Four Corners Property Trust Stock Earnings Reports

Key points for investors: Four Corners reported a strong start to 2026 with AFFO per share up 3.4% year-over-year. Q1 acquisitions totaled $26 million (10 properties) at a 6.8% blended cash cap (7.3% GAAP cap); LTM acquisitions equal $288 million. Management closed a new $200 million, seven-year term loan at an all-in rate of ~4.9% and expects to deploy the proceeds accretively into Q2–Q3. Balance sheet metrics remain conservative: net debt / adjusted EBITDAre ~5.0x at quarter-end (pro forma ~5.4x after full use of the new term loan), fixed-charge coverage ~4.8x, and occupancy 99.6%. Portfolio fundamentals are strong: cash rental income +10% y/y, rent coverage ~5.1x (Garden 5.8x), base rent collection ~99.7%, and minimal bad debt YTD. Management highlighted tenant performance (Darden, Brinker, etc.) and portfolio construction focused on low-basis, fungible properties in resilient subsectors; 37% of rent now from non-casual-dining tenants (auto service 13%, medical retail 11%, QSR 11%). Update on Bahama Breeze: 10 properties (1.3% ABR) with Darden converting six to other brands and the remaining four representing ~0.5% ABR; Darden remains contractually obligated to continue paying rent for a minimum of ~1.5 years (up to four years on some sites), and management expects to recapture or exceed prior rents as they re-tenant. Company announced two disclosure changes: reporting GAAP cap rates alongside cash cap rates, and a refined AFFO-per-share growth calculation (removing two-decimal rounding impact). Cash G&A guidance was reaffirmed ($19.2M–$19.7M for 2026). Management emphasized continued disciplined, selective acquisition activity and diversification of the investment funnel.