Four Corners Property Trust Reports Record Q3 2026 Acquisitions and Dividend Increase

Four Corners Property Trust (FCPT) reported strong third-quarter 2026 results, highlighted by a record acquisition volume of $326.3 million involving 120 properties. This activity drove rental revenue up 13.8% year-over-year to $75.7 million. Despite the high transaction volume creating some noise in earnings, Adjusted Funds From Operations (AFFO) per diluted share grew 2.9% to $0.46. The company is actively diversifying its tenant base to reduce concentration risk; Darden Restaurants now accounts for 40% of cash rent, down from previous levels. The portfolio has expanded into medical retail and automotive service sectors. To manage capital, the board authorized a new $100 million share repurchase program and increased the monthly dividend by 3.5% to $0.1265 per share. While liquidity remains healthy at $397 million, management noted challenges in the current market, stating that external cap rates are generally too low to find many accretive acquisitions easily. Leverage currently sits at 6.0x net debt to adjusted EBITDAre, reaching the upper bound of the company's target range.

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