restaurant Revenue	-	-	-	19.97M	-	-	-	-	-	-
Restaurant Revenue Growth	-	-	-	-	-	-	-	-	-	-
Intercompany Rental Revenue	-	-	-	-	-	-	-	-	-	-
Intercompany Rental Revenue Growth	-	-	-	-	-	-	-	-	-	-
Leasing Operations	-	-	228.27M	-	-	-	-	-	-	-
Leasing Operations Growth	-	-	-	-	-	-	-	-	-	-
Intercompany	-65K	-389K	-	-	-	-	-	-	-	-
Intercompany Growth	-	-498.46%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Other	-	-	-	-	-	-	-	-	-	870K
Other Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Four Corners Property Trust, Inc. (FCPT) has a price-to-earnings (P/E) ratio of 23.3x. This is roughly in line with market averages.

Growth & Financials

Four Corners Property Trust, Inc. (FCPT) reported $286.8M in revenue for fiscal year 2024. This represents a 1596% increase from $16.9M in 2013.

Four Corners Property Trust, Inc. (FCPT) grew revenue by 7.0% over the past year. This is steady growth.

Yes, Four Corners Property Trust, Inc. (FCPT) is profitable, generating $109.1M in net income for fiscal year 2024 (37.5% net margin).

Dividend & Returns

Yes, Four Corners Property Trust, Inc. (FCPT) pays a dividend with a yield of 5.47%. This makes it attractive for income-focused investors.

Four Corners Property Trust, Inc. (FCPT) has a return on equity (ROE) of 7.4%. This is below average, suggesting room for improvement.

Industry Metrics

Four Corners Property Trust, Inc. (FCPT) generated Funds From Operations (FFO) of $167.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Four Corners Property Trust, Inc. (FCPT) offers a 5.47% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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