Four Corners Property Trust, Inc.

Four Corners Property Trust, Inc. Earnings Recaps

FCPT Real Estate 3 recaps
Q1 2026 May 3, 2026

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.

Key takeaways
  • 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.
Full recap
Q3 2025 Oct 30, 2025

FCPT reported a strong Q3 2025, demonstrating robust acquisition activity and a resilient portfolio with zero bad debt and significant tenant performance gains.

Key takeaways
  • Acquired $82 million in net lease properties at a 6.8% cap rate, maintaining a strong pipeline with $270 million available for growth.
  • Record portfolio rent coverage of 5.1x, with leading tenants Olive Garden and Chili's reporting impressive same-store sales growth of 21% and 6%, respectively.
  • Reduced concentration risk, with Olive Garden and LongHorn now constituting only 41% of total rents, improved from 94% at the spin-off.
  • Continued emphasis on essential retail and defensive sectors, with expanded presence in automotive services and medical retail, mitigating exposure to problematic tenants.
Full recap
Q2 2025 Aug 1, 2025

FCPT continues its strong momentum in Q2 2025 with $84 million in property acquisitions at a 6.7% blended cap rate, underscoring robust rental coverage and a diversified portfolio positioned for resilience amid economic headwinds.

Key takeaways
  • Achieved $84 million in acquisitions with a 6.7% blended cap rate, bringing total acquisitions in the last year to $344 million.
  • Rent coverage across the portfolio stands at an impressive 5x, among the best in the net lease sector.
  • Diversified from 418 properties across 5 brands to 1,260 leases spanning 165 brands, with 34% of rental income now outside casual dining.
  • Maintained minimal bad debt of $1.76 million over the past nine years against $1.5 billion of rent collected, reflecting strong tenant credit quality.
  • Equity raised over the last 12 months totals nearly $0.5 billion, enhancing capital capacity for future expansions.
Full recap