FCPTFour Corners Property Trust, Inc.

Real Estate Investment Trusts

Revenue: $31M; 1.8% YoY
Operating margin: —
EBITDA: —
Market cap: $2.5B
Employees: 496; $63K revenue each
Net debt / EBITDA: —; $1.6B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
171% of net income
Cash flow under 80% of net income
Dilutive SBCYes
28% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
75% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$63K · 14th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 11th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$547K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$27M	$30M	$31M	$31M	$31M	1.8%
Net income	$86M	$98M	$95M	$100M	$112M	12%
Operating cash flow	$122M	$142M	$165M	$144M	$192M	33%
Capex	$268M	$296M	—	—	—
Stock-based comp	$4M	$5M	$6M	$7M	$9M	27%
Dividends	$97M	$108M	$120M	$128M	$144M	12%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $650K · 4
Open-market sells, 12 mo: $103K · 3
Net: $547K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$6M	$2M	102	127
FY2024	$5M	$6M	114	93
FY2023	$5M	$4M	98	123
FY2022	$4M	$3M	111	100
FY2021	$3M	$2M	114	132