Four Corners Property Trust (NYSE: FCPT) adds $400M 2031 term loan

Rhea-AI Filing Summary

Four Corners Property Trust entered into a Fifth Amended and Restated Revolving Credit and Term Loan Agreement with a syndicate of existing and new lenders, increasing its unsecured credit capacity from $940 million to $1.15 billion. The centerpiece is a new senior unsecured $400 million term loan maturing in August 2031.

Of this 2031 term loan, $360 million was drawn at close, with $190 million earmarked to repay loans maturing in November 2026 and February 2027, and $210 million expected to fund investments and other general corporate purposes. Based on investment grade ratings of BBB/Baa3, term loans currently price at SOFR + 0.90% and revolver borrowings at SOFR + 0.85%, implying an all-in rate of about 4.5% on term loans given a 3.6% SOFR reference rate.

The improved spreads, estimated at 5–10 bps tighter, are expected to reduce annual interest expense by about $450,000 across $800 million of term loans. An existing $85 million term loan tranche now matures in March 2028 with a one-year extension option. As hedges become effective by August 2026, 72% of term loans will be swapped to a fixed 3.1% blended rate and 82% of total debt will be fixed, while FCPT retains full availability under its $350 million revolving facility and remains under 6.0x leverage.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Unsecured credit capacity: $1.15 billion 2031 Term Loan: $400 million Refinanced near-term loans: $190 million +5 more

8 metrics

Unsecured credit capacity $1.15 billion Total facility size after Fifth Amended and Restated Credit Agreement

2031 Term Loan $400 million New senior unsecured term loan maturing in August 2031

Refinanced near-term loans $190 million Loans maturing in November 2026 and February 2027 to be repaid

Incremental proceeds $210 million Expected to fund investments and general corporate purposes

All-in term loan rate Approximately 4.5% SOFR of about 3.6% plus 0.90% credit spread

Estimated interest savings $450,000 annually From 5–10 bps spread improvement on $800 million of term loans

Fixed-rate term loans 72% at 3.1% Portion of term loans swapped to fixed at blended rate by August 2026

Fixed portion of total debt 82% Overall debt profile fixed-rate after swaps are effective

Key Terms

Revolving Credit and Term Loan Agreement, senior unsecured term loan, SOFR swaps, investment grade ratings, +1 more

5 terms

Revolving Credit and Term Loan Agreement financial

"entered into a Fifth Amended and Restated Revolving Credit and Term Loan Agreement"

senior unsecured term loan financial

"entering into a new senior unsecured $400 million term loan"

A senior unsecured term loan is a fixed-schedule loan a company takes from lenders that ranks high in repayment order but is not backed by specific collateral. Think of it as a formal IOU that gets paid before shareholders and some other creditors, yet carries more risk than loans secured by assets; because of that, it usually pays a higher interest rate. Investors watch these loans for signals about a company’s cash flow, credit risk and how safely it can service its debts.

SOFR swaps financial

"Separately, the Company has entered into new SOFR swaps over the course of 2026."

investment grade ratings financial

"Based on FCPT’s current investment grade ratings of BBB/Baa3"

A designation from a credit rater that indicates a borrower or bond has relatively low risk of failing to repay debt, similar to a high personal credit score for a company or government. It matters to investors because it influences how much interest a borrower pays, how safe a bond is considered, and which funds or rules allow holding it — affecting yield, price stability, and whether conservative portfolios will buy it.

net-leased financial

"ownership and acquisition of high-quality, net-leased restaurant and retail properties"

Net-leased describes a commercial property arrangement where the tenant not only pays rent but also assumes some or all ongoing property costs such as taxes, insurance, and maintenance. For investors, this setup is like leasing out a house where the renter also pays the utilities and yard work: it usually produces steadier, more predictable income and shifts operating cost and vacancy risk away from the landlord, affecting valuation and return expectations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/28/2026 - 04:32 PM Accepted by SEC EDGAR 07/28/2026 - 04:32 PM Learn about SEC filing dates

FAQ

What change did FCPT (FCPT) make to its unsecured credit facility?

FCPT increased total unsecured credit capacity from $940 million to $1.15 billion. This was achieved by adding a new $400 million senior unsecured term loan maturing in August 2031, enhancing liquidity for refinancing and funding future investments.

How will Four Corners Property Trust (FCPT) use the new 2031 term loan proceeds?

FCPT plans to use $190 million of the 2031 term loan to repay loans maturing in November 2026 and February 2027. The remaining $210 million of incremental proceeds is expected to fund investments and other general corporate purposes.

What interest rates apply to FCPT’s loans under the new Credit Agreement?

Based on FCPT’s investment grade ratings of BBB/Baa3, term loans currently bear interest at SOFR + 0.90% and revolving loans at SOFR + 0.85%. With SOFR around 3.6%, the all-in term loan rate is approximately 4.5%.

How much interest expense does FCPT (FCPT) expect to save from tighter spreads?

FCPT estimates that a 5–10 basis point improvement in credit spreads will save about $450,000 in annual interest expense. This savings applies across approximately $800 million of term loan tranches governed by the amended Credit Agreement.

