Four Corners Property Trust, Inc. (FCPT) Earnings
Four Corners Property Trust, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $0.30. FCPT has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise +27.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.30 | $0.45 | +51.5% | $78M | +6.6% |
| Feb 11, 2026 | $0.45 | $0.45 | +0.0% | $76M | -3.1% |
| Apr 30, 2025 | $0.44 | $0.44 | +0.0% | $71M | +5.2% |
| Feb 12, 2025 | $0.28 | $0.44 | +57.1% | $68M | +2.3% |
| Oct 30, 2024 | $0.43 | $0.43 | +0.0% | $67M | -0.5% |
| Jul 31, 2024 | $0.43 | $0.43 | +0.0% | $66M | +1.8% |
| May 1, 2024 | $0.42 | $0.43 | +2.4% | $66M | +3.8% |
| Feb 14, 2024 | $0.42 | $0.43 | +2.4% | $65M | +2.2% |
| Nov 1, 2023 | $0.43 | $0.42 | -2.3% | $65M | +1.0% |
| Aug 1, 2023 | $0.42 | $0.42 | +0.0% | $61M | -3.8% |
| May 1, 2023 | $0.41 | $0.41 | +0.0% | $60M | +1.8% |
| Feb 15, 2023 | $0.41 | $0.41 | +0.0% | $57M | +0.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Q1 marked continuation of momentum from 2025 and strong start to 2026. • Acquired 26 million of net lease properties at 6.8 blended cash cap rate. • Closed on a new $200 million term loan with seven-year tenor, all-in rate 4.9%. • Rent coverage strong, with majority portfolio at 5.1 times and garden properties at 5.8 times. • Largest brands like Olive Garden, Longhorn, Chili's continue to perform well. • Bahama Breeze properties update: 10 properties, DART planning to convert some, actively negotiating letters of intent for backfill. • Diversifying portfolio, 37% of rent from non-casual dining subsectors. • Michael Friedland joined the board. • Josh reviewed Q1 activity, including 10 property acquisitions with weighted average lease term of 10 years. • Patrick discussed balance sheet, capital sources, earnings highlights, and disclosure updates.
Guidance
• Reaffirming guidance range for 2026 cash G&A as $19.2 to $19.7 million. • 27 of 42 leases originally expiring in 2026 extended, recapture rate 6% above prior year rent. • Portfolio occupancy very strong at 99.6%, collected 99.7% of base revenue Q1. • Plan to disclose GAAP cap rates along with cash cap rate. • Update on AFFO per share growth calculation to be more accurate by calculating without impact of two decimal rounding.
Segment performance
AFFO per share grew by 3.4% versus the prior year period. Acquired 26 million of net lease properties at a 6.8 blended cash cap rate, equivalent to a 7.3 gap rate. Over the last 12 months, acquired $288 million of properties. Rent coverage in Q1 was 5.1 times for the majority of the portfolio, with garden properties at 5.8 times. 37% of rent now comes from tenants outside the casual dining subsector, including automotive service at 13%, medical retail at 11%, and QSR restaurants at 11%.
Analyst Q&A
Q: Michael Goodsmith from UVS asked about the $200 million term loan and acquisition activity, and about the new slides in the presentation.
A: Michael was told the answer might be in his question, and details were provided about the slides including tenant performance and cap rate comparison.
Q: Eric Borden from BMO Capital Markets asked about acquisition opportunities with Yum and Brinker and bad debt.
A: Responses were about working on opportunities with tight cap rates and bad debt being zero for the year to date.
Q: Wes Galladay with Baird asked about lease expirations and pipeline.
A: Responses were about rent growth expectations and being score-focused in the pipeline.
Q: John Kilachowski with Wells Fargo asked about Bahama Breeze and yield creep.
A: Responses were about no downtime and small sample size for yield creep.
Q: Mitch Germain from Citizens Bank asked about sector review and competitive landscape.
A: Responses were about the 'crippled filter' and being well-positioned competitively.