Four Corners Property Trust (FCPT) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered 3.4% AFFO per share growth, 99.6% occupancy, and strong tenant performance, supported by disciplined acquisitions and portfolio expansion to over 1,300 properties across 48 states and 180 brands.

• $26–$26.8 million in net lease properties acquired at a 6.8% cash cap rate (7.3% GAAP), with a robust investment pipeline and seasonal acquisition ramp expected in Q2.

• Portfolio construction emphasizes resilience and diversification, with leading restaurant tenants and expansion into automotive, medical retail, and QSR sectors.

• No major tenant credit issues or bad debt year-to-date; rent collection and occupancy remain near 100%.

• Record liquidity and reduced leverage support continued growth initiatives.

Financial highlights

• AFFO per share was $0.45, up 3.4% year-over-year; NAREIT-defined FFO per share up 4.7% to $0.42.

• Rental revenue/cash rental income reached $69.8–$70 million, a 10% increase year-over-year.

• Net income attributable to common shareholders increased to $30.3–$30.4 million, up from $26.2 million in Q1 2025.

• Dividend per share increased to $0.3665, with payout ratios above 80% of AFFO and 90% of REIT taxable income.

• Cash G&A expense was $4.9–$7.5 million, representing 7% of cash rental income.

Outlook and guidance

• Guidance for 2026 cash G&A reaffirmed at $19.2–$19.7 million.

• Acquisition activity expected to accelerate in Q2 and Q3, supported by a new $200 million term loan, with $50 million drawn and $150 million available for future investments.

• Portfolio occupancy and rent collection expected to remain strong, with continued focus on disciplined investment and sector diversification.

• Ample liquidity of $380 million, including cash and undrawn revolver, supports future growth.