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Four Corners Property (FCPT) Q3 2026 Earnings Report
FCPT Q3 2026 EPS Results
- Actual EPS
- $0.26
- Consensus EPS
- $0.29
- Beat/Miss
- Missed by -$0.03
- One Year Ago EPS
- $0.28
FCPT Q3 2026 Revenue Results
- Actual Revenue
- $83.68M
- Expected Revenue
- $82.44M
- Beat/Miss
- Beat by +$1.24M
- YoY Revenue Growth
- +12.86%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
Four Corners Property's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. FCPT reported record acquisition volume, strong occupancy, rent collection, lease renewals, tenant sales growth, portfolio coverage and balance-sheet liquidity, while activating a $100 million share repurchase program. The principal challenges were weaker acquisition economics, elevated leverage near the top of the target range, a noisier quarter caused by nonrecurring items, and broader capital-market volatility. Management emphasized disciplined capital allocation and the ability to pause acquisitions or use dispositions and joint ventures when spreads are unattractive.
FCPT affirmed cash G&A guidance for 2026 of $19.2 million to $19.7 million, noting it expects to be at the bottom of the range; its stated leverage range remains 5 to 6x, $40 million remains undrawn on the $400 million term loan and the company intends to fund it by the end of the year, and it plans to repay the $50 million private note at the maturity date in December, using the $40 million remaining undrawn term loan and cash on hand. The company does not provide acquisition guidance, and its $100 million share repurchase program does not require it to buy a certain number of shares and allows it to suspend or terminate the program at any time.
- Record Acquisition VolumeYear-to-date 2026 acquisitions reached a record $410 million at a blended 6.6% cash cap rate and 7.2% GAAP cap rate. Over the past 12 months, FCPT acquired $505 million of properties.
- Strong Third-Quarter Acquisition ActivityIn Q3, FCPT acquired 120 properties for $326 million, with a weighted-average lease term of 10 years, a 6.6% cash cap rate and a 7.1% GAAP cap rate. The quarter included 102 Mission Pet Health properties and 14 distinct transactions.
- Portfolio Diversification ProgressDarden now represents 40% of cash rent, while 42% of rent comes from sectors outside casual dining, including medical retail at 16%, automotive service at 13% and quick service at 10%.
- Successful Entry Into New SubsectorsFCPT added a D&W Grocery property and a Drilling Tools International light manufacturing facility, representing new subsectors for the platform. Management said it had monitored these sectors for years and would continue evaluating opportunities as it builds domain expertise.
- Darden Lease Extensions at Full RenewalDarden extended 100% of Olive Garden and LongHorn leases maturing in 2027, along with a handful of 2028 maturities. The extensions required no rent reductions or capital contributions from FCPT, and rents will continue increasing by 1.5% annually.
- Strong Portfolio Operating MetricsOccupancy remained well over 99%, reported Q3 rent coverage was 5.3x for the majority of the portfolio, Mission Pet Health properties had coverage above 6x, and FCPT reported very limited credit loss over its 11-year history.
- Restaurant Tenant Sales GrowthThe three core restaurant brands continued to outperform their peers, with most recent-quarter sales growth of 1% for Olive Garden, 6.8% for LongHorn and 10.1% for Chili's.
- Monthly Dividend and Dividend IncreaseFCPT began paying dividends monthly in August and increased the dividend by 3.5% for the fourth quarter.
- Debt Financing Completed at Favorable RatesFCPT closed $600 million of new term loans since April, representing $410 million of incremental debt. Nearly 40% of the balance sheet was placed or extended for 5 to 7 years at coupons from 4% to below 5%, and management said the financing generated spreads of over 200 basis points compared with historic investment yields.
- Balance Sheet Flexibility and Fixed-Rate ProtectionFCPT had $40 million undrawn on its $400 million term loan, a fully undrawn $350 million revolver, and 85% of its debt balance was fixed as of September 30. Term-loan spread reductions of 5 to 10 basis points annually on $800 million of outstanding loans are expected to generate approximately $450,000 of annual savings.
- Limited Near-Term Refinancing ExposureFCPT plans to repay a $50 million private note coming due in December using the remaining undrawn term-loan capacity and cash on hand. Excluding that note, only $75 million, or less than 5% of total debt, comes due before February 2028.
- Rental Income and AFFO-Related GrowthQ3 cash rental income was $75.2 million, up 13.7% year over year. Annualized cash base rent was $292.8 million, and the weighted-average five-year annual cash rent escalator was 1.6%. Q3 FFO per share was $0.46, up 2.9% from the prior year.
- Improved Operating LeverageCash G&A expense was $4.7 million in Q3, equal to 6.3% of cash rental income versus 6.5% in the prior year. Management attributed the improvement to operating leverage and the benefits of increased scale.
- Strong Leasing and Rent Collection ResultsOf 43 leases maturing in 2026, 39 had been extended through an option, release or amendment. The remaining four properties represented less than 0.2% of ABR. Occupancy was 99.5%, and FCPT collected 99.7% of Q3 base rent.
- Stable Credit Reserves and Fixed-Charge CoverageFCPT reported no material changes to collectibility or credit reserves during the quarter. Its fixed-charge coverage ratio remained a healthy 4x at quarter end.
- Share Repurchase Program ActivatedThe Board authorized FCPT's inaugural $100 million share repurchase program. Management said the program is valuation-sensitive, can be suspended or terminated at any time, and will be used when repurchases offer more attractive risk-adjusted returns than acquisitions, debt reduction or liquidity preservation.
- Additional Capital Allocation OptionsManagement identified property dispositions, joint ventures and incremental free cash flow as potential sources of capital for leverage management and share repurchases. FCPT receives regular reverse-inquiry offers for its properties and intends to be more responsive to those opportunities.
- Execution Capacity of the PlatformManagement said FCPT integrated more properties in Q3 than it historically had integrated in a full year, highlighting the capacity of its investment, legal, accounting and property-management teams.
- 2027 and 2028 PositioningManagement said the balance-sheet actions, Mission Pet Health acquisition and focus on corporate overhead put FCPT in a strong position for 2027 and 2028, with additional value-creation potential from share repurchases if the stock price remains low.
FCPT Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 17, 2027 | 2026 (Q4) | 0.29- | 0.28 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 0.290.26 | 0.28 | -7.14% (-0.02) | |
| Jul 29, 2026 | 2026 (Q2) | 0.290.27 | 0.28 | -3.57% (-0.01) | |
| Apr 29, 2026 | 2026 (Q1) | 0.280.28 | 0.26 | 7.69% (+0.02) | |
| Feb 11, 2026 | 2025 (Q4) | 0.290.28 | 0.27 | 3.70% (+0.01) | |
| Oct 28, 2025 | 2025 (Q3) | 0.280.28 | 0.27 | 3.70% (+0.01) | |
| Jul 29, 2025 | 2025 (Q2) | 0.280.28 | 0.27 | 3.70% (+0.01) | |
| Apr 30, 2025 | 2025 (Q1) | 0.270.26 | 0.26 | 0.00% (+0.00) | |
| Feb 12, 2025 | 2024 (Q4) | 0.280.27 | 0.27 | 0.00% (+0.00) | |
| Oct 30, 2024 | 2024 (Q3) | 0.280.27 | 0.27 | 0.00% (+0.00) |
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.
