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EarningsQ2 2026 Earnings Report
FCPT Q2 2026 EPS Results
Actual EPS$0.27
Consensus EPS$0.29
Beat/MissMissed by -$0.02
One Year Ago EPS$0.28
FCPT Q2 2026 Revenue Results
Actual Revenue$78.42M
Expected Revenue$79.02M
Beat/MissMissed by -$600.00K
YoY Revenue Growth+7.65%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
FCPT Upcoming Earnings
Four Corners Property's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
FCPT Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a broadly positive operational and strategic picture: record investment activity (YTD $382M), a transformative large acquisition (102-property Mission Pet Health portfolio), strengthened liquidity and attractive low-cost debt ($600M), very strong occupancy and collections (99%+ occupancy; 99.7% rent collected), and modest improvement in operating leverage. Challenges noted are relatively limited in scale: a small Bahama Breeze closure exposure (~0.5% ABR), timing around Darden extension notices, a remaining $50M private note maturity, and management concern over equity cost of capital (stock undervaluation) that may temper near-term acquisition cadence. AFFO per share growth was modest (+1.4% YoY). Overall, positive fundamentals and capital improvements outweigh the limited and manageable headwinds.Company Guidance
Record Investment Pace and Scale
Year-to-date through July the company acquired $382 million of properties at a blended 6.6% cash cap rate, exceeding its prior record annual investment volume within the first 7 months. FCPT has now acquired over 1,000 properties since inception and the original spin portfolio represents just 29% of total properties.
Largest Acquisition — Mission Pet Health Portfolio
Closed a 102-property portfolio leased to Mission Pet Health for $268 million (closed early Q3). The portfolio adds approximately $17.4 million of annualized cash rent, features ~2% annual rent escalations, unit-level rent coverage >6x, and an average basis per property of ~$2.6 million (vs portfolio avg ~ $3.0M). Substantial benefit expected in Q3 results.
Q2 Acquisition Activity and Diverse Pipeline
Q2 acquisitions: 23 properties for $57 million at a blended 6.8% cash cap rate (7.5% GAAP cap). Q2 volume was 64% automotive, 22% restaurant and 14% medical retail. Management continues to expand into new subsectors (grocery, industrial outdoor storage) while executing both large portfolios and granular deals.
Strengthened Balance Sheet and Attractive Debt Execution
Completed $600 million of new debt financing (two term loans: $200M 7-year at SOFR+125bps; $400M 5-year at SOFR+90bps) with all-in rates ~4.5%–4.9%. Pro forma the company is fully undrawn on a $350M revolver, on a run-rate leverage below the 6.0x upper bound of its 5x–6x target range, and has a pro forma weighted average debt tenor of 4.3 years. Refinancings reduced interest expense (management cited annualized savings equivalent to roughly $450k) and tightened spreads by ~5–10 bps.
Very Strong Portfolio Operating Metrics
Occupancy remains above 99% (99.5% cited) and cash rent collection for Q2 was 99.7%. Rent coverage across the majority of the portfolio was 5.2x, and Darden properties show 6.0x coverage. ABR has grown ~11% annually since inception.
Solid Quarterly Financial Results and Operating Leverage
Q2 AFFO per share was $0.45, up 1.4% year-over-year. Q2 cash rental income was $70 million, up 8.7% YoY. Annualized cash base rent as of quarter-end was $270.5 million. Weighted-average 5-year annual cash rent escalator is 1.5%. Cash G&A was $4.8 million (6.8% of cash rental income) vs 6.9% prior year, reflecting improved operating leverage. Fixed charge coverage ratio was 4.6x.
Shareholder Alignment — Monthly Dividend
Announced switch to a monthly dividend (first monthly payment scheduled for August) to better align timing of rent receipts from tenants with distributions to shareholders and to match retail investor preferences.
Meaningful Diversification Progress
Pro forma for Mission Pet Health, approximately 41% of rent comes from outside casual dining: medical retail ~16%, auto service ~13%, quick service restaurants ~10%. Darden now represents roughly 41% of cash rent pro forma, down from a larger prior concentration.
Operational Execution and Speed
Completed detailed diligence and closed the 102-property Mission Pet Health transaction in under 49 days from announcement, demonstrating the team's operational capability to execute large, high-quality portfolio acquisitions quickly and with rigor.
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