Four Corners Property Trust delivered Q1 2026 results generally in line with recent trends, reflected by a nearly unchanged share price (+0.2%) after earnings. AFFO per share grew modestly, acquisition pacing was seasonally lighter, and portfolio fundamentals remain stable.

• AFFO per share increased by 3.4% year-over-year, continuing stable risk-adjusted growth.
• Q1 investment activity saw $26 million in acquisitions at a 6.8% cash cap rate, with volume slightly below Q1 2025, consistent with typical seasonal patterns.
• Portfolio rent coverage remains strong at 5.1x, and for Garden properties specifically at 5.8x; the company highlighted the high credit quality of its tenant base.
• Update on Bahama Breeze brand conversions: 10 properties (1.3% of ABR) affected, with proactive backfill negotiations underway and no anticipated rent interruption in the near term.
• Portfolio diversification efforts continue, with 37% of rent now from sectors beyond casual dining, and the addition of an experienced real estate executive to the board.