Four Corners Property Trust (FCPT) Q2 2026 earnings summary

Executive summary

• Achieved record investment activity in the first seven months of 2026, including the largest acquisition in company history: the $268 million Mission Pet Health portfolio, expanding holdings to over 1,300 properties across 48 states and reducing Darden exposure to 41% of rent.

• Portfolio occupancy remained high at 99.5%, with a weighted average lease term of 6.6 years as of June 30, 2026.

• Rent collection was 99.7% for Q2 2026.

• Announced a transition to monthly dividend payments starting August 2026.

• Portfolio diversification increased, with significant exposure to veterinary, auto service, and medical retail sectors.

Financial highlights

• Q2 2026 rental revenue was $70.0 million, up 8% year-over-year; total revenues reached $78.4 million.

• Net income attributable to common shareholders for Q2 2026 was $30.0 million ($0.27 per diluted share), up from $27.9 million ($0.28 per share) in Q2 2025.

• AFFO per diluted share was $0.45 for Q2 2026, up 1.4% year-over-year.

• Declared Q2 dividend of $0.3665 per share and transitioned to monthly dividends of $0.1222 per share for July–September.

• Cash G&A expense for Q2 was $4.8 million, 6.8% of cash rental income.

Outlook and guidance

• Affirmed 2026 cash G&A guidance of $19.2 million–$19.7 million.

• Management expects high renewal rates for Darden leases maturing in Q4 2027 and continues to pursue acquisitions to diversify the portfolio.

• No acquisition or earnings guidance provided, but pro forma figures included in investor materials.

• Expanded credit facilities, including a new $1.15 billion agreement, support future growth.