FCPT Filings — Four Corners Property Trust, Inc. - FilingSpy
FCPT
Four Corners Property Trust, Inc.
A real estate investment trust that owns and leases freestanding restaurant and retail properties across the US, renting them out under triple-net leases where tenants cover taxes, insurance, and upkeep. It was born in 2015 as a spinoff from restaurant giant Darden, inheriting hundreds of restaurant properties including Olive Garden and LongHorn Steakhouse locations. Despite the name, it has nothing to do with the Four Corners Monument — the name nods to the restaurant dining table.
FCPT upsizes credit facility to $1.15B and extends maturities
Four Corners Property Trust entered a Fifth Amended and Restated Revolving Credit and Term Loan Agreement on July 28, 2026, increasing facility size from $940 million to $1.15 billion.
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The new $400 million senior unsecured term loan matures in August 2031; $190 million will repay loans maturing in November 2026 and February 2027, and $210 million will fund investments and general corporate purposes.
Lenders improved credit margins: term loans at SOFR + 0.90% and revolving loans at SOFR + 0.85%, with an estimated $450,000 annual interest savings.
The existing $85 million term loan tranche maturity was extended to March 2028 with an optional one-year extension.
New SOFR swaps will fix 72% of total term loan balance at a blended 3.1% rate, making overall debt 82% fixed on a fully drawn basis.
7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
FCPT signs agreement to acquire up to 102 Mission Pet Health veterinary properties for up to $268 million.
Four Corners Property Trust (FCPT) entered a Purchase and Sale Agreement on May 29, 2026, to buy up to 102 veterinary properties from Shore Capital Real Estate Partners Holdco, LLC.
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The purchase price is up to $268.0 million, with an initial deposit of approximately $4 million applied at closing.
The properties are operated by Mission Pet Health and are subject to two triple net master leases (45 and 55 properties) plus two individual net leases, with a weighted average remaining term of about 10 years.
The transaction is expected to close in early Q3 2026, subject to due diligence and customary closing conditions.
Pro forma, Mission Pet Health would become FCPT's third largest brand, comprising about 6% of cash rent, and medical retail exposure would increase to about 16%.
7.01 Regulation FD Disclosure · 8.01 Other Events · 9.01 Financial Statements and Exhibits
FCPT reports Q1 2026 net income of $30.3M, rental revenue up 10% to $69.8M
Rental revenue for Q1 2026 increased 10.0% year-over-year to $69.8 million.
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Net income attributable to common shareholders was $30.3 million, or $0.28 per diluted share, up from $26.2 million, or $0.26 per diluted share, in Q1 2025.
AFFO per diluted share was $0.45, up 3.4% year-over-year; NAREIT-defined FFO per diluted share was $0.42, up 4.7%.
The company acquired ten properties for $26.2 million at an initial weighted average cash yield of 6.8% and declared a dividend of $0.3665 per common share.
On April 6, 2026, FCPT entered into a new $200 million senior unsecured delayed draw term loan facility, with $50 million drawn at close.
As of March 31, 2026, the portfolio was 99.6% occupied with 1,313 properties, and rent collections for the quarter were 99.7% of contractual base rent.
2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
FCPT enters $200M senior unsecured delayed draw term loan facility, $50M drawn at close.
Four Corners Property Trust and its subsidiary Four Corners Operating Partnership, LP entered a $200.0 million senior unsecured delayed draw term loan facility on April 6, 2026, with $50.0 million funded at closing.
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The facility matures on April 6, 2033, and includes an accordion feature allowing up to an additional $100.0 million in incremental commitments.
The remaining $150.0 million of delayed draw commitments are expected to fund additional pipeline acquisitions, with full funding anticipated during late Q2 and early Q3 of 2026.
Interest accrues at SOFR plus a margin of 1.15% to 2.20% (or an alternate base rate plus 0.15% to 1.20%), with the initial credit margin set at 1.25% over SOFR based on FCPT's BBB/Baa3 ratings.
The facility is guaranteed by the Company and Four Corners GP, LLC, and includes financial covenants such as a total leverage ratio not exceeding 60% and a minimum fixed charge coverage ratio of 1.50 to 1.00.
Proceeds from the initial draw will fund the Company's immediate investment pipeline and general corporate purposes.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Leadership8-K
Four Corners Property Trust elects Michael Friedland to its Board of Directors, effective April 1, 2026.
The Board determined Friedland is independent under NYSE listing standards, considering his prior employment at JPMorgan Chase and the company's ordinary banking relationships with JPM.
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Michael Friedland, 66, was elected as a director of Four Corners Property Trust, Inc., effective April 1, 2026, with a term expiring at the 2026 annual meeting of stockholders.
Friedland will serve on the Investment Committee and the Nominating and Governance Committee.
With this addition, the Board will have eight members, seven of whom are independent, 50% female, and 25% from underrepresented groups.
Friedland will receive standard non-employee director compensation, prorated from his service commencement date.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits