Four Corners Property Trust (FCPT) Q2 2026 earnings summary

Executive summary

• Achieved record investment activity in 2026, surpassing prior annual totals by July and completing the largest acquisition in company history with the $268 million Mission Pet Health portfolio, diversifying holdings and reducing Darden exposure to 41% of rent.

• Portfolio expanded to over 1,300 properties across 48 states, with occupancy at 99.5% and a weighted average lease term of 6.6 years as of June 30, 2026.

• Rent collection remained robust at 99.7% for Q2 2026.

• Announced a shift to monthly dividend payments starting August 2026, continuing a decade-long record of uninterrupted and growing dividends.

• Rental revenue and restaurant revenue both increased year-over-year, driven by acquisitions and higher guest counts.

Financial highlights

• Q2 2026 AFFO per share was $0.45, up 1.4% year-over-year; Q2 AFFO totaled $49.5 million.

• Q2 2026 rental revenue rose 8.0% year-over-year to $70.0 million; net income attributable to common shareholders was $30.0 million ($0.27 per diluted share) versus $27.9 million ($0.28 per share) in Q2 2025.

• Annualized base rent (ABR) as of June 30, 2026, was $288 million across 1,457 leases.

• Dividends declared per share for the first half of 2026 totaled $0.7330, up from $0.7100 in the prior year.

• Cash G&A expense for Q2 was $4.8 million (6.8% of cash rental income), down from 6.9% prior year.

Outlook and guidance

• Management continues to target scaled, granular investments in e-commerce and recession-resistant sectors, with a focus on maintaining conservative leverage and high-quality tenant mix.

• Affirmed 2026 cash G&A guidance of $19.2 million–$19.7 million.

• Subsequent to quarter-end, $298.1 million was invested in 111 net lease properties with an average yield of 6.4% and 9.7 years of lease term remaining.

• No acquisition or earnings guidance provided, but pro forma figures included in investor materials.

• The new $1.15 billion credit facility and expanded term loan capacity are expected to support future growth.