FCPTMEDIUM SIGNALOPERATIONAL10-K

FCPT significantly expanded its real estate acquisition activity in 2025, investing $325.5 million compared to $273.0 million in 2024 while adding 105 properties to its portfolio.

The company's accelerated acquisition pace demonstrates active capital deployment in expanding its property portfolio, which should drive future rental income growth. The strong operational cash flow growth of 33.4% indicates the company's existing properties are generating robust returns, providing a solid foundation for funding continued expansion.

Comparing 2026-02-12 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

FCPT delivered solid financial performance with net income growing 11.8% to $112.4 million and operating cash flow expanding meaningfully by 33.4% to $192.3 million. Stockholders' equity increased 33.8% to $699.0 million while total assets grew 10.1% to $2.9 billion, reflecting the company's portfolio expansion and retained earnings growth. The financial metrics suggest a healthy REIT with strong cash generation capabilities supporting both dividend payments and growth investments.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+33.8%
$522.3M→$699.0M

Equity base grew 33.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
+33.4%
$144.1M→$192.3M

Operating cash flow surged 33.4% — exceptional cash generation, highest quality earnings signal.

Dividends Paid
Cash Flow
+12.4%
$128.1M→$144.0M

Dividend payments increased 12.4% — management confidence in sustained cash generation.

Net Income
P&L
+11.8%
$100.5M→$112.4M

Net income grew 11.8% — bottom-line growth signals improving overall business health.

Inventory
Balance Sheet
+11.3%
$221K→$246K

Inventory built 11.3% — monitor whether demand supports this build or if write-downs may follow.

Total Assets
Balance Sheet
+10.1%
$2.7B→$2.9B

Asset base grew 10.1% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-13
ADDED
History The Company was incorporated in Maryland in July 2015.
The Company was formed as a wholly owned subsidiary of Darden Restaurants, Inc.
("Darden") and became an independent publicly traded company four months later following the completion of its separation from Darden in November 2015.
In 2025, FCPT engaged in various real estate transactions for a total investment of $325.5 million, including capitalized transaction costs.
Pursuant to these transactions, we acquired 105 rental properties and ground leasehold interests, aggregating 713.9 thousand square feet.
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REMOVED
History We were incorporated as a Maryland corporation on July 2, 2015 as a wholly owned indirect subsidiary of Darden Restaurants, Inc.
(together with its consolidated subsidiaries Darden ), for the purpose of owning, acquiring and leasing properties on a net basis, for use in the restaurant and related food service industries.
On November 9, 2015, Darden completed a spin-off of FCPT pursuant to which Darden contributed to us (i) 100% of the equity interest in entities that owned 418 properties in which Darden operates Olive Garden, LongHorn Steakhouse and other branded restaurants (the Properties or Property ) and (ii) six LongHorn Steakhouse restaurants, including the properties or interests associated with such restaurants, located in the San Antonio, Texas area (the Kerrow Restaurant Operating Business ).
In exchange, we issued to Darden all of our common stock and paid to Darden $315.0 million in cash.
Subsequently, Darden distributed all of our outstanding shares of common stock pro rata to holders of Darden common stock whereby each Darden shareholder received one share of our common stock for every three shares of Darden common stock held at the close of business on the record date as well as cash in lieu of any fractional shares of our common stock which they would have otherwise received (the Spin-Off ).
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