Four Corners Property Trust (FCPT)
NYSE:FCPT
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Earnings Data
Report Date
Aug 05, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.3Last Year’s EPS
0.28Same Quarter Last Year
Moderate Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed generally positive momentum: steady AFFO/net flow growth, strong rent collection and occupancy, continued disciplined acquisitions (albeit seasonally light in Q1), strengthened liquidity (new $200M term loan) and conservative leverage/coverage metrics. Portfolio quality and tenant performance are highlighted as durable strengths, with ongoing efforts to diversify into new subsectors. The primary negatives are limited: modestly lower Q1 deal volume versus early-2025, seller pricing friction in new sectors, and transactional/transition uncertainty around 10 Bahama Breeze locations. On balance, the positive operational and balance-sheet metrics materially outweigh the contained risks.Company Guidance
AFFO and Net Flow Growth
AFFO per share grew 3.4% year-over-year; net flow per share was $0.45, representing 3.4% growth versus the prior year.
Revenue and Rent Collection Strength
Cash rental income of $70.0 million in Q1, a 10% increase year-over-year; annualized cash-based rent for leases in place of $266 million; collected 99.7% of base rent in Q1; portfolio occupancy at 99.6%; bad debt of $0 year-to-date.
Acquisition Activity and Portfolio Build
Q1 acquisitions: $26 million across 10 properties with a weighted average lease term of 10 years at a blended 6.8% cash cap rate (7.3% GAAP cap rate); $288 million of acquisitions over the last 12 months; Q1 acquisition mix: 46% restaurant, 28% auto service, 26% medical retail.
Balance Sheet and Liquidity
Closed a new $200 million, 7-year term loan with an all-in rate of ~4.9% (125 bps over SOFR); funded $50 million in April and expects to deploy balance into Q2–Q3 acquisitions; fully hedged $640 million outstanding term loan balance at blended SOFR ~3.1% (~4% all-in) through Nov 2027; full capacity under $350 million revolver.
Conservative Leverage and Coverage
Net debt to adjusted EBITDAre at quarter end: 5.0x (seventh consecutive quarter below 5.5x); estimated run-rate leverage after investing term loan proceeds: 5.4x (within stated 5.0x–6.0x range); fixed charge coverage ratio of 4.8x.
Improving Operating Efficiency
Cash G&A of $4.9 million (7.0% of cash rental income) versus 7.7% prior year — a 70 basis point improvement in operating leverage; reaffirmed 2026 cash G&A guidance of $19.2 million to $19.7 million.
High Tenant Rent Coverage and Strong Same-Store Sales
Portfolio rent coverage of 5.1x (Garden properties 5.8x) sustained above 5x for three years; top tenants Olive Garden, LongHorn and Chili’s reported same-store sales growth of 3%, 7% and 4% respectively — top three brands represent ~40%–47% of portfolio rent.
Portfolio Diversification
37% of rent now from tenants outside casual dining (automotive service 13%, medical retail 11%, QSR 11%); actively exploring new retail categories with disciplined underwriting and sector due diligence.
Governance and Transparency Enhancements
Added Michael Friedland to the board (30 years of real estate finance and corporate credit experience); new disclosures to present GAAP cap rates alongside cash cap rates and adjusted AFFO growth rounding methodology to improve transparency.
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 |
|---|---|---|---|
Apr 29, 2026 | $25.32 | $25.57 | +0.99% |
Feb 11, 2026 | $24.86 | $24.05 | -3.29% |
Oct 28, 2025 | $23.13 | $22.73 | -1.72% |
Jul 29, 2025 | $25.29 | $24.53 | -3.02% |
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 (FCPT) report earnings?
Four Corners Property Trust (FCPT) is schdueled to report earning on Aug 05, 2026, After Close (Confirmed).
What is Four Corners Property Trust (FCPT) earnings time?
Four Corners Property Trust (FCPT) earnings time is at Aug 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is FCPT EPS forecast?
FCPT EPS forecast for the fiscal quarter 2026 (Q2) is 0.3.