Four Corners Property Trust (FCPT) Q3 2026 earnings summary

Executive summary

• Record YTD acquisitions reached $410 million at a 6.6% cash cap rate and 7.2% GAAP cap rate; $505 million was acquired over the past 12 months. Q3 acquisitions totaled $326.3 million at a 6.6% cash and 7.1% GAAP cap rate.

• Portfolio occupancy was 99.5%, Q3 base-rent collection was 99.7%, and rent coverage was 5.3x for most reporting properties.

• A $100 million share repurchase program was authorized; purchases are discretionary and subject to valuation and return thresholds.

• The portfolio included 1,456 properties across 48 states; 42% of ABR was outside casual dining, versus 6% at spin-off.

Financial highlights

• Q3 rental revenue was $75.678 million, up 13.8% YoY; net income attributable to common shareholders was $28.8 million, or $0.26/share, versus $28.8 million and $0.28/share YoY.

• Q3 AFFO was $50.322 million, or $0.46 per diluted share, up 2.9% YoY; FFO was $47.388 million, or $0.43 per diluted share.

• 9M rental revenue was $215.526 million; net income was $89.240 million. AFFO per diluted share was $1.36 versus $1.33, and FFO per diluted share was $1.27 versus $1.25.

• Cash G&A was $4.7 million, or 6.3% of cash rental income, versus $4.3 million and 6.5% YoY; 2026 cash G&A guidance was $19.2–$19.7 million, with results expected at the low end.

• Q3 interest expense rose to $17.4 million from $13.0 million, primarily due to higher term-loan borrowings; operating cash flow was $158.9 million for 9M.

Outlook and guidance

• No acquisition-volume guidance; investment pace remains subject to cost of capital, positive spreads, quality and accretion thresholds.

• Leverage target remains 5.0x–6.0x; management cited a strong position for 2027–28 supported by balance-sheet actions, Mission Pet Health and overhead discipline.

• Short-term funding needs are expected to rely primarily on operating cash flow; acquisitions may also use the revolver and equity securities. The remaining $40 million of term-loan capacity was expected to be drawn by Q4-end.

• 39 of 43 leases maturing in 2026 were extended by option, release or amendment; the remaining four properties represented less than 0.2% of ABR and remained under negotiation.