Four Corners Property (FCPT) Net Income by Segment

Shows profit or loss for each business line after expenses and accounting adjustments. Highlights which segments are truly earning money versus those boosted by one-time gains or accounting items; for a REIT like FCPT, compare segment net income with cash available for dividends since depreciation and other non-cash items can make reported earnings differ from the cash investors care about.

Real Estate Operations is the clear, steady earnings engine—multi‑year net‑income growth driven by stronger cash rental income, disciplined acquisitions and modest rent escalators, aligning with near‑perfect occupancy and rent collection. Restaurant Operations is a small, noisy residual that doesn’t move the consolidated trend; the Bahama Breeze transition poses short‑term variability but Darden’s contractual rent limits downside. Watch deployment of the $200M term loan: higher run‑rate leverage makes future net income more sensitive to cap‑rate/yield compression despite hedges.