Four Corners Property Trust, Inc. (FCPT) reported a notable increase in financial performance for the first quarter of 2026, with total revenues reaching $78.2 million, up from $71.5 million in the same period last year, marking a 9.5% increase. The growth was primarily driven by a 10% rise in rental revenue, which amounted to $69.8 million compared to $63.5 million in Q1 2025. The company also saw an increase in restaurant revenue, which rose to $8.4 million from $8.0 million. Net income for the quarter was $30.4 million, or $0.28 per diluted share, compared to $26.2 million, or $0.26 per diluted share, in the prior year.
In terms of operational changes, FCPT made significant investments during the quarter, acquiring 10 properties for a total of $26.8 million, which included transaction costs. These properties are fully leased under net leases with a weighted average remaining lease term of 10 years. The company’s total real estate investments increased to $3.5 billion as of March 31, 2026, up from $3.5 billion at the end of 2025. The company also reported a slight increase in cash and cash equivalents, which rose to $29.6 million from $12.1 million at the end of the previous fiscal year.
FCPT's operational metrics indicate a strong portfolio performance, with a 99.6% occupancy rate across its 1,313 properties located in 48 states. The average remaining lease term is 6.7 years, and the company collected 99.7% of its contractual base rent for the quarter. The company’s focus on high-quality tenants is reflected in its 52% investment-grade tenancy, which is weighted by annualized base rent. Additionally, the company reported a decrease in general and administrative expenses, which fell to $7.5 million from $7.6 million, primarily due to lower stock-based compensation costs.
Looking ahead, FCPT remains optimistic about its growth trajectory, with plans to continue its acquisition strategy to diversify its portfolio and reduce reliance on any single tenant. The company has also entered into a new $200 million senior unsecured delayed draw term loan facility to support its investment pipeline and general corporate purposes. The management anticipates that the remaining $150 million of the term loan facility will be utilized for future acquisitions. Overall, FCPT's financial and operational indicators suggest a solid foundation for continued growth in the upcoming quarters.
About Four Corners Property Trust, Inc.
Four Corners Property Trust is a REIT that owns, acquires, and leases restaurant and retail properties across the U.S., primarily through net lease arrangements with high-quality tenants like Darden Restaurants. Its portfolio includes over 1,200 properties, focusing on long-term income, diversification, and strategic acquisitions. The company also operates the Kerrow Restaurant Business, emphasizing stable cash flow, tenant quality, and asset management in a competitive, regulated environment.
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