What are FCPT’s key debt maturity and hedging changes under this amendment?

FCPT extended an $85 million term loan tranche to March 2028 with a one-year extension option and added new SOFR swaps. By August 2026, 72% of term loans will be fixed at a 3.1% blended rate and 82% of total debt will be fixed.

What revolving credit capacity does Four Corners Property Trust (FCPT) have after this transaction?

Pro forma for the transaction, FCPT will have full availability under its $350 million senior unsecured revolving facility. Management also notes that the company maintains a well-laddered maturity schedule and remains under 6.0x leverage targets.

0001650132false00016501322026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2026

Four Corners Property Trust, Inc.

(Exact name of Registrant as Specified in Its Charter)

Maryland			001-37538	47-4456296
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
591 Redwood Highway Suite 3215
Mill Valley, California				94941
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (415) 965-8030

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		FCPT		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On July 28, 2026, the Company issued a press release announcing entry into a Fifth Amended and Restated Revolving Credit and Term Loan Agreement with a group of existing and new lenders. The Company’s press release is attached as Exhibit 99.1 hereto and is incorporated by reference in this Item 7.01.

The information in this Item 7.01 and Exhibits 99.1 to this Form 8-K is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Exhibit Description
99.1		Press Release Dated July 28, 2026
104		Cover Page Interactive Data File (embedded within Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			FOUR CORNERS PROPERTY TRUST, INC.
Date:	July 28, 2026	By:	/s/ James L. Brat
			James L. Brat Chief Operations Officer, Chief Legal Officer and Secretary

FCPT Announces Upsizing and Extension of Unsecured Credit Facility

MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), announced today that the Company entered into a Fifth Amended and Restated Revolving Credit and Term Loan Agreement with a group of existing and new lenders (the “Credit Agreement”). The Credit Agreement increases the overall size of the facility from $940 million to $1.15 billion by entering into a new senior unsecured $400 million term loan (the “2031 Term Loan”) that matures in August 2031. The 2031 Term Loan will be used, in part, to repay $190 million of outstanding loans maturing in November 2026 and February 2027, while $210 million of incremental proceeds are expected to fund investments and other general corporate purposes. $360 million of the 2031 Term Loan was drawn at close, with the remaining balance consisting of delayed draw term loan commitments that are expected to be drawn by the end of Q3 or early Q4 of 2026 to further support the Company's general corporate purposes and fund its investment pipeline.

As part of this amendment and restatement, FCPT's lenders have agreed to improved credit margin spreads under the Credit Agreement. Based on FCPT’s current investment grade ratings of BBB/Baa3 (Fitch/Moody’s), FCPT's interest expense for term loans is SOFR + 0.90% and SOFR + 0.85% for revolving loans. The current floating reference rate for SOFR is approximately 3.6%, which, when combined with the 0.90% credit spread puts the Company's all-in interest rate for the term loan at approximately 4.5%. FCPT estimates the 5-10 bps improvement in credit spreads over prior levels will potentially save the Company $450,000 in annual interest expense on a go-forward basis across all $800 million of term loan tranches subject to the Credit Agreement.

Additionally, FCPT’s lenders agreed to extend the maturity of FCPT’s existing $85 million term loan tranche to March 2028 and provide an additional one-year extension option to the same tranche at the Company’s discretion, subject to certain conditions. The maturities of FCPT's other term loan tranches and the revolving facility were not impacted by the extension.

Separately, the Company has entered into new SOFR swaps over the course of 2026. On a fully drawn basis, FCPT's total term loan balance will be 72% swapped to fixed at a blended rate of 3.1% as of all hedges effective August 2026, and FCPT’s overall debt profile will be 82% fixed inclusive of all outstanding debt.

Patrick Wernig, Chief Financial Officer of FCPT, commented: “We are very thankful for the strong support of our bank partners, and welcome both Citibank and Royal Bank of Canada as new lenders. This recast addresses virtually all near term maturities and gives investors a clear understanding of the very accretive spreads for FCPT's recent investments, which have already pushed 2026 to a record acquisition year. Pro forma for this transaction, FCPT will have full availability under its $350 million senior unsecured revolving facility and benefit from a well-laddered maturity schedule. We remain within our stated leverage targets and under 6.0x leverage.”

JPMorgan Chase Bank, N.A. and BofA Securities, Inc. acted as Joint Lead Bookrunners and Joint Lead Arrangers. Other Joint Lead Arrangers for the 2031 Term Loan included Citibank, N.A., Fifth Third Bank, N.A., The Huntington National Bank, Truist Bank, Mizuho Bank, Ltd, and Wells Fargo Securities, LLC. Additional lenders include American Savings Bank, National Association, Banco

de Sabadell, S.A., Miami Branch, Barclays Bank PLC, First Horizon Bank, Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Raymond James Bank, Royal Bank of Canada, and U.S. Bank, National Association.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail 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. Additional information about FCPT can be found on the website at www.fcpt.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance and intended use of proceeds from the term loan and revolving credit facility. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in FCPT’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission.

Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO

Patrick Wernig, 415-965-8038
CFO

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 12.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 24.2 KB