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.
3 As of December 31, 2025, our lease portfolio had the following characteristics: 1,303 free-standing properties located in 48 states and representing an aggregate leasable area of 8.8 million square feet; 99.6% occupancy (based on leasable square footage); An average remaining lease term of 6.9 years (weighted by annualized base rent); An average annual rent escalation of 1.5% 1 through December 31, 2030 (weighted by annualized base rent); and 53% investment-grade tenancy (weighted by annualized base rent).
As of December 31, 2025, properties in our leasing portfolio were located in 48 different states across the continental United States, comprised of 179 unique tenant brands, and our properties in only one state, Texas, individually accounted for 10% or more of our total revenue at 10.0% of our total revenue.
Additionally, as of December 31, 2025, restaurant properties and non-restaurant retail properties accounted for 74% and 26%, respectively, of our total revenues.
Under the leases, the tenant is typically responsible for maintaining 1 Previously, annual rent escalation was calculated assuming expiring leases remained flat.
In light of 1) our historical experience of renewals often at contractual rent increases, and 2) an increased number of leases coming due in the next 5 year timeframe.
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 ).
In 2024, FCPT engaged in various real estate transactions for a total investment of $273.0 million, including capitalized transaction costs.
Pursuant to these transactions, we acquired 87 rental properties and ground leasehold interests, aggregating 546.6 thousand square feet.
3 As of December 31, 2024, our lease portfolio had the following characteristics: 1,198 free-standing properties located in 47 states and representing an aggregate leasable area of 8.0 million square feet; 99.6% occupancy (based on leasable square footage); An average remaining lease term of 7.3 years (weighted by annualized base rent); An average annual rent escalation of 1.4% through December 31, 2029 (weighted by annualized base rent); and 56% investment-grade tenancy (weighted by annualized base rent).
As of December 31, 2024, properties in our leasing portfolio were located in 47 different states across the continental United States, comprised of 163 unique tenant brands, and no concentrations of 10% or greater of total rental revenue in any one state.
Additionally, as of December 31, 2024, restaurant properties and non-restaurant retail properties accounted for 77.3% and 22.7%, respectively, of our total revenues.