10-Year Anniversary and Achievements
FCPT marks its 10-year anniversary with significant growth: $2.2 billion in acquisitions, annual cash rent nearly tripled from $94 million at spin-off to $256 million, and expanded to 170 brands across nearly 1,300 leases.
Strong Acquisition Activity
Acquired $82 million of net lease properties in Q3 with a 6.8% blended cap rate and maintained strong acquisition volume, acquiring $355 million over the trailing 12 months.
Robust Tenant Performance
Strong tenant performance with Olive Garden, LongHorn, and Chili's reporting up to 21% same-store sales growth, underscoring alignment with best-in-class operators.
Improved Financial Metrics
Q3 AFFO increased 3% year-over-year to $0.45 per share, cash rental income grew 12.6%, and occupancy improved to 99.5%.
Strong Capital Position
Leverage is at a 7-year low with net debt to adjusted EBITDA of 4.7x, and $270 million in dry powder available for growth.
Expanded Transparency
Introduced new property disclosure providing detailed data on all properties to enhance investor understanding and transparency.