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Four Corners Property Trust Inc (FCPT)
NYSE:FCPT
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.29Last Year’s EPS
0.26Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operational and financial strengths: accelerated, granular acquisition activity (+20% YoY), strong portfolio metrics (99.6% occupancy, 99.8% collections for the year, rent coverage ~5.1x), modest AFFO growth (+2.9% YoY), and a conservative/liquid balance sheet (net leverage ~4.9–5.1x, ~98% fixed debt, ~4% blended interest). Management also highlighted measured diversification into grocery and equipment rental. Primary risks discussed were tenant concentration (over 51% of rent tied to a few Darden/Brinker brands), a small exposure to Darden's Bahama Breeze conversions (~1.3% of ABR), a public valuation gap versus private comps, and a minor Q4 cap-rate uptick. Overall, positives around portfolio quality, liquidity, disciplined underwriting, and growth pipeline materially outweigh the limited and addressable negative items.Company Guidance
Strong Acquisition Activity and Scale
Completed $318,000,000 of net lease acquisitions in 2025 (105 properties) at a 6.8% blended cap rate; Q4 acquisitions totaled $95,000,000 (~7% blended cap rate). Acquisition volume increased ~20% versus 2024, across 53 unique transactions, with an average basis of ~$3,000,000 per property.
Robust Balance Sheet and Liquidity
Net debt to adjusted EBITDAre of 4.9x (including forward equity) and 5.1x (excluding forward equity) — sixth consecutive quarter below 5.5x. Full capacity under $350,000,000 revolver; management cites >$220,000,000 of liquidity before reaching 5x leverage. Approximately 98% of debt fixed, blended cash interest rate ~4%, and fixed charge coverage ratio of 4.8x.
Steady AFFO Growth and Cash Generation
Q4 AFFO per share of $0.45 and full-year AFFO of $1.78 per share, representing ~2.9% growth year-over-year. Q4 cash rental income was $67,500,000, up ~11.1% versus prior year. 2026 cash generation guidance set at $19.2M–$19.7M.
High Portfolio Quality, Rental Collections, and Coverage
Portfolio occupancy strong at 99.6%. Collected 99.5% of base rent in Q4 and 99.8% for the year. Zero bad debt expense in 2025. Reported rent coverage of 5.1x for the majority of the portfolio — characterized as among the strongest in the net-lease industry.
Tenant Sales Strength and Core Tenant Performance
Core restaurant tenants showing robust sales: Chili's reported same-store sales +9% for the quarter ended Dec 2025 (two-year comp +43%). Management highlights the quality of anchor tenants (Olive Garden, Longhorn, Chili's) which comprise a large share of portfolio rent and support portfolio metrics.
Progress on Diversification and New Subsectors
Portfolio diversification outside casual dining now ~37% of rent (automotive service 13%, quick service restaurants 11%, medical retail 10%). First investments in grocery (Sprouts) and equipment rental (United Rentals) during Q4, selectively expanding into adjacent recession-resistant categories.
Improved Operating Efficiency
Cash G&A for the year was $18,000,000, representing 6.9% of cash rental income (down from 7.1% prior year), indicating improved operating leverage as scale grows.
Controlled Lease Maturity / Minimal Near-Term Disruption
95% of 41 leases that expired in 2025 remained occupied; 42 leases expiring in 2026 now represent ~1.5% of ABR (down from 2.6% at start of 2025). Very limited backfill impacts and a manageable maturity schedule with only modest near-term debt maturities.
FCPT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
FCPT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | $25.25 | $24.42 | -3.29% |
Oct 28, 2025 | $23.86 | $23.45 | -1.72% |
Jul 29, 2025 | $26.09 | $25.30 | -3.02% |
Apr 30, 2025 | $27.18 | $27.12 | -0.22% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Four Corners Property Trust Inc (FCPT) report earnings?
Four Corners Property Trust Inc (FCPT) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Four Corners Property Trust Inc (FCPT) earnings time?
Four Corners Property Trust Inc (FCPT) earnings time is at May 06, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FCPT EPS forecast?
FCPT EPS forecast for the fiscal quarter 2026 (Q1) is 0.29.